Graham Corp. reported a second-quarter net loss Monday, as well as an increase in year-over-year sales.
The Batavia, Genesee County-based manufacturer posted a net loss of $196,000, or two cents a diluted share, compared with a net loss of $500,000, or three cents a diluted share, during last year’s quarter.
Adjusted diluted eps was three cents and adjusted EBITDA was $1.5 million.
Sales were up 12 percent to $38.1 million over the prior-year period reflecting solid growth in space and refining/petrochemical commercial aftermarket.
The company logged record orders of $91.5 million in the quarter, which drove backlog of $313.3 million, up 20 percent sequentially. Graham reported that 79 percent of the backlog was related to defense.
Daniel J. Thoren, Graham president and CEO, said the second quarter results demonstrate the progress the company is making to improve its business and clear the unprofitable jobs from its backlog.
“I am excited about the cadence we are developing as an organization as we seek to improve our profitability,” Thoren said in a statement. “We are carefully managing costs, yet also strategically investing to create the necessary infrastructure to scale Graham and build a better business.”
Graham also reaffirmed its fiscal 2023 revenue guidance of $135 million to $150 million and adjusted EBITDA of $6.5 million to $9.5 million.
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