Graham Corp. reported third-quarter financial results Monday that company leaders said reflects steady progress toward increasing sales and improving profitability.
The Batavia, Genesee County-based manufacturer posted net income of $368,000, or 3 cents a diluted share, versus a net loss of $3.7 million, or 35 cents a diluted share, a year ago. Adjusted EBITDA was $2.2 million.
Sales were $39.9 million, up 39 percent from sales of $28.8 million during the previous year’s quarter.
“We have built a strong backlog of defense business, as we strengthen our position in commercial aftermarket and increase our presence in the growing space industry,” said Daniel J. Thoren, Graham’s president and CEO, in a statement. “We believe we are also now better prepared to take advantage of a rebound in demand from our commercial refining and petrochemical markets. Importantly, our operations are finding a rhythm to deliver to plan while we expand in areas where we expect more growth.”
Graham is raising fiscal 2023 revenue guidance to $145 million to $155 million and tightening adjusted EBITDA range to between $7.5 million and $8.5 million.
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