Graham Corp. reported a drop in first-quarter profit and sales. The decline was due, in part, to a large order from a Middle East refinery project awarded during the first-quarter a year ago, the company said.
The Batavia, Genesee County, firm reported net income of $1.4 million, or 14 cents a diluted share, versus net income of $3 million, or 30 cents a diluted share, a year ago. Sales were $22.5 million, down 10 percent from $25 million.
“We continue to expect sales in the first half of fiscal 2013 to be similar to the second half of fiscal 2012, but expect overall growth for the full year,” said James Lines, president and CEO, in a statement. “Based on the timing of our backlog converting to sales, we expect revenue and margins to strengthen in the latter half of fiscal 2013.
“Additionally, we continue to develop internal capacity to be positioned for growing sales once our markets are in full recovery.”
Graham continues to expect fiscal 2013 sales of $105 million to $115 million.
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