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Q3 profit, sales drop at Graham

Rochester Business Journal
January 31, 2014

Graham Corp. reported a drop in third-quarter profit and sales Friday, but the Batavia company saw a record of backlog orders.

The Genesee County firm reported net income of $1.4 million, or 14 cents a diluted share, down from $2.1 million, or 21 cents a diluted share, on an adjusted basis a year ago.

Sales for the quarter ended Dec. 31 were $23.4 million, down 9 percent from $25.6 million.

"Based on order flow throughout fiscal 2013, our revenue and margins for the quarter came in as expected,” said James Lines, president and CEO, in a statement. “The diversity of our orders and backlog in this current cycle demonstrates our success with expanding our addressable market.”

The company reported a record $114.6 million in backlog at quarter’s end. Graham expects roughly 70 to 75 percent of the orders in backlog be converted to sales within the next 12 months.

Graham continues to expect sales of $100 million to $110 million for fiscal 2014.

Graham ranked 19th on the most recent Rochester Business Journal list of manufacturers with 309 workers.

Shares of Graham stock (NYSE MKT: GHM) were down some 4 percent in Friday morning trading at $34.47.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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