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Graham reports drop in Q4 revenues, net income

Rochester Business Journal
May 30, 2014

Graham Corp. on Friday reported a drop in fourth-quarter profits and sales.

The Batavia, Genesee County, firm posted net income of $2.3 million, or 23 cents a diluted share, down from net income of $4.1 million, or 41 cents a diluted share, a year ago.

Sales declined to $26.1 million, down from sales of $30.9 million the prior year.

Company leaders said an increase in domestic sales helped offset the decrease in international sales.

For the year, Graham reported a profit of $10.1 million, or $1 a diluted share, versus net income of $11.1 million, or $1.11 a diluted share, last year. Annual sales were $102.2 million, down from sales of $104.9 million.

"We delivered solid results in fiscal 2014 while continuing our investments for future growth,” said James Lines, president and CEO, in a statement. “We remain committed to earnings expansion, including investments in infrastructure this past year to support the strong growth we expect in fiscal 2015 and beyond."

Graham expects sales in fiscal 2015 of $120 million to $130 million, which represents anticipated growth of 17 to 27 percent.

The company also announced it recently was awarded four orders for projects valued at roughly $10 million. The orders are for upgrades of Graham ejector system components at three oil refineries and an ethylene capacity expansion project in North America.

Graham Shares (NYSE: GHM) were trading midday Friday at $29.69, up more than 5 percent from Thursday’s close.

(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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