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Graham Corp. reported a drop in second-quarter sales and profit Friday as continued tough economic conditions hurt results.
The Batavia firm posted net income of $2.6 million, or 26 cents a diluted share, compared to a profit of $5.5 million, or 55 cents a diluted share, a year ago. Sales were down 23 percent to $25.9 million, versus sales of $33.6 million during last year’s second quarter.
Company leaders said the results from last year’s second quarter were boosted by a large Middle Eastern refinery project.
“Although customer actions are still somewhat tentative, we expect that bookings will continue to expand as we move forward,” said James Lines, president and CEO, in a statement. “Given the uncertain global economy, we are not yet experiencing a strong recovery. Nevertheless, we expect that building demand, when released, will generate a rapid uptick in orders once confidence is restored.”
Graham officials continue to expect fiscal 2013 sales of $105 million to $115 million.
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