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Graham Corp. on Friday reported a drop in sales and a flat profit for the second quarter.
The Batavia, Genesee County firm reported net income of $2.6 million, or 26 cents a share. The company logged sales of $24.5 million, down 5 percent from $25.9 million a year ago. The decrease largely was due to lower order levels during the first two quarters of fiscal 2013, the company said.
“Revenue levels reflect the scheduled timing of orders from backlog, however, margin improvements confirm that fundamentals in our markets continue to strengthen,” said James Lines, president and CEO, in a statement. “While moderate revenue will carry into our fiscal third quarter, we are encouraged by the recent strong order levels and overall quality of what is being added to backlog.”
It reported second-quarter orders of $48.4 million with strong demand from petrochemical and refining markets. The backlog at quarter-end increased to a record $114.4 million.
Graham (NYSE MKT: GHM) expects sales for fiscal 2014 of $100 million to $110 million.
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