• Second quarter sales were $22.8 million
• Net income for the second quarter was $2.0 million, or $0.20 per diluted share
• Backlog at quarter-end remained strong at $108.1 million
• Approximately 187,000 shares were repurchased for $3.4 million
BATAVIA, NY, October 28, 2015 – Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, today reported its financial results for its second quarter ended September 30, 2015. Graham’s current fiscal year (“fiscal 2016”) ends March 31, 2016.
Net sales in the second quarter of fiscal 2016 were $22.8 million, compared with net sales of $35.6 million in the second quarter of the fiscal year ended March 31, 2015 (“fiscal 2015”). Second quarter fiscal 2016 sales reflect the weakened fundamentals in the refining and chemical/petrochemical markets that began in November 2014. Net income in the second quarter was $2.0 million, or $0.20 per share, compared with $4.2 million, or $0.41 per share, in the prior year’s quarter. Net income as a percent of sales was 9% in the current year’s second quarter.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We benefited from productivity improvements realized in the quarter, augmented by investments in operational enhancements over the past couple years. We continue to invest in personnel, execution capacity and capabilities that we believe will drive long-term growth. We intend to continue to balance near-term earnings with long-term earnings expansion initiatives, which include investments in our naval and nuclear market strategies. Importantly, we believe the long-term fundamentals within our markets and our own growth opportunities remain strong.”
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