BATAVIA, NY, October 25, 2017 – 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 financial results for its second quarter and first half year ended September 30, 2017. Graham’s current fiscal year ends March 31, 2018 (“fiscal 2018”).
Net sales in the second quarter of fiscal 2018 were $17.2 million, compared with net sales of $21.1 million in the second quarter of the fiscal year ended March 31, 2017 (“fiscal 2017”). Net income and diluted earnings per share in the fiscal 2018 second quarter were breakeven, compared with $1.3 million, or $0.13 per diluted share, in the prior-year’s second quarter. Excluding restructuring charges, net income for the second quarters of fiscal 2018 and 2017 was $0.2 million and $1.4 million, respectively. On a per diluted share basis excluding restructuring charges, net income was $0.02 and $0.14 for the second quarters of fiscal 2018 and 2017, respectively.