Graham Corporation Reports Fiscal 2018 Third Quarter and Year-to-Date Results

 

BATAVIA, NY, February 1, 2018 – 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 third quarter and nine months ended December 31, 2017. Graham’s current fiscal year ends March 31, 2018 (“fiscal 2018”).

Net sales in the third quarter of fiscal 2018 were $17.3 million, compared with net sales of $22.7 million in the third quarter of the fiscal year ended March 31, 2017 (“fiscal 2017”). Net loss and diluted loss per share in the fiscal 2018 third quarter were $11.6 million and $1.19 per share, respectively. Excluding non-cash charges for goodwill and intangible asset impairments as well as other related charges and the impact of the tax reform legislation passed in December 2017, net income and earnings per share (“EPS”) for the third quarter of fiscal 2018 were breakeven, compared with $1.8 million, or $0.19 per share for the third quarter of fiscal 2017.

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