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BATAVIA, NY, October 29, 2014 - Graham Corporation (NYSE MKT: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, today reported its financial results for its second quarter ended September 30, 2014. Graham’s current fiscal year (“fiscal 2015”) ends March 31, 2015.
Net sales in the second quarter of fiscal 2015 were $35.6 million, up 45% from net sales of $24.5 million in the second quarter of the fiscal year ended March 31, 2014 (“fiscal 2014”).
Second quarter fiscal 2015 sales were driven by domestic petrochemical orders received during the first half of fiscal 2014 as well as from higher sales to oil refining markets in South America and the Middle East. Net income was $4.2 million, or $0.41 per diluted share, which represents an increase of 62% over the prior year’s quarter.