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BATAVIA, NY, August 3, 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 first quarter ended June 30, 2018 (“fiscal 2019”).
Net sales in the first quarter of fiscal 2019 grew 42% to $29.6 million from $20.9 million in the first quarter of the fiscal year ended March 31, 2018 (“fiscal 2018”). Net income in the fiscal 2019 first quarter was $2.3 million, or $0.24 per diluted share compared with $0.9 million, or $0.10 per diluted share, in the prior-year first quarter. Fiscal 2019 first quarter revenue and earnings per share benefited by $3.0 million and $0.01, respectively, upon the required adoption of a new revenue recognition accounting standard.
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