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Jun 30, 2020
Graham Q1 2021 Earnings Report
Graham's Q1 2021 earnings were impacted by the COVID-19 pandemic, resulting in lower sales and a net loss.
Key Takeaways
Graham Corporation reported a decrease in net sales to $16.7 million and a net loss of $0.18 per share for the first quarter of fiscal year 2021, primarily due to the impact of the COVID-19 pandemic which limited manufacturing capacity. The company's backlog remains strong at $107.2 million, with 51% attributed to the defense industry. Fiscal year 2021 revenue is expected to be between $90 million and $95 million.
Net sales decreased to $16.7 million due to COVID-19 impacts and reduced operating capacity.
Net loss was $0.18 per share as a result of lower throughput.
Backlog totaled $107.2 million, with 51% from the defense industry.
Fiscal 2021 revenue guidance is projected between $90 million and $95 million based on expected improved performance.
Revenue by Segment
Forward Guidance
Graham is initiating guidance for fiscal 2021 based on the assumption that Graham is able to operate its production facility at full capacity, have access to its global supply chain including its subcontractors and with minimal or no additional COVID-19 related disruptions or any other unforeseen events.
Positive Outlook
- Revenue between $90 million and $95 million
- Gross margin between 20% and 22%
- SG&A expense between $17 million and $18 million
- Effective tax rate of approximately 22%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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