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Jun 30, 2023
Graham Q1 2024 Earnings Report
Graham's first quarter of fiscal year 2024 was marked by a 32% sales increase and diluted earnings per share of $0.25.
Key Takeaways
Graham Corporation reported a strong start to fiscal 2024, with record first-quarter revenue of $47.6 million, driven by growth in the defense market and improved execution. The company's net income nearly tripled to $2.6 million, and backlog increased by 24% year-over-year to $322.0 million.
First quarter revenue reached a record $47.6 million, boosted by project timing.
Sales growth was primarily driven by the defense market, which increased 133%.
Gross margin improved by 440 basis points to 23.1% due to better mix, pricing, and execution.
Orders received in the quarter totaled $67.9 million, up $27.6 million year-over-year, including $22 million from a major defense customer.
Forward Guidance
Graham Corporation has increased its fiscal 2024 guidance, anticipating revenue between $170 million and $180 million and adjusted EBITDA between $11.5 million and $13.5 million.
Positive Outlook
- Revenue: $170 million to $180 million
- Gross margin: ~18% to 19%
- Adjusted EBITDA: $11.5 million to $13.5 million
Challenges Ahead
- SG&A expense: ~15% to 16% of sales
- Effective tax rate: ~22%-23%
- Capital expenditures: $12.0 million to $13.5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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