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Sep 30, 2022
Graham Q2 2023 Earnings Report
Reported a 12% sales growth and a record backlog of $313 million.
Key Takeaways
Graham Corporation reported a 12% increase in sales, reaching $38.1 million, driven by growth in the space and refining/petrochemical commercial aftermarket sectors. The company's backlog reached a record $313 million, fueled by strong orders, particularly in the defense sector. However, the company experienced a net loss of $196 thousand, although adjusted diluted EPS was $0.03 per share.
Sales increased by $4.0 million to $38.1 million, driven by solid growth in space and refining/petrochemical commercial aftermarket.
Defense, space, and other commercial sectors accounted for 65% of revenue, indicating a more diversified customer base.
The company shipped an additional U.S. Navy unit and remains on schedule to ship the remaining first article units by the end of the first quarter of fiscal 2024.
Record orders of $91.5 million drove backlog to $313.3 million, up 20% sequentially, with 79% of backlog related to defense.
Graham
Graham
Forward Guidance
The Company reaffirmed its guidance for fiscal 2023