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Dec 31, 2020
Graham Q3 2021 Earnings Report
Reported sales of $27 million and EPS of $0.11.
Key Takeaways
Graham Corporation reported a solid quarter with a 7% year-over-year growth, driven by strong refining sales in Asia. The company's focus on building its defense business resulted in a record level of orders and backlog, with more than 80% of new orders and approximately 70% of the backlog from the U.S. Navy.
Third quarter sales reached $27 million, resulting in earnings per share of $0.11.
Orders for the quarter totaled $61.8 million, including $52.3 million from the defense industry.
The company achieved a record backlog of $149.7 million, with 45% to 50% expected to ship in the next twelve months.
Fiscal year 2021 revenue is expected to be between $93 million and $97 million, with a gross margin between 21% and 22%.
Revenue by Segment
Forward Guidance
The company provided revenue guidance for fiscal year 2021, expecting revenues between $93 million and $97 million and gross margin between 21% and 22%.
Positive Outlook
- Revenue expectations of between $93 million and $97 million are unchanged from prior guidance.
- Gross margin expectations have been tightened to between 21% and 22%.
Challenges Ahead
- SG&A expenses are expected to be slightly higher at $17.3 million to $17.8 million.
- The effective tax rate range has been expanded to 22% to 24%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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