Graham Corporation Awarded Contract for CVN-80 Aircraft Carrier
May 01 2018 - 3:15PM
Business Wire
Included in consolidated orders for fiscal
2018 fourth quarter of $43.5 million
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, announced today that
it has been awarded a contract with Newport News Shipbuilding to
supply steam surface condensers for the CVN-80 aircraft carrier,
USS Enterprise. The contract size is undisclosed. A portion of the
contract was previously recognized in Graham sales and the
remainder is expected to be recognized over the next four fiscal
years. Consolidated orders for the fourth quarter of fiscal 2018
were approximately $43.5 million, including the remainder of this
CVN-80 order. Fiscal 2018 full year orders were $112 million.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We are pleased to be selected as the supplier of
surface condensers for CVN-80. Securing this work is a testament to
the capabilities of our workforce and our strong performance on the
CVN-79 contract. It reflects the trust that the shipyard and U.S.
Navy have in our project management, cost control, stringent
quality discipline, large component fabrication and schedule
adherence capabilities.”
He added, “Strong order levels in our fiscal 2018 third and
fourth quarters, which total $84 million, established a strong
foundation as we enter fiscal 2019. The order environment has
indeed improved compared with the second half of fiscal 2017 and
the first half of fiscal 2018. As we proceed through fiscal 2019,
we anticipate both strong and soft bookings quarters. Given our
current backlog and outlook, we anticipate delivering significant
year-on-year sales growth over fiscal 2018.”
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and
chemical/petrochemical industries. Energy markets include oil
refining, cogeneration, nuclear and alternative power. For the
defense industry, the Company’s equipment is used in nuclear
propulsion power systems for the U.S. Navy. Graham’s global brand
is built upon world-renowned engineering expertise in vacuum and
heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures
custom-engineered ejectors, vacuum pumping systems, surface
condensers and vacuum systems. Graham is also a leading nuclear
code accredited fabrication and specialty machining company. Graham
supplies components used inside reactor vessels and outside
containment vessels of nuclear power facilities. Graham’s equipment
can also be found in other diverse applications such as metal
refining, pulp and paper processing, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning. Graham’s reach spans the globe and its
equipment is installed in facilities from North and South America
to Europe, Asia, Africa and the Middle East. Graham routinely posts
news and other important information on its website,
www.graham-mfg.com, where additional comprehensive information on
Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended.
Forward-looking statements are subject to risks, uncertainties
and assumptions and are identified by words such as “expects,”
“estimates,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” and other similar words. All
statements addressing operating performance, events, or
developments that Graham Corporation expects or anticipates will
occur in the future, including but not limited to, expected
expansion and growth opportunities within its domestic and
international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in commodities
prices, the effect on its business of volatility in commodities
prices, changes in general economic conditions and customer
behavior, forecasts regarding the timing and scope of the economic
recovery in its markets, its acquisition and growth strategy and
the expected performance of Energy Steel & Supply Co. and its
operations in China and other international locations, are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation’s most recent Annual Report filed
with the Securities and Exchange Commission, included under the
heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize,
or should any of Graham Corporation’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation’s forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180501006635/en/
Graham CorporationJeffrey F. Glajch, (585) 343-2216Vice
President – Finance and CFOjglajch@graham-mfg.comorKei Advisors
LLCDeborah K. Pawlowski / Karen L. Howard(716) 843-3908 /
(716) 843-3942dpawlowski@keiadvisors.com / khoward@keiadvisors.com
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