- Second quarter revenue was $21
million
- Net income of $1.8 million, $0.19
per share
- Orders were $34 million, record
backlog of $128 million
- Narrowing fiscal 2019 revenue
expectations to $98 million to $105 million
Graham Corporation (NYSE:GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, today reported
financial results for its second quarter and six months ended
September 30, 2018. Graham’s current fiscal year ends March 31,
2019 (“fiscal 2019”).
Net sales in the second quarter of fiscal 2019 recovered 24% to
$21.4 million from $17.2 million in the second quarter of the
fiscal year ended March 31, 2018 (“fiscal 2018”). Net income in the
fiscal 2019 second quarter was $1.8 million, or $0.19 per diluted
share, compared with breakeven net income and EPS in the prior-year
second quarter. Graham believes that the results from the prior
year’s quarter represented the cycle bottom.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “The gross margin for the current quarter of 29% is
higher than our expectations for the other quarters during this
fiscal year. We benefited from orders that entered backlog during
the previous several quarters, including a few higher margin
projects. Additionally, I believe the actions that we took during
the downturn to improve lead time, quality and productivity also
are evident in our gross margin results.”
He continued, “Orders in the quarter from crude oil refining and
petrochemical markets were strong. These contributed to our backlog
for fiscal 2020 revenue, currently set to support year-on-year
growth. We are encouraged by what now sits in backlog for fiscal
2020, and we anticipate additional orders will continue to build
it.”
Second Quarter Fiscal 2019 Sales Summary
(See accompanying financial tables for a breakdown of sales by
industry and region)
Consolidated net sales grew $4.2 million, net of a $1.2 million
unfavorable impact from the adoption of a new revenue recognition
accounting standard which began in fiscal 2019. Sales to the
refining market drove the growth, up $5 million to $9.7 million.
Sales to the Company’s other commercial, industrial and defense
markets and the power market increased $0.9 million and $0.2
million, respectively. These increases were partially offset by a
$1.9 million reduction in sales to the chemical/petrochemical
market.
From a geographic perspective, U.S. sales represented 70% of
consolidated sales in the fiscal 2019 second quarter compared with
65% in the second quarter of fiscal 2018. International sales
represented 30% of consolidated sales in the fiscal 2019 quarter,
compared with 35% in the prior-year comparable period. U.S. based
sales were driven by the refining market noted above.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve month
basis.
Second Quarter Fiscal 2019 Operating
Performance Review
($ in millions except per share data)
Q2 FY19 Q2
FY18 Change Net sales $ 21.4 $ 17.2 $ 4.2 Gross profit $
6.2 $ 3.7 $ 2.5 Gross margin 29.0% 21.7% Operating profit $ 1.4 $
(0.3) $ 1.7 Operating margin 6.8% -1.8% Net income $ 1.8 $ - $ 1.8
Diluted EPS $ 0.19 $ - $ 0.19 Non-GAAP financial measure:
Adjusted net income $ 1.8 $ 0.2 $ 1.6 Adjusted diluted EPS $ 0.19 $
0.02 $ 0.17
The increase in net income and diluted EPS during the second
quarter compared with the prior-year’s quarter was primarily driven
by the increase in sales to the refining market, higher gross
profit, and a more favorable income tax rate, partially offset by
an increase in SG&A.
Second quarter fiscal 2019 gross profit and margin benefited
from higher sales as well as improved pricing and mix compared with
a very weak fiscal 2018 period.
Selling, general and administrative (“SG&A”) expenses of
$4.8 million increased $1 million compared with the prior-year
period. The increase was primarily due to higher compensation costs
for new personnel, higher sales-related costs, and higher
performance-based compensation. SG&A as a percent of sales was
approximately 22% in the second quarters of both fiscal 2019 and
fiscal 2018. Jeffrey Glajch, Graham’s Chief Financial Officer,
remarked, “We are investing in customer-facing areas of our
business to provide improved structure, alignment, accountability
and to enhance selling opportunities. We believe these actions will
drive stronger participation and market presence as we evolve our
engineering procurement construction (“EPC”) centric selling model
to also provide stronger end user coverage. We believe we can
leverage our extensive installed base differently from in our past,
with improved focus on the end user.”
During the second quarter of fiscal 2019, Graham had an
effective tax rate of 9% compared with a rate that was not
meaningful in the second quarter of fiscal 2018. The low effective
tax rate in the second quarter of fiscal 2019 reflects a cumulative
adjustment in the quarter due to a reduction in the full year
effective tax rate, from 21% to 19%, for the U.S. portion of the
Company’s earnings. The fiscal 2019 rate is benefiting from the
change in U.S. federal tax rates under the Tax Cuts and Jobs
Act.
In the second quarter of fiscal 2018, the Company reduced its
global headcount to align with market conditions at the time and
incurred a $0.3 million pre-tax restructuring charge for severance
costs, realizing approximately $1.5 million of annual savings.
Excluding the restructuring charge, adjusted net income for the
prior-year second quarter, a non-GAAP number, was $0.2 million, or
$0.02 per diluted share.
Adjusted EBITDA
($ in millions)
Q2 FY19 Q2 FY18 Change
Adjusted EBITDA $ 2.2 $ 0.7 $ 1.5 Adjusted EBITDA margin 10.3% 4.0%
Adjusted EBITDA (defined as consolidated net income before
interest expense and income, income taxes, depreciation and
amortization, and a nonrecurring restructuring charge where
applicable) during the fiscal 2019 second quarter benefited from
higher gross profit, partially offset by increased SG&A
expense, both as discussed above.
Graham believes that, when used in conjunction with measures
prepared in accordance with GAAP, adjusted net income, non-GAAP
diluted EPS, adjusted EBITDA and adjusted EBITDA margin (adjusted
EBITDA as a percentage of sales), which are non-GAAP measures, help
in the understanding of its operating performance. Moreover,
Graham’s credit facility also contains ratios based on EBITDA. See
the attached tables for additional important disclosures regarding
Graham’s use of adjusted net income, non-GAAP diluted EPS, adjusted
EBITDA and adjusted EBITDA margin as well as reconciliations of net
income to adjusted net income and adjusted EBITDA.
First Half Fiscal 2019 Review
($ in millions except per share data)
YTD FY19 YTD
FY18 Change Net sales $ 51.0 $ 38.1 $ 12.9 Gross profit
$ 13.4 $ 8.5 $ 4.9 Gross margin 26.2% 22.4% Operating profit $ 4.0
$ 0.8 $ 3.2 Operating margin 7.8% 2.0% Net income $ 4.2 $ 0.9 $ 3.3
Diluted EPS $ 0.42 $ 0.10 $ 0.32 Non-GAAP financial measure:
Adjusted net income $ 4.2 $ 1.2 $ 3.0 Adjusted diluted EPS $ 0.42 $
0.12 $ 0.30
International sales were $22.5 million in the first half of
fiscal 2019 and represented 44% of total sales, compared with $12.2
million, or 32%, of sales in the same prior-year period. Sales to
the U.S. were $28.5 million, or 56%, of first half net sales in
fiscal 2019, compared with $25.9 million, or 68%, of fiscal 2018
first half net sales. Fiscal 2019 first half revenue benefited by
$1.9 million upon the required adoption by the Company of a new
revenue recognition accounting standard which began in fiscal
2019.
The increase in gross profit and margin were driven by higher
volume stemming from a 34% increase in sales when compared with the
same prior-year period, as well as ongoing improvement to backlog
quality and project mix.
SG&A in the first half of fiscal 2019 was $9.4 million, up
26% or $1.9 million. As a percent of sales, SG&A was 18% in the
first half of fiscal 2019 compared with 20% in the same prior-year
period. The increase in SG&A resulted from the same factors
that impacted the quarterly comparison.
Excluding the $0.3 million nonrecurring restructuring charge
recorded in the first half of fiscal 2019, ($0.2 million net of
tax), adjusted net income, a non-GAAP number, was $1.2 million or
$0.12 per diluted share.
Adjusted EBITDA
($ in millions)
YTD FY19 YTD FY18
Change Adjusted EBITDA $ 5.5 $ 2.4 $ 3.1 Adjusted EBITDA
margin 10.8% 6.4%
Adjusted EBITDA for the first half of the fiscal year benefited
from the factors discussed above.
Graham believes that, when used in conjunction with measures
prepared in accordance with GAAP, adjusted net income, non-GAAP
diluted EPS, adjusted EBITDA and adjusted EBITDA margin, which are
non-GAAP measures, help in the understanding of its operating
performance. Graham’s credit facility also contains ratios based on
EBITDA. See the attached tables for additional important
disclosures regarding Graham’s use of adjusted net income, non-GAAP
diluted EPS, adjusted EBITDA and adjusted EBITDA margin as well as
reconciliations of net income to adjusted net income and adjusted
EBITDA.
Capital Continues to Strengthen
Cash, cash equivalents and investments at September 30, 2018
were $79 million, up $2.5 million from March 31, 2018.
Cash provided by operations in the first half of fiscal 2019 was
$5.1 million, compared with $0.8 million in the first half of
fiscal 2018. The increase was primarily the result of higher net
income and timing of changes in working capital.
Capital expenditures were approximately $0.4 million in the
first halves of both fiscal 2019 and fiscal 2018. The Company
continues to expect capital expenditures for fiscal 2019 to be
between $2 million and $2.5 million, the majority of which are
expected to be used for productivity enhancements.
Dividend payments were $1.9 million and $1.8 million in the
first half of fiscal 2019 and fiscal 2018, respectively.
Graham had neither borrowings under its credit facility, nor any
long-term debt outstanding, at September 30, 2018.
Record Backlog and Strong Order Level Support Growth
Orders were $34.4 million in the second quarter of fiscal 2019,
a strong improvement from $17.1 million in the prior-year second
quarter. The increase was driven primarily by the refining and
chemical/petrochemical industries in North America and the Middle
East. In the fiscal 2019 second quarter, orders from U.S. customers
were $20 million, or 58% of total orders, and orders from
international markets were $14.4 million, or 42%. This compares
with 84% from the U.S. and 16% from international markets in the
second quarter of fiscal 2018.
Graham expects that the balance between domestic and
international orders, as well as orders by industry, will continue
to be variable between quarters.
Backlog at the end of the second quarter of fiscal 2019 was a
record-setting $127.8 million, up from $114.9 at the end of the
trailing quarter, and up from $73 million at the end of the
prior-year second quarter.
The Company believes that its backlog mix by industry highlights
the success of its diversification strategy to increase sales to
the U.S. Navy. Backlog by industry at September 30, 2018 was
approximately:
- 51% for U.S. Navy projects
- 24% for refinery projects
- 16% for chemical/petrochemical
projects
- 6% for power projects, including
nuclear
- 3% for other industrial
applications
The expected timing for the Company’s backlog to convert to
sales is as follows:
- Within next 12 months: 55% to 60%
- Within 12 to 24 months: 10% to 20%
- Beyond 24 months: 25% to 35%
Narrowing FY 2019 Guidance
Graham is updating its fiscal 2019 guidance, as follows:
- Revenue anticipated to be between $98
million and $105 million (previously estimated between $95 million
and $105 million)
- Gross margin expected to be between 25%
and 27% (previously estimated between 24% and 26%)
- SG&A expense expected to be between
$18.5 million and $18.75 million (previously estimated between $18
million and $18.75 million)
- Effective tax rate anticipated to be
approximately 20% (previously estimated between 20% and 22%)
Mr. Lines concluded, “I believe that fiscal 2019 is set up well
to conclude within our guidance and, importantly, fiscal 2020 is
staging to be another growth year. M&A activity has produced
some interesting prospects, however, seller expectations continue
to challenge our valuation hurdle rates.”
Webcast and Conference Call
Graham’s management will host a conference call and live webcast
today at 11:00 a.m. Eastern Time to review its financial condition
and operating results for the second quarter and first six months
of fiscal 2019, as well as its strategy and outlook. The review
will be accompanied by a slide presentation which will be made
available immediately prior to the conference call on Graham’s
website at www.graham-mfg.com under the heading “Investor
Relations.” A question-and-answer session will follow the formal
presentation.
Graham’s conference call can be accessed by calling (201)
689-8560. Alternatively, the webcast can be monitored on Graham’s
website at www.graham-mfg.com under the heading “Investor
Relations.”
A telephonic replay will be available from 2:00 p.m. ET today
through Thursday, November 15, 2018. To listen to the archived
call, dial (412) 317-6671 and enter conference ID number 13683800.
A transcript of the call will be placed on Graham’s website, once
available.
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,” “look towards” 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.
FINANCIAL TABLES FOLLOW.
Graham Corporation
Second Quarter Fiscal 2019
Consolidated Statements of Income –
Unaudited
(Amounts in thousands, except per share
data)
Three Months Ended Six Months Ended
September 30, September 30, 2018
2017 % Change 2018
2017 % Change Net sales $
21,441 $ 17,224 24%
$ 50,992
$ 38,075 34% Cost of products sold 15,214
13,483 13% 37,623 29,556 27% Gross profit
6,227 3,741 66% 13,369 8,519 57% Gross margin 29.0% 21.7% 26.2%
22.4% Other expenses and income: Selling, general and
administrative 4,718 3,671 29% 9,269 7,325 27% Selling, general and
administrative – amortization 60 60 0% 119 118 1% Restructuring
charge - 316 (100%) - 316 (100%)
Operating profit (loss) 1,449
(306) (574%)
3,981 760 424%
Operating margin 6.8% -1.8% 7.8% 2.0% Other income (206)
(120) 72% (412) (239) 72% Interest income (351) (162) 117% (640)
(313) 104% Interest expense 1 2 (50%) 3
5 (40%) Income (loss) before provision (benefit) for income taxes
2,005 (26) N/A 5,030 1,307 285% Provision (benefit) for income
taxes 178 (36) N/A 880 362 143%
Net
income $ 1,827 $ 10 N/A
$
4,150 $ 945 339% Per share data: Basic:
Net income $ 0.19 $ - N/A $ 0.42 $ 0.10 337% Diluted: Net income $
0.19 $ - N/A $ 0.42 $ 0.10 337% Weighted average common
shares outstanding: Basic 9,832 9,769 9,810 9,759 Diluted 9,848
9,775 9,826 9,767 Dividends declared per share $ 0.10 $ 0.09
$ 0.19 $ 0.18 N/A: Not Applicable
Graham Corporation
Second Quarter Fiscal 2019
Consolidated Balance Sheets
(Amounts in thousands, except per share
data)
September 30, March 31, 2018
2018 (Unaudited) Assets Current assets:
Cash and cash equivalents $ 23,378 $ 40,456 Investments 55,611
36,023 Trade accounts receivable, net of allowances ($406 and $339
at September 30 and March 31, 2018, respectively) 15,556 17,026
Unbilled revenue 10,582 8,079 Inventories 20,763 11,566 Prepaid
expenses and other current assets 1,572 772 Income taxes receivable
1,782 1,478 Total current assets 129,244 115,400
Property, plant and equipment, net 16,476 17,052 Prepaid pension
asset 4,945 4,369 Goodwill 1,222 1,222 Permits 1,700 1,700 Other
intangible assets, net 3,298 3,388 Other assets 173
202
Total assets $ 157,058 $
143,333 Liabilities and stockholders’ equity Current
liabilities: Current portion of capital lease obligations $ 50 $ 88
Accounts payable 9,317 16,151 Accrued compensation 5,604 4,958
Accrued expenses and other current liabilities 3,541 2,885 Customer
deposits 30,539 13,213 Total current liabilities
49,051 37,295 Capital lease obligations 41 55 Deferred income tax
liability 1,446 1,427 Accrued pension liability 613 565 Accrued
postretirement benefits 653 642
Total
liabilities 51,804 39,984
Stockholders’ equity: Preferred stock, $1.00 par value, 500
shares authorized - - Common stock, $.10 par value, 25,500 shares
authorized
10,642 and 10,579 shares issued and 9,833
and 9,772shares outstanding at September 30 and March 31, 2018,
respectively 1,064 1,058 Capital in excess of par value 24,572
23,826 Retained earnings 100,271 99,011 Accumulated other
comprehensive loss (8,243) (8,250) Treasury stock (809 and 807
shares at September 30 and March 31, 2018, respectively)
(12,410) (12,296)
Total stockholders’ equity
105,254 103,349 Total liabilities and
stockholders’ equity $ 157,058 $
143,333
Graham Corporation
Second Quarter Fiscal 2019
Consolidated Statements of Cash Flows –
Unaudited
(Amounts in thousands)
Six Months Ended
September 30,
2018 2017 Operating
activities: Net income $ 4,150 $ 945 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation 980 993 Amortization 119 118 Amortization of
unrecognized prior service cost and actuarial losses 437 525
Stock-based compensation expense 534 149 Loss on disposal or sale
of property, plant and equipment 30 1 Deferred income taxes 207 106
(Increase) decrease in operating assets: Accounts receivable 2,656
151 Unbilled revenue (5,276) 3,186 Inventories 3,652 846 Prepaid
expenses and other current and non-current assets (679) (774)
Income taxes receivable (303) (1,507) Prepaid pension asset (576)
(478) Increase (decrease) in operating liabilities: Accounts
payable (6,097) (3,166) Accrued compensation, accrued expenses and
other current and non-current liabilities 1,086 (864) Customer
deposits 4,096 560 Long-term portion of accrued compensation,
accrued pension liability and accrued postretirement benefits
59 57
Net cash provided by operating
activities 5,075 848
Investing activities: Purchase of property, plant and
equipment (367) (431) Proceeds from disposal of property, plant and
equipment - 1 Purchase of investments (64,611) (25,000) Redemption
of investments at maturity 45,023 18,000
Net cash
used by investing activities (19,955)
(7,430) Financing activities: Principal
repayments on capital lease obligations (52) (51) Issuance of
common stock 171 - Dividends paid (1,868) (1,758) Purchase of
treasury stock (146) (119)
Net cash used by
financing activities (1,895)
(1,928) Effect of exchange rate changes on cash (303)
138 Net decrease in cash and cash equivalents (17,078)
(8,372) Cash and cash equivalents at beginning of year
40,456 39,474 Cash and cash equivalents at end of period $
23,378 $ 31,102
Graham Corporation
Second Quarter Fiscal 2019
Adjusted Net Income Reconciliation –
Unaudited
(Amounts in thousands, except per share
data)
Three Months Ended Six Months Ended
September 30, September 30, 2018
2017 2018 2017 Per Diluted Share Per
Diluted Share Per Diluted Share Per Diluted Share
Net
income $ 1,827 $ 0.19 $ 10 $ - $ 4,150 $ 0.42 $ 945 $ 0.10 +
Restructuring charge -
-
316 $ 0.03 - - 316 $ 0.03 - Tax effect - -
(92) $ (0.01) - - (92) $ (0.01)
Adjusted
net income $ 1,827 $ 0.19 $ 234 $ 0.02 $ 4,150 $ 0.42 $ 1,169 $
0.12
Non-GAAP Financial Measure:
Adjusted net income is defined as GAAP net income excluding a
nonrecurring restructuring charge and related tax effect. Adjusted
net income is not a measure determined in accordance with generally
accepted accounting principles in the United States, commonly known
as GAAP. Nevertheless, Graham believes that providing non-GAAP
information such as adjusted net income is important for investors
and other readers of Graham's financial statements, as it is used
as an analytical indicator by Graham's management to better
understand operating performance. Because adjusted net income is a
non-GAAP measure and is thus susceptible to varying calculations,
adjusted net income, as presented, may not be directly comparable
to other similarly titled measures used by other companies.
Graham Corporation
Second Quarter Fiscal 2019
Adjusted EBITDA Reconciliation –
Unaudited
(Amounts in thousands)
Three Months Ended Six Months Ended
September 30, September 30, 2018
2017 2018 2017 Net income
$ 1,827 $ 10 $ 4,150 $ 945 + Net
interest income (350) (160) (637) (308) + Income taxes 178 (36) 880
362 + Depreciation & amortization 550 556 1,099 1,111 +
Restructuring charge - 316 - 316
Adjusted EBITDA $
2,205 $ 686 $ 5,492 $ 2,426 Adjusted
EBITDA margin % 10.3% 4.0% 10.8% 6.4%
Non-GAAP Financial Measure:
Adjusted EBITDA is defined as consolidated net income before
interest expense and income, income taxes, depreciation and
amortization and a nonrecurring restructuring charge. Adjusted
EBITDA margin is adjusted EBITDA divided by sales. Adjusted EBITDA
and adjusted EBITDA margin are not measures determined in
accordance with generally accepted accounting principles in the
United States, commonly known as GAAP. Nevertheless, Graham
believes that providing non-GAAP information such as adjusted
EBITDA and adjusted EBITDA margin are important for investors and
other readers of Graham's financial statements, as they are used as
analytical indicators by Graham's management to better understand
operating performance. Graham’s credit facility also contains
ratios based on EBITDA. Because adjusted EBITDA and adjusted EBITDA
margin are non-GAAP measures and are thus susceptible to varying
calculations, adjusted EBITDA and adjusted EBITDA margin, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
Graham Corporation
Second Quarter Fiscal 2019
Additional Information –
Unaudited
ORDER & BACKLOG TREND ($ in millions)
Q118 Q218 Q318 Q418
FY2018 Q119 Q219 Total
Total Total Total
Total Total Total Orders
$ 11.1 $ 17.1 $ 40.5 $ 43.5 $ 112.2
$ 22.0 $ 34.4 Backlog $ 72.9 $ 73.0
$ 96.2 $ 117.9 $ 117.9 $ 114.9 $
127.8
SALES BY INDUSTRY FY
2019 ($ in millions)
FY 2019
Q1 % of Q2 % of
6/30/2018 Total
9/30/2018 Total Refining $ 19.8
67% $ 9.7 45% Chemical/
Petrochemical $ 3.0 10% $ 3.8
18% Power $ 3.1 10%
$ 2.1 10% Other Commercial, Industrial and
Defense $ 3.7 13% $ 5.8
27% Total $ 29.6 $
21.4
SALES BY INDUSTRY FY 2018 ($ in
millions)
FY 2018 Q1 %
of Q2 % of Q3 % of Q4 %
of FY2018 % of
6/30/2017 Total 9/30/2017
Total 12/31/2017
Total 3/31/2018 Total
Total Refining $ 3.6
18% $ 4.7 28% $ 5.4 31% $
7.9 35% $ 21.6 28% Chemical/ Petrochemical
$ 7.2 34% $ 5.7 33% $ 4.2
24% $ 3.6 16% $ 20.7 27% Power
$ 4.0 19% $ 1.9 11% $ 1.7
10% $ 3.2 14% $ 10.8 14% Other
Commercial, Industrial and Defense $ 6.1 29%
$ 4.9 28% $ 6.0 35% $ 7.4
35% $ 24.4 32% Total $ 20.9
$ 17.2 $ 17.3
$ 22.1 $ 77.5
Graham Corporation
Second Quarter Fiscal 2019
Additional Information –
Unaudited
(Continued)
SALES BY REGION FY 2019 ($ in millions)
FY 2019 Q1 % of Q2 % of
6/30/2018 Total
9/30/2018 Total United States $
13.5 46% $ 15.0 70% Middle East $ 0.4
1% $ 0.5 2% Asia $ 2.7 9%
$ 1.9 9% Other $ 13.0 44% $ 4.0
19% Total $ 29.6 $ 21.4
SALES BY REGION FY 2018
($ in millions)
FY 2018 Q1 % of Q2 % of
Q3 % of Q4 % of FY2018 %
of 6/30/2017 Total
9/30/2017 Total 12/31/2017
Total 3/31/2018 Total
Total United States $ 14.8
71% $ 11.1 65% $ 11.3 65%
$ 14.7 66% $ 51.9 67% Middle East $ 0.9
4% $ 1.0 6% $ 1.0 6% $
0.9 4% $ 3.8 5% Asia $ 3.4 16%
$ 2.6 15% $ 2.3 13% $ 1.9
9% $ 10.2 13% Other $ 1.8 9% $
2.5 14% $ 2.7 16% $ 4.6 21%
$ 11.6 15% Total $ 20.9 $
17.2 $ 17.3 $ 22.1
$ 77.5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181108005278/en/
Graham CorporationJeffrey F. GlajchVice President –
Finance and CFO(585) 343-2216jglajch@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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Graham (NYSE:GHM)
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From Oct 2023 to Oct 2024