Second quarter fiscal year 2023 financial results to be released before the market opens on November 7, 2022 with the related teleconference and webcast scheduled for 11:00 am ET that morning
Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, announced a record $92 million in orders for its second quarter of fiscal 2023.
The second quarter order level was driven by:
- $70 million from the defense industry driven by repeat orders for critical U.S. Navy programs. Revenue from second quarter fiscal 2023 defense orders is expected to be recognized from fiscal 2024 through fiscal 2026;
- $9 million for petroleum refining, primarily related to the commercial aftermarket;
- $4 million of orders for highly engineered pumps and turbo pumps for a variety of applications and customers in the commercial space industry.
“Our record level of orders in the second quarter reflects our continued expansion into the defense business and the success we have had meeting our customers’ requirements. We believe this is a testament to our engineering know-how, improved execution, and long-standing relationship with the U.S. Navy to provide mission critical systems for high-profile programs,” commented Daniel J. Thoren, President and CEO. “From an operational perspective, we have invested considerable time and capital to meet critical deliveries for the U.S. Navy, demonstrating that we are a supplier they can count on. Beyond defense, demand for our products in the second quarter of 2023 has been solid in our other markets. Of note, the commercial space and commercial aftermarket industries continue to recognize the value of our innovative solutions and engineering services.”
Second Quarter Fiscal Year 2023 Webcast and Conference Call
Graham’s management will host a conference call and live webcast on Monday, November 7, 2022 at 11:00 am ET to review its financial condition and operating results, 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: graham-mfg.com.
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 investor relations website.
A telephonic replay will be available from 2:00 p.m. ET today through Monday, November 14, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13733207. A transcript of the call will be placed on Graham’s investor relations website Graham IR once available.
ABOUT GRAHAM CORPORATION
Graham is a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.
Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses 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,” “plans,” “anticipates,” “believes,” “will,” “can,” 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, the evolution and future of the Company, the Company’s opportunities, the Company’s ability to deliver value to its shareholders, orders, backlog, revenue, and its operating strategy 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, including under the heading entitled “Risk Factors,” its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. 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.
Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908