Graham Corporation (NYSE MKT: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear energy facilities, today reported its financial results for its third fiscal quarter ended December 31, 2012. Graham’s current fiscal year (“fiscal 2013”) ends March 31, 2013.
Net sales in the third quarter of fiscal 2013 were $25.6 million, up 5.4% from net sales of $24.3 million in the third quarter of the fiscal year ended March 31, 2012 (“fiscal 2012”). Net income was $3.0 million, or $0.30 per diluted share, compared with $1.6 million, or $0.16 per diluted share, in the prior-year’s third quarter. Excluding a $975 thousand, or $0.10 per diluted share, benefit associated with the reversal of a reserve related to Graham’s wholly-owned subsidiary, Energy Steel, net income increased 26.3% to $2.1 million, or $0.21 per diluted share, over the prior-year period on just a 5% increase in sales, reflecting solid operating leverage.
Source: Business Wire
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