Fri, Jun 7, 12:33 PM (92 days ago)
Graham Corporation's fiscal year ended March 31, 2024, saw significant improvements in financial performance. Net sales increased by 18% to $185.5 million, driven by a 52% rise in defense industry sales and a 7% increase in refining sales, despite a 37% decline in space industry sales. The acquisition of P3 Technologies contributed $2.2 million to sales. Gross profit margin improved by 570 basis points to 21.9%, reflecting better execution and pricing on defense contracts and a $700 benefit from the Employee Retention Tax Credit. SG&A expenses rose by $9.4 million due to higher performance-based compensation and costs related to the P3 acquisition. Net income increased to $4.6 million, or $0.42 per share, from $0.4 million, or $0.03 per share, in the prior year. Adjusted net income was $6.8 million, or $0.63 per share. Orders for the year were $268.4 million, up 32%, with a backlog of $390.9 million, primarily driven by defense orders. Cash and cash equivalents were $16.9 million, with a new $50 million revolving credit facility secured. The company expects fiscal 2025 net sales of $200-$210 million and adjusted EBITDA of $16.5-$19.5 million.