Graham Corporation Receives $110 Million in Orders in October 2023; Includes Follow-On Orders For Critical U.S. Navy Programs
02 November 2023 - 7:15AM
Business Wire
Graham Corporation (NYSE: GHM ) (“Graham” or the “Company”), 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
level of monthly orders in October 2023. The Company received
approximately $110 million in total orders in October 2023, which
were primarily related to follow-on orders for critical U.S. Navy
programs. These defense orders are expected to be recognized in
revenue beginning in the fourth quarter of fiscal 2025 through
early fiscal 2030.
Daniel J. Thoren, President and CEO, commented, “We are proud to
be a strategic supplier for the U.S. Navy providing highly valued
vacuum, heat transfer, turbomachinery and other critical equipment
to support the U.S. Navy’s Naval Nuclear Propulsion Program. The
follow-on orders received this month continue to validate our key
role in the Columbia Class submarine and Ford Class carrier
programs. These programs are essential for the future safety and
security of our country and the team at Graham recognizes the vital
role our equipment plays and the necessity to deliver essential
components to our customers.”
About Graham Corporation GHM 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 Corporation routinely posts news and other important
information on its website, 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,”
“should,” ”may”, “will,” 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, profitability of future projects and
the business, its ability to deliver to plan, its ability to meet
customers’ shipment and delivery expectations, its ability to
continue to strengthen relationships with customers in the defense
industry, and the timing of conversion of backlog to sales, 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 (the “SEC”), included
under the heading entitled “Risk Factors”, and in other reports
filed with the SEC.
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.
Key Performance Indicators Management uses the following
key performance metrics to analyze and measure the Company’s
financial performance and results of operations: orders and
backlog. Management uses orders and backlog as measures of current
and future business and financial performance, and these may not be
comparable with measures provided by other companies. Orders
represent written communications received from customers requesting
the Company to provide products and/or services. Backlog is defined
as the total dollar value of net orders received for which revenue
has not yet been recognized. Management believes tracking orders
and backlog are useful as it often times is a leading indicator of
future performance. In accordance with industry practice, contracts
may include provisions for cancellation, termination, or suspension
at the discretion of the customer.
Given that each of orders and backlog are operational measures
and that the Company's methodology for calculating orders and
backlog does not meet the definition of a non-GAAP measure, as that
term is defined by the U.S. Securities and Exchange Commission, a
quantitative reconciliation for each is not required or
provided.
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version on businesswire.com: https://www.businesswire.com/news/home/20231101328019/en/
Christopher J. Thome Vice President - Finance and CFO Phone:
(585) 343-2216
Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908
dpawlowski@keiadvisors.com
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