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 second fiscal quarter ended September 30, 2012. Graham’s current fiscal year (“fiscal 2013”) ends March 31, 2013.
Net sales in the second quarter of fiscal 2013 were $25.9 million, down 23% from net sales of $33.6 million in the prior year’s second quarter, as the prior year period benefited from the conversion to sales of a large Middle East refinery project. Net income was $2.6 million, or $0.26 per diluted share, compared with $5.5 million, or $0.55 per diluted share, in the second quarter of the fiscal year ended March 31, 2012 (“fiscal 2012”).
Mr. James R. Lines, Graham’s President and Chief Executive Officer, commented, “Although customer actions are still somewhat tentative, we expect that bookings will continue to expand as we move forward. We are seeing more projects beginning to move through the pipeline as bidding activity improves, which in turn drives our expectations in our outlook. Given the uncertain global economy, we are not yet experiencing a strong recovery. Nevertheless, we expect that building demand, when released, will generate a rapid uptick in orders once confidence is restored.”
Source: Business Wire
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