Graham (GHM) Reports Q2 EPS of $0.19, Revenues Miss

Graham (NYSE: GHM) reported Q2 EPS of $0.19. Revenue for the quarter came in at $21 million versus the consensus estimate of $25.76 million.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “The gross margin for the current quarter of 29% is higher than our expectations for the other quarters during this fiscal year. We benefited from orders that entered backlog during the previous several quarters, including a few higher margin projects. Additionally, I believe the actions that we took during the downturn to improve lead time, quality and productivity also are evident in our gross margin results.”

He continued, “Orders in the quarter from crude oil refining and petrochemical markets were strong. These contributed to our backlog for fiscal 2020 revenue, currently set to support year-on-year growth. We are encouraged by what now sits in backlog for fiscal 2020, and we anticipate additional orders will continue to build it.”

For earnings history and earnings-related data on Graham (GHM) click here.

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