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Graham Corporation (GHM-2.18%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $53,563,000 from $45,076,000 in the same quarter the previous year. The increase is attributed to growth in the defense industry and the acquisition of P3 Technologies.
Gross profit for the quarter was $12,799,000, up from $7,191,000 in the previous year, with the improvement attributed to increased sales volume and better project execution.
Selling, general, and administrative expenses increased to $9,160,000 from $6,388,000, primarily due to investments in operations, ERP implementation costs, and additional costs related to the acquisition of P3 Technologies.
Net income for the quarter was $3,281,000, compared to $411,000 in the previous year. Adjusted net income was reported at $3,414,000, reflecting adjustments for acquisition-related income and ERP implementation costs.
Cash provided by operating activities was $22,649,000, while capital expenditures were $6,464,000, primarily for machinery and equipment to support growth initiatives.
Graham Corporation's backlog increased to $407,009,000, driven by orders in the defense and space markets. The company expects to recognize revenue on a significant portion of this backlog within the next two years.
The filing also details the company's financial position, indicating a cash balance of $32,318,000 as of September 30, 2024, and no borrowings under its revolving credit facility.
Graham Corporation has not declared any dividends for the fiscal period and has no current intention to pay dividends in the near future.
The company continues to focus on its strategic growth objectives, including expanding its presence in the defense and space markets and investing in new technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Graham Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.