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Graham Corporation (GHM-4.20%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $47,037,000 from $43,818,000 in the same quarter the previous year. This increase was attributed to growth in the defense and chemical/petrochemical markets.
Cost of products sold for the quarter was $35,351,000, resulting in a gross profit of $11,686,000, compared to $9,723,000 in the previous year. The improvement in gross profit margin was due to increased sales volume and better execution.
Selling, general, and administrative expenses rose to $9,696,000 from $8,812,000, reflecting investments in personnel and technology, including costs related to the implementation of a new ERP system.
Net income for the quarter was $1,588,000, up from $165,000 in the previous year. Income per diluted share was $0.14, compared to $0.02 in the previous year.
Cash provided by operating activities was $27,873,000, while cash used in investing activities was $13,970,000, primarily for capital expenditures related to growth and productivity improvement initiatives.
As of December 31, 2024, Graham Corporation had cash and cash equivalents of $30,046,000, compared to $16,939,000 at the end of the previous fiscal year.
The company reported a backlog of $384,701,000, with 80% attributed to the defense market. This backlog is expected to convert to revenue over the next several years.
The filing also discusses the acquisition of P3 Technologies, LLC, which is expected to enhance Graham's turbomachinery solutions and diversify its market offerings.
Graham Corporation's outlook for fiscal 2025 includes net sales between $200,000,000 and $210,000,000, with a gross profit margin of 24% to 25% of sales.
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 February 7, 2025. To report an error, please email earnings@qz.com.