Oil boom fuels growth for Batavia-based Graham Corp.
High oil prices are pushing refinery upgrades and expansion, which is good news to Batavia-based Graham Corp. Its revenue and profits are soaring, reports the Buffalo News.
Graham is coming off a fiscal year where profits and sales were the highest ever by a wide margin. The company’s stock, which traded for just over $10 in January 2007, now stands at $89.
And Graham’s order backlog and new order bookings are running at a record pace, prompting Lines to predict that the company’s growth spurt is far from over, with sales expected to rise by another 15 percent to 20 percent during the fiscal year that began in March. That would push revenues to around $100 million for the first time ever.
The article indicates that Graham is continuing to expand its work force, at home and aboard.