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GCEDC to consider $17.6M expansion proposal for Graham Corporation on Thursday

By Press Release

Press Release:

The Genesee County Economic Development Center (GCEDC) board of directors will consider an initial resolution for Graham Corporation’s proposed new commercial production facility at its board meeting on Thursday, July 11.

Graham Corporation is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The project would add to the company’s existing location in the city of Batavia where the company has been headquartered since 1942.

The $17.6 million proposed investment includes the construction of a 28,867 sq. ft. expansion intended to reduce design and manufacturing costs and improve shipping capabilities. The project would create 24 new full-time equivalent (FTE) positions while retaining 367 current FTEs.

The initial resolution requests sales tax exemptions estimated at $383,546 and a property tax abatement estimated at $298,427 based on an incremental increase in assessed value totaling the proposed financial agreements to approximately $681,973. 

For every $1 of public benefit, Graham is investing $42 into the local economy resulting in a local economic impact of $19.5 million in wages and tax revenue. 

If the project application is accepted, a public hearing will be scheduled on the proposed project agreement in the city of Batavia. 

The July 11 GCEDC board meeting will be held at 4 p.m. at the MedTech Center’s Innovation Zone, 99 MedTech Drive, Batavia. Meeting materials and links to a live stream/on-demand recording of the meeting is available at www.gcedc.com.

Graham Corporation set to join Russell 2000® and 3000® indexes

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today announced it will be added to the Russell 2000® and Russell 3000® Indexes, effective after the close of financial markets on June 28, 2024.

“The inclusion in the Russell Indexes marks another milestone for GHM, recognizing the meaningful progress we have made in executing our strategy to drive revenue growth and enhance profitability,” commented Dan Thoren, President and Chief Executive Officer.  “We believe that being part of the Russell indexes will increase our visibility within the investment community, improve our liquidity, and attract a broader range of investors.”

Graham Corporation reports expanded margins on sales growth

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today reported financial results for its fourth quarter and fiscal year ended March 31 (“fiscal 2024”).  Results for the fiscal year include approximately five months of operations from the P3 Technologies, LLC (“P3”) acquisition, which was completed on November 9, 2023.

“Steady execution on our plan set two years ago has brought significant progress,” commented Daniel J. Thoren, President and Chief Executive Officer.  “Over the past year, we achieved record revenue and orders, and enhanced profitability and cash flow management.  This enabled continued investments in our operations and people, the acquisition of P3 Technologies, as well as the complete repayment of our debt.  However, our successes extend beyond these financial achievements.

“During fiscal 2024, we completed and shipped the remaining two first article units for the Columbia Class submarine and Ford Class carrier programs.  The Navy expansion at Barber-Nichols has been successful, resulting in a significant follow-on order to support the MK48 Mod 7 Heavyweight Torpedo program. Additionally, we received a $13.5 million strategic investment from a major defense customer to expand and enhance our Batavia, N.Y. production capabilities.  Furthermore, we acquired P3 Technologies and successfully integrated it with our Barber-Nichols team.

“Looking ahead, our nearly $400 million of backlog and the increasing demand from the Navy for accelerated work and expanded scope make this an exciting time for GHM.  We will continue to strive to engage all partners in improving our business and are confident in our future growth prospects.  Our fiscal 2025 guidance reflects continued growth and enhancements in margin and profitability and keeps us on track to hit our fiscal 2027 targets.”

Graham Corp. to present at the Sidoti small-cap virtual conference

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced that Daniel J. Thoren, President and Chief Executive Officer and Christopher J. Thome, Vice President – Finance and Chief Financial Officer, will present at the Sidoti Small-Cap Virtual Conference on Thursday, June 13.

The Graham presentation is scheduled to begin at 10 a.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at GHM Investor Relations.  An archive of the presentation will be available at the same link following the conference.

Graham Corp. receives $17M in orders, supports 2 expansion projects

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced that it has received approximately $17 million of orders for two expansion projects in the energy and petrochemical markets.

Daniel J. Thoren, President and CEO, commented, “We are excited to work with our North American customer as they aim to create the world's first net-zero carbon emissions integrated ethylene cracker and derivatives site. Graham’s surface condensers with custom venting package allow the turbine drives to operate at peak efficiency and are considered state of the art in our industry.  Additionally, we received a notable order to support an expansion project in the Middle East, which we attribute to our strong relationship and our customer’s preference for our high-performance steam jet ejectors.”

Graham Corporation announces fourth quarter and fiscal year 2024 financial results conference call

By Press Release

Press Release:

Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced that it will release its fourth quarter and fiscal year 2024 financial results before financial markets open on Friday, June 7.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

Fourth Quarter and Fiscal Year 2024 Financial Results Conference Call is Friday, June 7 at 11 a.m. Call 201-689-8560 for more information. Internet webcast link and accompanying slide presentation can be found at ir.grahamcorp.com. 

A telephonic replay will be available from 3 p.m. ET on the day of the teleconference through Friday, June 14. To listen to the archived call, dial 412-317-6671 and enter conference ID number 13745902 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

Graham Corporation announces filing of universal shelf registration statement

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), is a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC).  

If and when the shelf registration is declared effective, it will permit the Company to offer and sell, from time to time in one or more offerings, up to $150 million of common stock, preferred stock, warrants, purchase contracts, units, or any combination of these securities.

Christopher J. Thome, Chief Financial Officer, commented, “We believe a shelf registration is a demonstration of good corporate governance as it provides GHM with enhanced financial flexibility to meet our long-term strategic goals.  It enables us to access the capital markets quickly and efficiently, if and when favorable conditions align for the Company and our shareholders."

Graham Corporation to present at the Gabelli Pump, Valve & Water Systems Symposium

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today announced that Daniel J. Thoren, President and Chief Executive Officer, and Matt Malone, Vice President and General Manager - Barber-Nichols, will present virtually at the Gabelli Pump, Valve & Water Systems Symposium on Thursday, Feb. 22.

The Graham presentation is scheduled to begin at 3:15 p.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at GHM Investor Relations. An archive of the presentation will be available at the same link following the conference.

Graham Corporation gross margin expands 660 basis points on sales of $43.8 million in third quarter of fiscal 2024

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), is a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today reported financial results for its third quarter ended December 31, 2023 (“third quarter fiscal 2024”).  Results include approximately two months of operations from the P3 Technologies, LLC (“P3”) acquisition, which was completed on Nov. 9.  

“Third quarter results were strong and we believe further demonstrated the continued execution of our strategy that is centered on driving quality top-line growth with margin accretive projects in order to improve our future earnings power,” commented Daniel J. Thoren, President and Chief Executive Officer.  “There were several highlights during the quarter, which included improved financial performance with expanded gross and adjusted EBITDA margins1, strong bookings which drove record backlog of nearly $400 million, and a new lower cost, more flexible credit facility.

“Equally noteworthy was the acquisition of P3, a strategic bolt-on business that is already enhancing our turbomachinery solutions and Graham’s margin profile.  Importantly, our strong cash generation during the quarter enabled us to pay off nearly all the debt utilized in acquiring P3.”

Mr. Thoren concluded, “We believe our business is in a much-improved position given the strategic and necessary actions taken over the last few years.  As we look forward, we are confident we can continue to execute our strategy and capitalize on the many opportunities in front of us.  We are also focused on further elevating GHM by driving a collaborative spirit across our brands, leveraging best practices, and progressing employee development in support of our core capabilities.”

Graham Corporation announces third quarter fiscal year 2024 financial results

By Press Release

Press Release:

Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, announced that it will release its third quarter fiscal year 2024 financial results before financial markets open on Monday, Feb. 5.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

  • Third Quarter Fiscal Year 2024 Financial Results Conference Call 
  • Date: Monday, Feb. 5
  • Time: 11:00 a.m.
  • Phone: (201) 689-8560

Internet webcast link and accompanying slide presentation: ir.grahamcorp.com.

A telephonic replay will be available from 3:00 p.m. on the day of the teleconference through Monday, February 12, 2024.  To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13743383 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

Click here for the entire release.

Graham to present at 19th annual Emerging Growth Equity conference, webcast Dec. 5

By Press Release

Press Release:

Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced that Daniel J. Thoren, President and CEO, and Christopher J. Thome, Vice President - Finance and CFO, will present and host investor meetings at the Noble Capital Markets 19th Annual Emerging Growth Equity Conference in Boca Raton, FL on Monday, Dec. 4, and Tuesday, Dec. 5.

A webcast of the Graham presentation, along with presentation materials, will be available on the Company's investor relations website starting at 2 p.m. ET on Tuesday, Dec. 5.

Graham Corp. acquires P3 Technologies

By Joanne Beck

Press Release:

Graham Corporation ("Graham” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced today that it has acquired P3 Technologies, LLC (“P3”), a custom turbomachinery engineering, product development and manufacturing business for the space, new energy and medical markets.

Based in Jupiter, Florida, P3 has established a strong reputation in the development of state-of-the-art rotating machinery including pumps, compressors, and turbines and are specialists in high-speed rotors and cryogenic pumps. With an experienced team of highly skilled gas-turbine engineers, P3’s development process results in innovative solutions to complex technical challenges.

Daniel J. Thoren, President and CEO, commented, “This is an excellent demonstration of the acquisition element of our growth strategy. P3 is an ideal bolt on business and brings highly complementary technology that enhances and expands our turbomachinery solutions. Our Barber Nichols’ team will provide the experience and know-how for addressing the anticipated rapid growth to support P3’s growing backlog and its funnel of opportunities. Importantly, P3 also is bringing unique intellectual property that we believe we can leverage to expand the market potential of the business. We are excited about our future opportunities and welcome P3 to the Graham team.”

High Value Add Technology

P3 has a strong intellectual property portfolio including the patented Multi-Channel Diffuser (“MCD”) and Self-Contained Actuating Magnetic Pump (“SCAMP”). These products provide a product family platform that can be leveraged across many applications and industries.

The MCD is revolutionary diffuser technology that improves the efficiency of pumps and compressors by increasing pressure recovery up to 20% and measurably increasing operating range. The MCD can be used in new designs or retrofit applications and can work with any pump or compressor that utilizes a centrifugal impeller.

SCAMP is a family of positive displacement pumps for low flow, high pressure cryogenic applications compatible with oxygen, hydrogen, methane and nitrogen.

P3 also has developed a family of turbopumps ranging in thrust from 5 thousand to 200 thousand pounds. The turbopumps are designed using state-of-the-art flow path design enabled by additive manufacturing to provide higher performance at competitive prices.

In addition, P3 has created robust turbomachinery development tools which enable efficient design iteration cycles reducing lead times to product launches for customers.

Solid Financial Performance; Transaction Terms 

P3’s annual revenue is expected to be approximately $6.0 million in fiscal 2023 with gross and adjusted EBITDA margins that are consistent with Graham’s fiscal 2027 goal of low- to mid-teen adjusted EBITDA margins. Backlog at October 31, 2023 was approximately $8 million. We believe P3 has a pipeline with significant upside potential.

A stock and cash transaction, P3 was acquired from its sole owner who, along with P3’s leadership team, will remain with the Company. The acquisition price has not been disclosed at this time. However, the stock element of the purchase price is valued at $2 million and the number of shares of Company’s common stock issued as part thereof was determined using a stock price of $15.92, which represents the average closing price for the Company’s common stock for the 10 trading days ending on November 3, 2023.

Accompanying Slides

Graham has posted slides that accompany this release on its investor relations website.

Graham Corporation receives $110 million in orders in October, including orders from U.S. Navy

By Press Release
graham manufacturing tour 2023
File photo from 2023 by Howard Owens.

Press Release:

Graham Corporation (NYSE: GHM ) (“Graham” or the “Company”), is a global leader in the design and manufacture of mission-critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, announced a record level of monthly orders in October 2023. 

The Company received approximately $110 million in total orders in October 2023, primarily related to follow-on orders for critical U.S. Navy programs. These defense orders are expected to be recognized in revenue beginning in the fourth quarter of fiscal 2025 through early fiscal 2030. 

Daniel J. Thoren, President and CEO, commented, “We are proud to be a strategic supplier for the U.S. Navy providing highly valued vacuum, heat transfer, turbomachinery, and other critical equipment to support the U.S. Navy’s Naval Nuclear Propulsion Program. The follow-on orders received this month continue to validate our key role in the Columbia Class submarine and Ford Class carrier programs. These programs are essential for the future safety and security of our country and the team at Graham recognizes the vital role our equipment plays and the necessity to deliver essential components to our customers.”

Graham announces 'last of first article' units for Navy vessels

By Press Release

Press release:

Graham Corporation (NYSE: GHM) ("GHM" or the "Company"), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, today announced that it shipped the last of the first article units related to the Columbia Class submarine and Ford Class carrier programs. While the Company expects to continue to have first article programs in its backlog as it wins new programs and applications, the amount as a percentage of total backlog should be reduced moving forward.

Daniel J. Thoren, President and CEO commented, "Completing the first article U.S. Navy projects and delivering the final units this month on schedule was a great testament to the team we built at our Batavia facility. Without their dedication and commitment to our customers, we would not have been able to achieve this milestone. I would like to thank each and every one of them for their hard work. We built this team by committing to training welders in house, partnering with academic resources, and improving our operating processes in support of our strategic U.S. Navy programs. These investments in our people and operations have paid off given our recently announced strategic investment from a major defense customer to expand our capacity for future projects and we believe demonstrates our customers confidence in GHM as being a critical supplier to the U.S. Naval Nuclear Propulsion Program."

During fiscal 2022, the Company chose to make significant investments to ensure it could deliver these and previous units on schedule and were the main source of the losses incurred that year.

Graham CEO rings opening NYSE opening bell to commemorate 55 years as a public company

By Howard B. Owens
Remote video URL

On Monday morning, Graham Corp. President and CEO Dan Thoren, accompanied by executive team members, rang the opening bell on the New York Stock Exchange to commemorate the company's 55th anniversary as a publicly traded company.

In a statement, Thoren said, “We are proud to commemorate fifty-five years as a public company by participating in the opening bell ceremony at the New York Stock Exchange.  This is a tribute to every associate at Graham who worked hard this past year to bring us to record sales and orders.  Their dedication to Graham and their deep engagement with their work for our valued customers and the security of our nation makes me excited for our future.”

 

Graham Corporation reports sales grew to $28 million for fiscal 2021 second quarter

By Press Release

Press release:

Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today reported financial results for its second quarter of fiscal 2020-21, which ended Sept. 30. Graham’s current fiscal year ends March 31.

  • Second quarter sales of $28 million yielded $0.27 earnings per share
  • Orders were $35.0 million in the quarter; Backlog improved sequentially to $114.9 million;
  • Revenue guidance increased to $93 million to $97 million and gross margin expectation improved to 21 percent to 23 percent.

James R. Lines, Graham’s president and chief executive officer, said, “Results in the second quarter benefited from strong defense industry sales, including a materials only order.  We also had the benefit of improved efficiencies in both our supply chain and our production facilities which enabled us to accelerate conversion of both large and short cycle orders in the quarter. As a result, higher volume drove operating leverage which is inherent in our business model.

“We had strong orders in the quarter of $35 million. This order level was driven by our strategy to further our geographic market reach and diversify our end markets, which includes increasing our participation in the defense industry. We remain confident in our ability to achieve the long-term goal of significantly growing our business organically, as well as continuing to consider acquisition opportunities.”

Click here to view the entire release, including financial statements.
Click here to view the teleconference slides.

Batavia-based Graham Corp. lands $11M contracts for three oil-refining projects in Asia

By Billie Owens

Graham Corporation (NYSE: GHM), a Batavia-based global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, on Thursday announced that it secured $11 million in orders for three oil-refining projects in Asia.

Two projects are in Southeast Asia while the largest project is the first large order received in India by the Company and is with a new customer.

James R. Lines, Graham’s president and chief executive officer, said, “We believe our effective execution on strategy and our consultative selling platform enabled us to capture these awards during a period of intense competition and focus on price.

"We believe that our decision to localize in India provided us the opportunity to successfully compete on that project and is also keeping the bid pipeline in that country quite active. We continued to leverage our global fabrication supply chain where appropriate in order to compete effectively, and we stayed engaged throughout the nearly two year pipeline cycle with both buyers and end users to ensure we addressed their requirements.”

GCEDC board to consider application from Graham

By Howard B. Owens

Press release:

The Genesee County Economic Development Center (GCEDC) will consider accepting applications for incentives from Graham Manufacturing and Gateway GS, LLC at the agency’s Feb. 7 board meeting. 

Graham Manufacturing is seeking incentives for a $1.075 million capital investment for various properties at its campus in the City of Batavia. The investment would renovate 8,000 square feet of existing space for expanded workforce training and add 5,000 square feet of new space for the construction of a warehouse. The project would help retain 291 jobs.

Gateway GS, LLC is proposing to invest $450,000 to build out the interior of a spec building the company constructed in 2018 at the Gateway II Corporate Park in Batavia. The project would create five new jobs.

Since each project would receive benefits of more than $100,000 public hearings would be scheduled if the applications for incentives are accepted by the GCEDC Board.

All GCEDC Board meetings are open to the public. Meetings are at 4 p.m. unless noted otherwise and take place at 99 MedTech Drive in Batavia across from Genesee Community College.

Graham forming new subsidiary in India

By Howard B. Owens

Press release:

Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, today announced that it has established Graham India Private Limited (“GIPL”) as a wholly owned subsidiary. GIPL, based in the northwest region of India, in Ahmedabad, has been initiated as a sales and market development office with an Indian national as sales director and business development leader.

Graham’s establishment of this new entity was driven by several strategic and macroeconomic factors. Asia is a key region for investment in new crude oil refining and petrochemical capacity, with India being an important market for such investments. The Company anticipates that stronger and more consistent consultative customer support will lead to expanded bidding participation in the region. Further, having a local presence is expected to enhance Graham’s development of India fabrication partners who can assist the Company in addressing government policy and preference for fabrication in India. Finally, Graham believes that having a local entity demonstrates its enduring commitment to the Indian refining, petrochemical and fertilizer markets.

James R. Lines, Graham’s president and chief executive officer, commented, “India continues to experience strong economic growth, projecting ongoing GDP growth surpassing 6 percent annually. We expect this growth will drive capital investment in new refining, petrochemical and fertilizer capacity, all of which are important end markets for Graham. Over time, we plan to build out GIPL’s organization structure with additional sales and engineering support staff, along with fabrication and quality control specialists. We believe that our local presence will increase bidding participation and, ultimately, increase market share within our targeted end markets.”

Graham employees 'stuff the bus' to support local backpack program

By Howard B. Owens

Graham Corporation employees took on a special cause this past week -- donating backpacks and other school supplies to be distributed to local schoolchildren through the Salvation Army.

Student Transportation of America agreed to park a school bus on the Graham property so the 250 local employees could have a convenient place to drop off their donations.

Julie Roloson, human resources director, said the Graham community wanted to take on a new challenge to support the local community.

"Graham takes great pride in how many events and donations we can make locally and this happened to be one that we tried for the first time and we hope it will be very successful year after year," Roloson said. "We’re extremely proud to participate."

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