Graham Q3 Profit Results Beat View; Reiterates 2015 Revenue Outlook

(RTTNews) - Graham Corp. (GHM), a business that manufactures and sells critical equipment for the oil refining, petrochemical and power industries, reported third-quarter net income of $3.99 million or $0.39 per share, up from $1.43 million or $0.14 per share in the prior-year quarter.

Net sales for the quarter grew 44 percent to $33.65 million from $23.39 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter on revenues of $31.93 million.

For fiscal 2015, the company expects sales to be in the upper half of the previously provided range of $125 million to $130 million, and gross margin range between 30 percent and 31 percent. Street expects the company to report revenues of $128.50 million.

On January 29, 2015, Graham said its board of directors approved a 100 percent increase in the quarterly dividend to $0.08 per share. The board also authorized a stock repurchase program of up to $18 million.