Increased sales both domestically and internationally helped drive up Graham Corp.’s second-quarter net income by 62 percent from a year ago, to $4.2 million.
The Batavia-based manufacturer’s net sales for the quarter that ended Sept. 30 increased 45 percent from a year ago, to $35.6 million. The company benefited from domestic petrochemical orders received during the first half of its 2014 fiscal year, as well as from higher sales to oil refining markets in South America and the Middle East. Graham’s 2015 fiscal year began in April.
“We achieved a record level of quarterly sales because of investments we have made over the last several years to increase our throughput in both engineering and production,” said James R. Lines, Graham’s president and chief executive officer, in a statement.
Lines said the “ongoing strength” of Graham’s backlog and bidding pipeline gives the company confidence in its outlook for fiscal 2015 and beyond.
Graham’s diluted earnings per share were 41 cents, compared to 26 cents a year ago.
The company tightened its guidance for its 2015 fiscal revenue expectations. It now expects revenues of between $125 million and $130 million; its previous guidance was revenues of $120 million to $130 million.
Graham is capturing greater market share in the refining and petrochemical markets, and is working on building a “stronger, more-predictable base business with our U.S. Navy, nuclear and short-cycle opportunities,” Lines said.
The company makes vacuum and heat transfer equipment that is used in refineries, chemical plants and other industrial projects.