- U.S. fertilizer orders demonstrate market leadership in
chemical & petrochemical industry
- Nuclear orders result from broadened capabilities and
offerings
Graham Corporation (NYSE MKT:GHM) ("Graham" or the "Company"), a
global business that engineers, manufactures, and sells critical
equipment for the oil refining, petrochemical and power industries,
and also supplies components and raw materials for nuclear energy
facilities, announced that it was recently awarded five orders
totaling approximately $10 million for the U.S chemical &
petrochemical and power generation markets. The projects are
expected to ship during the next 9 to 15 months.
Three orders are for a total of nine surface condensers for use
in U.S. ammonia production facilities serving domestic fertilizer
markets, including one upgrade and two plant capacity
expansions. The remaining two orders are for the U.S. nuclear
power generation market. Graham will be providing upgraded
filtration components for an existing nuclear facility and ejector
systems for four new nuclear operations.
"Low cost natural gas continues to drive the growth of the U.S.
chemical and petrochemical industry, which I believe is
demonstrated by the number of orders we have secured over the past
several months. The industry expansion continues to create
opportunities for Graham to capitalize on its engineering and
manufacturing expertise. We believe our focus on quality,
responsiveness and our ability to manage complex orders are
substantiated by these wins for the domestic fertilizer market. We
remain excited about solid market fundamentals that support our
decision to expand our Batavia execution capacity," commented James
R. Lines, Graham's President and Chief Executive Officer.
He continued, "We have broadened the solutions we are offering
for the nuclear power generation market and, as a result, were able
to compete on these opportunities. Further, we are encouraged
by the level and diversity of bids that are currently active in
this market. It appears to us that nuclear power generation
utility companies are returning to typical maintenance cycles, and
required investments due to NRC mandates resulting from the events
at Fukushima are advancing."
"We have a world-renowned brand in our markets, a continually
growing installed base and long-term customer relationships. I
believe that the combination of these factors have led to a record
bid pipeline level. We expect this to translate into strong
order growth and revenue expansion over the next few years," Mr.
Lines concluded.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat
transfer technology, Graham Corporation is a global designer,
manufacturer and supplier of custom-engineered ejectors, pumps,
condensers, vacuum systems and heat exchangers. For more than
75 years, Graham has built a reputation for top quality, reliable
products and high-standards of customer service. Sold either
as components or complete system solutions, the principal markets
for Graham's equipment are energy, including oil and gas refining
and nuclear and other power generation, chemical/petrochemical and
other process industries. In addition, Graham's equipment can
be found in diverse applications, such as metal refining, pulp and
paper processing, shipbuilding, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning, and in nuclear power installations, both
inside the reactor vessel and outside the containment
vessel.
Graham Corporation's subsidiary Energy Steel & Supply Co. is
a leading code fabrication and specialty machining company
dedicated exclusively to the nuclear power industry.
Graham Corporation's reach spans the globe. Its equipment
is installed in facilities from North and South America to Europe,
Asia, Africa and the Middle East. Graham routinely posts news
and other important information on its website, www.graham-mfg.com,
where additional comprehensive information on Graham Corporation
and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking
Statements This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties
and assumptions and are identified by words such as "expects,"
"estimates," "projects," "anticipates," "believes," "demonstrate",
"encourage", "appears," "could," "plan," and other similar
words. All statements addressing operating performance,
events, or developments that Graham Corporation expects or
anticipates will occur in the future, including but not limited to,
the expected performance of Energy Steel & Supply Co, expected
expansion and growth opportunities within the domestic and
international nuclear power generation markets, anticipated
revenue, anticipated capital expenditures and growth, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in general economic
conditions and customer behavior, forecasts regarding the timing
and scope of the economic recovery in its markets, and its
acquisition strategy are forward-looking statements. Because they
are forward-looking, they should be evaluated in light of important
risk factors and uncertainties. These risk factors and
uncertainties are more fully described in Graham Corporation's most
recent Annual and Quarterly Reports filed with the Securities and
Exchange Commission, including under the heading entitled "Risk
Factors."
Should one or more of these risks or uncertainties materialize,
or should any of Graham Corporation's underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation's forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
CONTACT: Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
Email: jglajch@graham-mfg.com
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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