Graham Corporation Awarded Orders for Three Projects Totaling $19 Million
September 10 2019 - 4:15PM
Business Wire
- Expanding and modernizing a Southeast Asia refiner
- Adding new capacity in the China crude oil refining
market
- Replacing Graham equipment in Latin America, originally
supplied in the 1970s
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical and defense industries, today announced that it
secured $19 million in orders for three international projects in
its crude oil refining market. Two projects are in Asia and
one is in Latin America.
The first Asia project is an expansion and modernization project
at a Southeast Asia refiner for the production of cleaner
transportation fuels. The other Asia project is for new
capacity in the China crude oil refining market. The third
project is for a Latin America refiner and involves replacing
equipment that Graham originally supplied in the mid-1970s.
Most of the revenue associated with each of these projects will be
recognized in fiscal 2021, with minimal impact in fiscal 2020.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “These orders contribute to backlog for fiscal 2021
shipments. At this point in time, we are fortunate to have
insight into our next fiscal year’s revenue and profitability
potential. We continue to believe that fiscal 2021 will
represent a third consecutive year of revenue and profit expansion
for Graham.”
He added, “We believe that our ability to garner demand
originating from our installed base as well as from new global
capacity investment is a distinct advantage for Graham. Each
year, we derive approximately 30% to 40% of our revenue from our
large installed base. We continue to have strong
participation in global crude oil refining markets with a high
success rate for securing new orders.”
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and
chemical/petrochemical industries. Energy markets include oil
refining, cogeneration, and alternative power. For the
defense industry, the Company’s equipment is used in nuclear
propulsion power systems for the U.S. Navy. Graham’s global
brand is built upon world-renowned engineering expertise in vacuum
and heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures
custom-engineered ejectors, vacuum pumping systems, surface
condensers and vacuum systems. Graham’s equipment can also be
found in other diverse applications such as metal refining, pulp
and paper processing, water heating, refrigeration, desalination,
food processing, pharmaceutical, heating, ventilating and air
conditioning. Graham’s reach spans the globe and 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,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” “look towards” 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, expected expansion and growth opportunities within its
domestic and international markets, anticipated revenue, 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, the effect on its business
of volatility in commodities prices, changes in general economic
conditions and customer behavior, forecasts regarding the timing
and scope of the economic recovery in its markets, its acquisition
and growth strategy and its operations in China and other
international locations, 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 Report filed with the Securities and Exchange
Commission, included 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190910006034/en/
Jeffrey F. Glajch Vice President – Finance and CFO Phone:
(585) 343-2216 jglajch@graham-mfg.com
Deborah K. Pawlowski / Karen L. Howard Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942 dpawlowski@keiadvisors.com /
khoward@keiadvisors.com
Graham (NYSE:GHM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Graham (NYSE:GHM)
Historical Stock Chart
From Sep 2023 to Sep 2024