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.
