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 reported financial results for its fourth quarter and fiscal year ended March 31 (“fiscal 2024”). Results for the fiscal year include approximately five months of operations from the P3 Technologies, LLC (“P3”) acquisition, which was completed on November 9, 2023.
“Steady execution on our plan set two years ago has brought significant progress,” commented Daniel J. Thoren, President and Chief Executive Officer. “Over the past year, we achieved record revenue and orders, and enhanced profitability and cash flow management. This enabled continued investments in our operations and people, the acquisition of P3 Technologies, as well as the complete repayment of our debt. However, our successes extend beyond these financial achievements.
“During fiscal 2024, we completed and shipped the remaining two first article units for the Columbia Class submarine and Ford Class carrier programs. The Navy expansion at Barber-Nichols has been successful, resulting in a significant follow-on order to support the MK48 Mod 7 Heavyweight Torpedo program. Additionally, we received a $13.5 million strategic investment from a major defense customer to expand and enhance our Batavia, N.Y. production capabilities. Furthermore, we acquired P3 Technologies and successfully integrated it with our Barber-Nichols team.
“Looking ahead, our nearly $400 million of backlog and the increasing demand from the Navy for accelerated work and expanded scope make this an exciting time for GHM. We will continue to strive to engage all partners in improving our business and are confident in our future growth prospects. Our fiscal 2025 guidance reflects continued growth and enhancements in margin and profitability and keeps us on track to hit our fiscal 2027 targets.”
