Graham's 3Q Profit Doubles
BATAVIA, N.Y. (AP) — Industrial equipment maker Graham Corp. said Friday that fiscal third-quarter earnings doubled on better prices and higher revenue from an acquisition.
CEO James R. Lines said the company believes it's in "the early stages of a global industrial recovery."
Net income rose to $1.6 million, or 16 cents per share, compared with $759,000, or 8 cents per share, a year earlier. The figures included acquisition-related costs of 5 cents per share.
Analysts expected 20 cents per share, according to FactSet. The analysts' estimates typically exclude one-time items.
Revenue rose to $24.3 million from $19.2 million a year earlier, with more than half of the increase coming from the December 2010 acquisition of Energy Steel & Supply Co., which sells to nuclear power plants.
The company said revenue for the fiscal year ending March 31 will range from $105 million to $108 million. Analysts expected $107.5 million.
Graham makes equipment for the oil refining, chemical and power industries.
The shares rose 20 cents to $22.04 in afternoon trading.