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Graham Corporation Reports
Fiscal 2021 Fourth Quarter and Full Year Results
Fourth quarter fiscal 2021 revenue up 11% over prior-year period, driven by refining and defense industry sales
Orders were for the year were $121.6 million including $69.2 million from the defense industry
Backlog at fiscal year-end was $137.6 million; 76% of backlog was for the defense industry
Graham furthers strategic diversification into defense industry with $70 million acquisition of Barber-Nichols Inc., a specialty turbomachinery company
BATAVIA, NY, June 1, 2021 Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries, today reported financial results for its fourth quarter and full fiscal year ended March 31, 2021 (fiscal 2021). The Company separately announced that today it has completed the acquisition of Barber-Nichols Inc. (BNI), a specialty turbomachinery designer and manufacturer for total consideration of $70 million, subject to customary working capital adjustments.
James R. Lines, Grahams President and Chief Executive Officer, commented, Overall, we had a solid year, slightly exceeding our expectations as short cycle sales were stronger than expected in the quarter. As we look back at fiscal 2021, I believe that the results of our persistent efforts to diversify our business as we continue to focus on becoming a more significant defense industry supplier were apparent, with 25% of revenue generated by sales to the U.S. Navy. While orders still indicate a weak environment in our energy and petrochemical markets, our strong backlog reflects $69.2 million of U.S. Navy orders received in fiscal 2021. We now have $104 million of firm backlog related to the U.S. Navy. This strong backlog, combined with the acquisition of Barber-Nichols, significantly advances our diversification strategy into the defense industry. BNI will be immediately accretive to fiscal 2022 earnings and expand our top line by 50%. We are excited to welcome the BNI team to Graham and look forward to working together for continued growth.
Fourth Quarter Fiscal 2021 Sales Summary (All comparisons are with the same prior-year period unless noted otherwise. See accompanying financial tables for a breakdown of sales by industry and region)
Net sales were $25.7 million compared with $23.1 million in the fourth quarter of fiscal 2020. Stronger than expected demand in the short cycle business drove the higher-than-expected sales in the quarter.
Sales to the refining markets increased $2.9 million from the prior-year period to $10.3 million and represented 40% of total sales. Sales to the defense markets were up 16% to $6.5 million this quarter and represented 25% of total revenue. Chemical/petrochemical market sales were $5.8 million compared with $7.1 million in the prior year.
The following information was filed by Graham Corp (GHM) on Tuesday, June 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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