Graham reports Q3 adjusted EPS 22c vs. 8c last year

Reports Q3 revenue $43.8M vs. $39.9M last year. “Third quarter results were strong and we believe further demonstrated the continued execution of our strategy that is centered on driving quality top-line growth with margin accretive projects in order to improve our future earnings power,” commented Daniel Thoren, President and CEO. “There were several highlights during the quarter, which included improved financial performance with expanded gross and adjusted EBITDA margins, strong bookings which drove record backlog of nearly $400 million, and a new lower cost, more flexible credit facility. Equally noteworthy was the acquisition of P3, a strategic bolt on business that is already enhancing our turbomachinery solutions and Graham’s margin profile. Importantly, our strong cash generation during the quarter enabled us to pay off nearly all the debt utilized in acquiring P3.” Thoren concluded, “We believe our business is in a much-improved position given the strategic and necessary actions taken over the last few years. As we look forward, we are confident we can continue to execute our strategy and capitalize on the many opportunities in front of us. We are also focused on further elevating GHM by driving a collaborative spirit across our brands, leveraging best practices, and progressing employee development in support of our core capabilities.”