Graham Corporation Awarded $6.4 Million in Orders
November 21 2017 - 6:30AM
Business Wire
Includes two refining industry orders, both
for U.S. Gulf Coast installations
Graham Corporation (NYSE:GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, announced today that
it received two new orders totaling approximately $6.4 million,
both for refining industry installations in the U.S. Gulf
Coast.
One of the orders involves replacing another supplier’s
equipment that was at the end of its operating life. Graham won the
order by offering improved designs which will reduce equipment
size, lower the installation cost and improve operating
performance. Equipment delivery is scheduled for the third quarter
of fiscal 2019.
The other order resulted from a customer performance improvement
initiative to increase recovery of higher valued products during
the refining process. This order comprises a revamp of Graham’s
original system supplied in the mid-1970s. Equipment delivery is
scheduled for the first quarter of fiscal 2019.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We have been focused on the installed base in the North
America refining market. We expect that capital spending evidencing
a recovery will occur in this market first, and will involve both
refinery performance improvement projects and replacement
equipment. Performance improvement projects can have opportunity
value for our equipment comparable with new capacity
investment.”
He continued, “We have followed both of these projects for some
time, working closely with each refiner’s process engineering
group. We believe that our consultative selling model continues to
create value for the refining market as well as for Graham.”
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and
chemical/petrochemical industries. Energy markets include oil
refining, cogeneration, nuclear and alternative power. For the
defense industry, the Company’s equipment is used in nuclear
propulsion power systems for the U.S. Navy. Graham’s global brand
is built upon world-renowned engineering expertise in vacuum and
heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures
custom-engineered ejectors, vacuum pumping systems, surface
condensers and vacuum systems. Graham is also a leading nuclear
code accredited fabrication and specialty machining company. Graham
supplies components used inside reactor vessels and outside
containment vessels of nuclear power facilities. Graham’s equipment
can also be found in other diverse applications such as metal
refining, pulp and paper processing, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning. Graham’s reach spans the globe and its
equipment is installed in facilities from North and South America
to Europe, Asia, Africa and the Middle East. Graham routinely posts
news and other important information on its website,
www.graham-mfg.com, where additional comprehensive information on
Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended.
Forward-looking statements are subject to risks, uncertainties
and assumptions and are identified by words such as “expects,”
“estimates,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” and other similar words. All
statements addressing operating performance, events, or
developments that Graham Corporation expects or anticipates will
occur in the future, including but not limited to, expected
expansion and growth opportunities within its domestic and
international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in commodities
prices, the effect on its business of volatility in commodities
prices, changes in general economic conditions and customer
behavior, forecasts regarding the timing and scope of the economic
recovery in its markets, its acquisition and growth strategy and
the expected performance of Energy Steel & Supply Co. and its
operations in China and other international locations, are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation’s most recent Annual Report filed
with the Securities and Exchange Commission, included under the
heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize,
or should any of Graham Corporation’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation’s forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171121005211/en/
Graham CorporationJeffrey F. Glajch, 585-343-2216Vice
President – Finance and CFOjglajch@graham-mfg.comorKei Advisors
LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.comorKaren L. Howard,
716-843-3942khoward@keiadvisors.com
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