Graham Corp. Issues FY18 Revenue Guidance - Quick Facts

(RTTNews) - Graham Corp. (GHM) announced, for fiscal 2018, the company expects: revenue to be between $80 and $90 million; and gross margin to be between 22% and 24%. James Lines, Graham's CEO, said: "We believe that we must set a cautious tone entering fiscal 2018 due to the current backlog that is scheduled to convert during the year and the near-term quality and quantity of our bidding pipeline. We again expect that our diversification strategies into nuclear power and Naval markets will represent nominally 30% of sales in fiscal 2018."

The company's fiscal 2017 total orders, net of cancellations, were at their lowest level in six years, resulting in backlog at its lowest level in eight years.

Fiscal 2017 net income was $5.0 million, or $0.52 per share, compared with net income of $6.1 million, or $0.61 per share, in fiscal 2016. Net sales were $91.8 million, an increase of 2% over $90.0 million, prior year.