Graham Corp. Reduces 2016 Revenue Guidance - Quick Facts

(RTTNews) - Graham Corp. (GHM) announced the company now expects fiscal 2016 revenue to be between $90 million and $95 million, down from a previous range of $95 million to $105 million, as a result of lower revenue in the third quarter. Gross margin for fiscal 2016 is still expected to be between 27% and 28%. Graham has lowered its fiscal 2016 full year tax rate to be between 30% and 31%.

James Lines, Graham's President and CEO, said: "We reduced our fiscal 2016 revenue guidance to reflect the impact of the third quarter's low revenue level. While this suggests a substantial increase in sequential revenue for our fourth quarter, due to backlog conversion timing it is not possible to recover fully from our third quarter results."