Graham Q1 Profit Declines

(RTTNews) - Graham Corp. (GHM) Thursday announced a one percent decline in first quarter net income to $2.361 million from $2.392 million. Earnings per share was down by four percent to $0.23 from $0.24 a year ago.

On average 3 analysts polled by Thomson Reuters expected the company to earn $0.16 per share. Analysts estimates usually exclude special items.

First quarter net sales were $27.6 million, down 3% compared with prior year. Wall Street expected $25.07 million.

For fiscal 2016, Graham continues to expect sales to be in the range of $95 million to $105 million. The Street expects $98.06 million.

Gross margin for the period is expected to be between 26% and 28%, resulting from anticipated lower production facility utilization and increased pricing pressure.