Graham Corp. has announced that it has been awarded over US$20 million in orders to date in its second quarter of fiscal 2022, which ends 30 September 2021.
The orders spanned the company’s key defense/space, energy and chemical/petrochemical markets, as well as advanced energy applications and HVAC.
Daniel J. Thoren, President and COO, commented: “We are seeing building demand for our technological expertise in specialty turbomachinery in the defense/space industry which we believe is key to our growth strategy. While several of the wins are for new product design and development, we also have received orders for replacement parts and overhauls demonstrating we are now supporting the full lifecycle of our products. We believe this is confirmation of our strategy to leverage our strong engineering expertise for critical applications and grow our market presence in industries with solid secular growth trends.”
He added, “It is encouraging to see order volume in our traditional refining and chemical/petrochemical markets improve even modestly after several quarters of weakness throughout last year. Meanwhile, we are playing an important part in our customer’s advanced energy technology development for hydrogen applications with our heat exchange and turbomachinery products.”
Approximately 40% of the revenue related to the approximately US$20 million in awards is expected to be recognised in fiscal 2022, which ends 31 March 2022. Approximately 50% of the revenue is expected to be recognised in fiscal 2023, with the remainder expected in fiscal 2024.
These orders support the company’s revenue guidance for fiscal 2022, with revenue expected to be in the range of US$130 million to US$140 million. Approximately 45% to 50% of fiscal 2022 revenue is expected to be from the defense industry.
Mr Thoren concluded: “While order flow for our business can be variable given the relative size of orders we receive, we are encouraged with the momentum that appears to be building and are excited about the pipeline of opportunities that we have to pursue.”
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/26082021/graham-corp-awarded-over-us20-million-in-orders-in-2q22/