Strong Revenue Growth
Sales for the quarter totaled $47 million, a 7.3% increase over last year, driven by growth across key end markets including chemical, petrochemical, space, defense, and the commercial aftermarket.
Improved Gross Margin
Gross margin for the quarter expanded 260 basis points to 24.8%, driven by higher sales volume, favorable project mix, enhanced pricing, and better execution.
Leadership Transition
A two-phase leadership transition plan was announced, with Matt Malone becoming President and COO, and later CEO, while Dan Thoren transitions to Executive Chairman.
Operational Expansion
Construction of the new Batavia manufacturing facility is on schedule for completion in June, enhancing manufacturing capabilities and capacity for naval defense work.
Solid Financial Position
Graham Corporation ended the quarter with $30 million in cash and no outstanding debt, providing significant financial flexibility to pursue strategic growth initiatives.