Graham Q1 revenue $47.6M (record), EPS $0.25; raises FY2024 guidance

GRAHAM CORP

2023-Q1 EPS reported $0.25 revenue$47,569,000

Net sales $47.6M (record), up 32% YoY; net income $2.6M, diluted EPS $0.25 vs $0.06 prior year.
Gross margin 23.1%, up 440 bps; defense market sales up 133% to $22.8M.
Orders $67.9M (+69% YoY), backlog $322M (+24% YoY); includes $13.5M strategic investment from defense customer.
Raised FY2024 guidance: revenue $170-$180M (prev $165-$175M), adj. EBITDA $11.5-$13.5M (prev $10.5-$12.5M).
CapEx guidance raised to $12-$13.5M (prev $5.5-$7M) for Batavia expansion funded by customer investment.

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