Graham Corp Q1 revenue record $50M, net income up 12%, gross margin expands to 24.8%

GRAHAM CORP

2024-Q1 EPS reported $0.27 revenue$49,951,000

Revenue $49.95M (+5% YoY); net income $2.97M (+12%); diluted EPS $0.27; adjusted EPS $0.33 (+18%).
Gross margin 24.8% (+170 bps); $2.1M BlueForge Alliance grant for defense welder training included.
Orders $55.8M (book-to-bill 1.1x); backlog $396.8M (+23% YoY); defense orders 51% of total.
FY2025 guidance reaffirmed: net sales $200-210M, adjusted EBITDA $16.5-19.5M, gross margin 22-23%.
Balance sheet: no debt, cash $21.6M, $29M available on revolver; new 29k sq ft facility planned.

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