Graham Corp

NYSE:GHMUnited States

Nov 8, 2024

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• DJ Graham Corp Up Nearly 19%, on Track for Highest Close Since September 2008 -- Data Talk, from 2:44PM ET on Friday Nov 08, 2024 by Dow Jones

  2:44PM ET on Friday Nov 08, 2024 by Dow Jones
  Companies Mentioned: GHM
  
  Graham Corporation ( GHM ) is currently at $39.66, up $6.28 or 18.81%
  
  --Would be highest close since Sept. 3, 2008, when it closed at $40.00
  
  --On pace for largest percent increase since May 8, 2009, when it rose 24.78%
  

• -- Earnings Flash (GHM) GRAHAM CORPORATION Posts Fiscal Q2 Revenue $53.6M, from 6:32AM ET on Friday Nov 08, 2024 by MT Newswires

  6:32AM ET on Friday Nov 08, 2024 by MT Newswires
  Companies Mentioned: GHM
  06:32 AM EST, 11/08/2024 (MT Newswires) -- ...

• -- Earnings Flash (GHM) GRAHAM CORPORATION Reports Fiscal Q2 EPS $0.31, from 6:31AM ET on Friday Nov 08, 2024 by MT Newswires

  6:31AM ET on Friday Nov 08, 2024 by MT Newswires
  Companies Mentioned: GHM
  06:31 AM EST, 11/08/2024 (MT Newswires) -- ...

• Graham Corporation Reports Record Revenue of $53.6 Million and Strong Margin Expansion in Second Quarter Fiscal 2025, from 6:30AM ET on Friday Nov 08, 2024 by Dow Jones

  6:30AM ET on Friday Nov 08, 2024 by Dow Jones
  Companies Mentioned: GHM
  Equity-based compensation expense 778 625 Change in fair value of contingent consideration (726) - Deferred income taxes 2 1,162 (Increase) decrease in operating assets, net of acquisitions: Accounts receivable 15,387 (4,947) Unbilled revenue (12,746) 4,620 Inventories 1,886 (734) Prepaid expenses and other current and non-current assets (1,738) (1,343) Income taxes receivable (124) (489) Operating lease assets 643 589 Prepaid pension asset (117) (144) Increase (decrease) in operating liabilities, net of acquisitions: Accounts payable 1,505 (6,451) Accrued compensation, accrued expenses and other current and non-current liabilities (4,801) 5 Customer deposits 14,485 13,503 Operating lease liabilities (623) (529) Income taxes payable (634) - Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits 4 - ------- ------ Net cash provided by operating activities 22,649 11,898 ------- ------ Investing activities: Purchase of property, plant and equipment (6,464) (3,312) Proceeds from disposal of property, plant and equipment - 38 Acquisition of P3 Technologies, LLC (170) - ------- ------ Net cash used by investing activities (6,634) (3,274) ------- ------ Financing activities: Principal repayments on debt - (1,020) Principal repayments on finance lease obligations (157) (147) Issuance of common stock 334 225 Purchase of treasury stock (854) (57) ------- ------ Net cash used by financing activities (677) (999) ------- ------ Effect of exchange rate changes on cash 41 (82) ------- ------ Net increase in cash and cash equivalents 15,379 7,543 Cash and cash equivalents at beginning of period 16,939 18,257 ------- ------ Cash and cash equivalents at end of period $ 32,318 $25,800 ======= ====== Graham Corporation Adjusted EBITDA Reconciliation (Unaudited, $ in thousands) Three Months Ended Six Months Ended September 30, September 30, ------------------------ ------------------------- 2024 2023 2024 2023 ------ ------ ------- ------ Net income $ 3,281 $ 411 $ 6,247 $ 3,051 Acquisition & integration income (587) - (680) - ERP Implementation costs 205 - 547 - Net interest (income) expense (153) 55 (314) 240 Income tax expense 1,016 243 1,344 1,009 Equity-based compensation expense 434 332 778 625 Depreciation & amortization 1,419 1,201 2,830 2,440 ------ ------ ------- ------ Adjusted EBITDA(1) $ 5,615 $ 2,242 $ 10,752 $ 7,365 ====== ====== ======= ====== Net sales $53,563 $45,076 $103,514 $92,645 Net income margin 6.1% 0.9% 6.0% 3.3% Adjusted EBITDA margin 10.5% 5.0% 10.4% 7.9% (1) Beginning in the fourth quarter of fiscal 2024, Adjusted EBITDA no longer excludes the Barber-Nichols supplemental performance bonus, but now excludes the impact of non-cash equity-based compensation expense in order to be more consistent with market practice. Prior period results have been adjusted to reflect these changes on a comparable basis. The Barber-Nichols supplemental performance bonus expense was $1.1 million and $2.2 million for the second quarter and first six months of fiscal 2025, respectively, and $0.8 million and $1.6 million for the second quarter and first six months of fiscal 2024, respectively, and will be completed at the end of fiscal year 2026. Graham Corporation Adjusted Net Income and Adjusted Net Income per Diluted Share Reconciliation (Unaudited, $ in thousands, except per share amounts) Three Months Ended Six Months Ended September 30, September 30, ------------------ -------------------- 2024 2023 2024 2023 ------ ------ ------ ------ Net income $ 3,281 $ 411 $ 6,247 $ 3,051 Acquisition & integration income (587) - (680) - Amortization of intangible assets 555 445 1,109 891 ERP Implementation costs 205 - 547 - Normalized tax rate(1) (40) (102) (224) (205) ------ ------ ------ ------ Adjusted net income(2) $ 3,414 $ 754 $ 6,999 $ 3,737 ====== ====== ====== ====== GAAP net income per diluted share $ 0.30 $ 0.04 $ 0.57 $ 0.28 Adjusted net income per diluted share(2) $ 0.31 $ 0.07 $ 0.64 $ 0.35 Diluted weighted average common shares outstanding 11,024 10,810 10,995 10,761 (1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate. (2) Beginning in the fourth quarter of fiscal 2024, Adjusted Net Income no longer excludes the Barber-Nichols supplemental performance bonus. Prior period results have been adjusted to reflect this change on a comparable basis. The Barber-Nichols supplemental performance bonus expense, net-of-tax, was $0.8 million and $1.7 million for the second quarter and first six months of fiscal 2025, respectively, and $0.6 million and $1.2 million for the second quarter and first six months of fiscal 2024, respectively, and will be completed at the end of fiscal year 2026.