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reported stronger-than-expected results for the fourth quarter. However, the company issued a weak revenue forecast for the full year.
The Batavia, New York-based company reported quarterly net income of $4.2 million, or $0.41 per share, versus $2.3 million, or $0.23 per share, in the year-ago quarter. Excluding items, the company earned $0.53 per share.
Its revenue climbed 43.7 percent year-over-year to $37.5 million from $26.1 million. However, analysts were expecting a profit of $0.31 per share on revenue of $29.6 million.
Its gross profit for the quarter rose to $12.8 million, or 34 percent of sales, versus $7.4 million, or 28 percent of sales, in the year-earlier quarter.
Sales in the quarter surged $3.7 million to the U.S. market, while sales to the Middle East market gained $3.5 million. Sales to the Asia market rose by $2.5 million.
Its adjusted EBITDA in the current quarter surged to $8.4 million, from $3.7 million.
At March 31, 2015, cash, cash equivalents and investments were $60.3 million, versus $61.1 million at March 31, 2014.
For the full year, orders climbed 7 percent year-over-year to $136.5 million.
James R. Lines, Graham's President and Chief Executive Officer, said, "Fiscal 2015 was an outstanding year. We set new records for sales, orders and year-end backlog. We realized operational leverage on the investments made over the prior three years, as we executed our strategy to take Graham to a new level. We believe these results demonstrate our ability to concurrently deliver remarkable financial performance and provide exceptional customer value."
For FY16, the company expects revenue of $95 million to $105 million, versus analysts' estimates of $125.10 million. It projects gross margin of 26 percent to 28 percent.
Graham shares fell 1.36 percent to close at $23.13 yesterday.
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