Graham Corp (GHM) Beats Estimates

Graham Corporation GHM on Friday morning released financial results that beat Wall Street earnings expectations. Graham Corporation reported that its fiscal 4th quarter net income fell to $0.6 million, or 6 cents per share, from $3.6 million, or 35 cents per share, a year earlier. Excluding special items the company reported net income of $0.9 million, or 9 cents per share. Net sales fell 44.6% to $13.8 million, down from $24.8 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 8 cents per share. Graham Corporation has strong balance sheet with a cash and investment balance of $74.6 million and no bank debt.