Shares of Graham Corporation experienced a significant boost after the company raised its full-year guidance and announced a strategic investment. The stock saw a recent surge of 13% during Monday trading, reaching $15.75 per share. This increase follows a previous peak of $17.15, marking a 52-week high. Impressively, shares have already risen by 65% this year.
Upgraded Fiscal 2024 Forecast
Graham Corporation now anticipates sales for fiscal year 2024 to be between $170 million and $180 million, surpassing their previous guidance of $165 million to $175 million. Additionally, the company expects adjusted earnings to reach $11.5 million to $13.5 million, higher than the previously projected range of $10.5 million to $12.5 million.
Strategic Investment and Expansion
Alongside their improved forecast, the Batavia, N.Y.-based industrial technology manufacturer also revealed that it had received a strategic investment of $13.5 million from a customer. This investment will be dedicated to enhancing production capabilities at Graham's Batavia facility, further supporting their growth and development.
Impressive First-Quarter Performance
Showing strong momentum, Graham Corporation reported a first-quarter profit of $2.64 million, or 25 cents per share. This is a substantial increase compared to the previous year's earnings of $676,000, or 6 cents per share. The company witnessed a notable 32% rise in sales, totaling $47.57 million during this period.
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