By By Kailyn Rhone
Graham, a pumping equipment company, experienced a surge in its stock prices following impressive third-quarter sales and an optimistic full-year forecast. The share price climbed by nearly 13% to $22.28 on Monday, reaching a 52-week high of $23.50. Over the past 12 months, the shares have seen a remarkable increase of 96.5%.
Headquartered in Batavia, NY., Graham now anticipates revenue between $175 million and $185 million for the fiscal year ending March 31. This revised projection surpasses the previous outlook of $170 million to $180 million.
During the third quarter, which ended on December 31, Graham’s revenue rose by nearly 10% compared to the previous year, reaching $43.8 million. The company achieved a profit of $165,000, or 2 cents per share, as opposed to the $368,000 profit, or 3 cents per share, reported in the same period last year.
Graham attributes its improved performance to “strong bookings which drove a record backlog of nearly $400 million, and a new lower cost, more flexible credit facility.”
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