Graham Corp. Guides FY22 Revenue Above View; Acquires Barber-Nichols For $70 Mln
WASHINGTON (dpa-AFX) - While reporting financial results for the fourth quarter and fiscal 2021 on Tuesday, Graham Corp. (GHM) initiated its revenue guidance for the full-year 2022, well above analysts' expectations.
For fiscal 2022, the company now projects revenues in a range of $130 million to $140 million, inclusive of Barber-Nichols' revenue for the ten-month period, which is expected to be $45 million to $48 million.
On average, three analysts polled by Thomson Reuters expect the company to report revenues of $107.37 million for the year.
Separately, the Company announced the completion of the acquisition of specialty turbomachinery company Barber-Nichols Inc. for total consideration of $70.1 million, including $61.1 million in cash and $9.0 million in equity, or approximately 610 thousand shares at $14.69 per share. The acquisition is expected to be immediately accretive to earnings, including shares issued for purchase.