BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 10, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the U.S. District Court, Central District of California (the “Court”) has approved a settlement in the case of Roman v. Wolf, which allows for immediate full intake at the GEO-owned, 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”).
The Court had previously issued several injunction orders, including an intake prohibition order issued more than four years ago, limiting the use of the Adelanto Center based on then-prevailing COVID-19 conditions.
At full occupancy, the Adelanto Center contract would be expected to generate up to approximately $31 million in additional incremental annualized revenues for GEO, with margins consistent with GEO’s company-owned Secure Services facilities.
ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and support services at the Adelanto Center, consisting of a five-year base period followed by two five-year option periods. The current contract option period is effective through December 19, 2029.
George C. Zoley, Executive Chairman of GEO, said, “We believe the Adelanto Center plays an important role in helping ICE and the U.S. Department of Homeland Security fulfill their mission and operational priorities. We are proud of our approximately 350 employees at the Adelanto Center, whose dedication and professionalism have allowed GEO to establish a long-standing record of providing high-quality support services on behalf of ICE in the state of California.”
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q25 Results. Revenue rose 21% to $59.3 million versus $49.1 million in 4Q24 and our $56 million estimate. Gross margin was up 110 basis points to 27%. We were at 25%. Graham reported adjusted EBITDA of $7.65 million, up 159% y-o-y, and above our $5.4 million projection. GAAP and adjusted EPS were $0.40 and $0.43, respectively, compared to $0.12 and $0.15, respectively, last year. We were at $0.26 and $0.26.
Business Environment. Graham’s business environment remains favorable, as evidenced by the recent follow on Navy award. Increased Defense budgets and being in the right space should lead to additional revenue from the Defense sector. Space and Energy continue to have positive futures also, in our opinion.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
WEST CHICAGO, Ill., June 9, 2025 /PRNewswire/ — Titan International, Inc. (NYSE: TWI) (“Titan” or the “Company”), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today issued the following note from Chairman of the Board of Directors, Maurice (Morry) Taylor.
Mr. Taylor stated, “We are having our Annual Shareholder’s meeting on Wednesday, June 11th and we welcome you to join us virtually (www.virtualshareholdermeeting.com/TWI2025). Paul Reitz and his team will be in attendance along with members of the Titan Board. This year ISS and Glass/Lewis have recommended TWI shareholders to vote substantially in line with the TWI Board recommendations. The Board of Titan International is thankful and appreciative of this support!”
Mr. Taylor continued, “This meeting is significant for our Shareholders as it’s our first since the election of President Trump for another four years. I know a lot about tariffs and what the US government and the administration are trying to do for American industry, which includes us. Paul Reitz and his team have been involved in the ups and downs in this business for the last 15 years and I see the benefits that tariffs will bring to Titan and its shareholders. The International Trade Court (ITC) in Washington D.C. has six judges, with many being lawyers, and hears all claims regarding tariffs. Titan’s first case brought to the ITC on tariffs was against China around 2012 regarding farm and off highway tires coming from China. No one thought we would win, but we did as the court ruled 5 to 1 in our favor. That’s great, but then the USA Commerce Department must determine the duty rates and that took a full year and cost us a lot in legal fees just to get this done. Our country should be thankful that President Trump is tackling what has been going on for too long.”
Mr. Taylor added, “Titan has tire factories in Freeport, IL, Des Moines, IA, Bryan, OH, Union City, TN, Jackon, TN and Clinton, TN. These six tire plants employ wonderful people and have plenty of capacity to meet the needs of the US marketplace. These plants have available tire capacity in the US because our country gets flooded with tires from China, India, Japan and Mexico. Farm & OTR tires are large in size and demand a high number of SKUs to serve the market, therefore they take a lot of manual labor to produce, whereas auto and truck tires can be produced with more automation. There are a lot of Ag tractors that are manufactured overseas and shipped into the US with tires/wheels pre-assembled on the equipment. With President Trump trying to level the playing field and the administration’s support, we could see a future where the equipment will be imported into country and then fitted with wheels and tires produced in the USA. The use of tires and wheels produced here will lower the cost of the tractors, combines, and other Ag equipment and increase wheels and tires for American manufacturing.”
Mr. Taylor concluded, “President Trump is correct that American businesses have been getting the short straw for a long time from the rest of the world. He is the champion of the working men and women of this country. GO USA! I hope to hear from you all at the Shareholder Meeting!”
About Titan
Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 9, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) has executed a contract modification, effective June 6, 2025, to activate a federal immigration processing center at the GEO-owned, 1,868-bed D. Ray James Facility (the “Facility”) in Folkston, Georgia under the existing intergovernmental service agreement (“IGSA”) involving the GEO-owned, 1,118-bed Folkston ICE Processing Center.
Under the modified IGSA, GEO expects to generate approximately $66 million in incremental annualized revenues in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities. GEO’s support services will include the exclusive use of this federal facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.
George C. Zoley, Executive Chairman of GEO, said, “We expect that our company-owned D. Ray James Facility in Georgia will play an important role in helping meet the need for increased federal immigration processing center bedspace. We are proud of our 40-year public-private partnership with ICE, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.”
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Fourth quarter 2025 results reflect continued strength in the business
Revenue grew 21% to $59.3 million driven by strength across all markets
Gross margin expanded 110 basis points to 27.0% and achieved operating margin of 9.3% compared to 3.1% in the prior-year period
Net Income was $4.4 million; Adjusted net income1 was $4.8 million and Adjusted EBITDA1 was $7.7 million or 12.9% of sales
Fiscal 2025 results demonstrate strong execution on Graham’s long-term strategic plan
Sales growth of 13% driven by Defense projects and Space demand
Gross Margin Expanded 330 Basis Points to 25.2%
Net Income was $12.2 million compared with $4.6 million in prior fiscal year; achieved Adjusted EBITDA1 of $22.4 million or 10.7% of sales
Received full year orders2 of $231.1 million, which represented a Book-to-Bill ratio2 of 1.1x
Record Backlog of $412.3 million
Initiated fiscal 2026 guidance with revenue of $225 million to $235 million, up 10% at Mid-Point over fiscal 2025 with Adjusted EBITDA1 in the range of $22 million to $28 million, up 12% at the mid-point over fiscal 2025
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries, today reported financial results for the fourth quarter and fiscal year 2025 ending March 31, 2025 (“fiscal 2025”).
“We closed fiscal 2025 with strong momentum, as our fourth quarter results reflected solid execution and sustained demand across our diversified product portfolio,” said Daniel J. Thoren, Chief Executive Officer. “We continue to advance projects with an expected 20%+ ROIC1, including automated welding, the expansion of our Batavia, NY facility, and a new cryogenic testing facility in Florida, which will drive enhanced margins and create additional revenue opportunities.”
Mr. Thoren continued, “Looking ahead to fiscal 2026, we are well-positioned to achieve our long-term growth and profitability targets and are strategically looking to invest in key organic and inorganic growth opportunities.”
Management Transition
As previously announced on February 6, 2025, Graham began a planned management transition aligned with its succession strategy. Effective June 10, 2025, Chief Executive Officer Daniel J. Thoren will transition to Executive Chairman and Strategic Advisor. Matt Malone, currently President and Chief Operating Officer, will succeed him as CEO.
Jonathan W. Painter, Chairman of the Board, will transition to Lead Independent Director. Additionally, Michael E. Dixon, promoted to General Manager of Barber-Nichols in February 2025, will assume the role of Vice President of Graham Corporation and General Manager of Barber-Nichols.
“It has been a career highlight and honor to lead Graham Corporation over the last four years and I want to thank our Board and each one of our employees for their commitment and belief in our mission to build better companies, supply mission critical equipment to our customers, and deliver superior performance to our investors,” said Mr. Thoren. “The company is well positioned to achieve its 2027 goals we set in 2022, and I have every confidence in Matt to lead the company to even greater achievements beyond that.”
1Adjusted net income, Adjusted EBITDA and ROIC are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham’s use of these non-GAAP measures.
2Orders, backlog and book-to-bill ratio are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.
*Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham’s use of these non-GAAP measures.
We have updated our end market disclosures to better align with how management evaluates the business and product portfolio. As part of this change, revenue previously classified as Refining, Chemical/Petrochemical, and Other, which included New Energy product sales, will now be consolidated into one market, which has been renamed “Energy & Process.” The Defense and Space end market classifications remain unchanged. Prior period amounts have been updated to reflect this change.
Quarterly net sales of $59.3 million increased 21%, or $10.3 million. Sales to the Defense market grew by $7.7 million, or 28% from the prior year period, driven by growth in existing programs, better execution, improved pricing, and the timing of key project milestones. Energy & Process sales contributed $1.8 million to growth driven by increased sales of capital equipment to foreign markets and higher aftermarket sales. Aftermarket sales to the Energy & Process and Defense markets of $12.1 million remained strong and were 3.3% higher than the prior year. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the quarter increased $3.3 million to $16.0 million compared to the prior-year period of $12.7 million. As a percentage of sales, gross profit margin increased 110 basis points to 27.0%, compared to the fiscal fourth quarter of 2024. This increase was driven by leverage on higher volume, better execution, and improved pricing, partially offset by higher incentive compensation compared to the prior year period.
Selling, general and administrative expense (“SG&A”), including amortization, totaled $10.8 million, or 18.1% of sales, down $0.3 million compared with the prior year. This decrease reflects the timing of various project expenses partially offset by higher salaries and performance-based compensation as we continue to invest in our people, our processes and our technology to drive long-term sustainable growth.
*Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham’s use of these non-GAAP measures.
Net sales of $209.9 million increased 13%, or $24.4 million. Incremental revenue from the acquisition of P3 Technologies (“P3”) in November 2023 accounted for $2.8 million of this increase. Sales to the Defense market grew by $22.4 million, or 23% from the prior year, driven by the addition of new Defense programs, the growth of existing programs, better execution, improved pricing and the timing of key project milestones. Additionally, net sales to the Space industry for fiscal 2025 increased 11% over the prior year primarily due to the addition of P3. Finally, net sales to the Energy & Process industry for fiscal 2025 was consistent with the prior year as increased sales to Asia and the Middle-East were offset by a $2.7 million decline in aftermarket sales from the record levels of fiscal 2024, but which remain strong. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the year increased $12.3 million to $52.9 million compared to the prior-year period of $40.6 million. As a percentage of sales, gross profit margin increased 330 basis points to 25.2%, compared to fiscal 2024. This increase was driven by leverage on higher volume, better execution, and improved pricing. Additionally, fiscal 2025 gross profit benefited $1.3 million from a grant received from the BlueForge Alliance earlier this fiscal year to reimburse Graham for the cost of the Company’s Defense welder training programs in Batavia and related equipment. The Company currently does not expect to receive any additional welder training grants in fiscal 2026.
SG&A, including amortization, totaled $38.9 million, or 18.5% of sales, up $5.3 million compared with the prior year. This increase reflects the Company’s continued investments in its people, processes, and technology to drive long-term sustainable growth including costs related to the implementation of a new enterprise resource planning (“ERP”) system at our Batavia facility, incremental costs related to P3, and increased research and development investment, among others.
Cash Management and Balance Sheet
Cash provided by operating activities totaled $24.3 million for the year-ending March 31, 2025, a decrease of $3.8 million from the comparable period in fiscal 2024. As of March 31, 2025, cash and cash equivalents were $21.6 million, up from $16.9 million at the end of fiscal 2024.
Capital expenditures for fiscal 2025 were $19.0 million, focused on capacity expansion, increasing capabilities, and productivity improvements. All major capital projects are on time and on budget.
The Company had no debt outstanding March 31, 2025 with $44.7 million available on its revolving credit facility after taking into account outstanding letters of credit.
Orders, Backlog, and Book-to-Bill Ratio
See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics ($ in millions).
Orders for the fourth quarter of fiscal 2025 increased to $86.9 million, including $50.0 million, of a $136.5 million total contract value, to procure long-lead time materials for follow-on contracts to support the U.S. Navy’s Virginia Class Submarine program. Aftermarket orders for the Energy & Process and Defense markets remained strong and totaled $11.8 million for the fourth quarter of fiscal 2025, an increase of 50% over the prior year.
For fiscal 2025, orders decreased to $231.1 million, primarily due to a record level of orders in fiscal 2024 as a result of follow-on orders for critical U.S. Navy programs related to the Columbia Class submarine and Ford Class carrier programs. Aftermarket orders in fiscal 2025 for the Energy & Process, and Defense markets increased 8% to $46.6 million, compared with fiscal 2024.
Orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the Defense industry, which span multiple years and can be significantly larger in size. Book-to-bill for fiscal 2025 was 1.1x.
Backlog as of March 31, 2025, was $412.3 million, a 5% increase over the prior-year period. Approximately 45% of orders currently in backlog are expected to be converted to sales in the next twelve months and another 25% to 30% are expected to convert to sales within one to two years. Approximately 83% of our backlog at March 31, 2025 was to the Defense industry, which we believe provides stability and visibility to our business.
Fiscal 2026 Outlook
“I am pleased to announce our fiscal 2026 outlook, which reflects the continued momentum in our business and the initial impacts of the strategic investments we have made. The Company is deploying capital to support our organic and inorganic growth initiatives, while making strategic improvements to enhance our operations and drive margin expansion, which is being enabled by our strong balance sheet. The outlook we are providing reflects the expected impact of tariffs on our fiscal 2026 results, which we estimate to be approximately $2.0 million to $5.0 million. This is subject to change based on the fluidity of global trade policy,” said Christopher Thome, Chief Financial Officer.
(as of June 9, 2025)
Fiscal 2026 Guidance
Net Sales
$225 million to $235 million
Gross Margin(1)
24.5% to 25.5% of sales
SG&A expense (including amortization)(2)
17.5% to 18.5% of sales
Adjusted EBITDA(1)(3)
$22 million to $28 million
Effective Tax Rate
20% to 22%
Capital Expenditures
$15.0 million to $18.0 million
(1)
Includes the estimated impact of increased tariffs over the prior year of approximately $2.0 million to $5.0 million.
(2)
Includes approximately $6.0 million to $7.0 million of Barber-Nichols supplemental performance bonus, equity-based compensation, and enterprise resource planning (“ERP”) conversion costs included in SG&A expense.
(3)
Excludes net interest expense (income), income taxes, depreciation, and amortization from net income, as well as approximately $2.0 million to $3.0 million of equity-based compensation and ERP conversion costs included in SG&A expense, net.
Our expectations for sales and profitability assumes that we will be able to operate our production facilities at planned capacity, have access to our global supply chain including our subcontractors, do not experience any global disruptions, and experience no impact from any other unforeseen events.
Webcast and Conference Call
GHM’s management will host a conference call and live webcast on June 9, 2025 at 11:00 a.m. Eastern Time (“ET”) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.
A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.
A telephonic replay will be available from 3:00 p.m. ET today through Monday, June 16, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13753289 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.
About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “continue,” “expects,” “future,” “goal,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” ”may”, “will,” “plan” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the Defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Non-GAAP Financial Measures
Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current fiscal year’s net income and net income per diluted share to the historical periods’ net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.
ROIC is defined as a return on invested capital and is calculated by dividing net operating profit after taxes by the total invested capital. ROIC is not a measure determined in accordance with GAAP. Nevertheless, Graham believes that providing ROIC is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand profitability and efficiency of use of capital for certain projects. Because ROIC is a non-GAAP measure and is thus susceptible to varying calculations, ROIC, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Forward-Looking Non-GAAP Measures
Forward-looking ROIC, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2025 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.
Key Performance Indicators
In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company’s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they often times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.
Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
Acquisition and integration (income) expense are incremental costs that are directly related to and as a result of the P3 acquisition or the subsequent accounting for the contingent earn-out liability. These costs (income) may include, among other things, professional, consulting and other fees, system integration costs, and contingent consideration fair value adjustments. ERP implementation costs primarily relate to consulting costs (training, data conversion, and project management) incurred in connection with the ERP system being implemented throughout our Batavia, New York facility in order to enhance efficiency and productivity and are not expected to recur once the project is completed. Debt amendment costs consist of accelerated write-offs of unamortized deferred debt issuance costs and discounts, prepayment penalties and attorney fees in connection with the amendment of our credit facility in October 2023.
Elevated Baseline. Titan’s multi-year strategic transformation has elevated the baseline for the Company. An optimized product portfolio, strong customer relationships, expanded aftermarket business, and long-term tailwinds have increased Titan’s earnings power to $250-$300 million of adjusted EBITDA mid-cycle.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Tariff Impact. With production sourced and sold in-country, the direct impact of tariffs on NN is expected to be minimal. The Company has seen some modest indirect impact, mostly related to deferred decision making on the part of clients and/or consumers. Once tariffs have stabilized, we expect any indirect impacts to be minimal.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter financial results. Eurodry Ltd. reported an adjusted first quarter net loss of $5.7 million, or ($2.07) per share, compared to a loss of $3.2 million, or ($1.18) per share, during the same period last year. Adjusted EBITDA came in at a loss of $1.0 million, down from a gain of $2.1 million during the first quarter of last year. While revenue was slightly above our expectations, operating expenses were approximately $2.0 million higher than estimated due to increased repair costs. Overall, the quarterly results reflected the ongoing market challenges as charter rates remain near five-year lows due to challenging supply and demand trends.
Updating 2025 estimates. Based on the lower-than-expected first quarter results and management’s outlook, we are lowering our full year 2025 adjusted EBITDA and earnings per share (EPS) estimates to $9.3 million and ($3.79), respectively, down from $19.6 million and ($0.43). While we expect the second quarter to show a slight rebound, the weak market conditions are expected to persist and could constrain rates through the balance of the year.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New M/V Emmanuel P time charter contract. Euroseas Ltd. secured a new time charter contract for its 4,250 twenty-foot-equivalent (TEU) intermediate containership, M/V Emmanuel P, for a minimum of 36 months to a maximum period of 38 months, at the option of the charterer, at a gross daily rate of $38,000. The new contract represents a significant improvement compared to the previous rate of $21,000 per day. Following the completion of a scheduled drydock and installation of energy saving devices, the new charter is expected to commence upon delivery of the vessel from the shipyard in the first half of September.
Agreement to sell the M/V Marcos. Euroseas Ltd. recently signed an agreement to sell the M/V Marcos V, a 6,350 twenty-foot-equivalent unit (TEU) intermediate containership, to an unaffiliated third party for $50 million. The vessel will be delivered to the buyer in October 2025. ESEA expects to recognize a gain of ~$8.5 million, or $1.20 per share. The vessel was acquired in the fourth quarter of 2021 for $40 million. During its ownership, Euroseas Ltd. realized more than five times its original equity investment.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
In a strategic move set to reshape the industrial process technology sector, Chart Industries and Flowserve Corporation announced on June 4, 2025, that they will merge in an all-stock transaction, forming a combined company valued at approximately $19 billion. This merger of equals brings together two highly complementary businesses to create a global leader in flow and thermal management solutions.
The newly combined entity will boast an extensive installed base of over 5.5 million assets across more than 50 countries, offering a comprehensive platform that spans the full customer lifecycle—from process design to mission-critical equipment, aftermarket support, and digital monitoring solutions. With combined last twelve months (LTM) revenue of $8.8 billion, the new company is set to make a significant impact across a wide array of high-growth industries, including energy, power generation, chemical processing, data centers, and carbon capture.
At the heart of this merger is a shared commitment to delivering world-class technologies and services. Chart’s expertise in cryogenic, thermal, and specialty solutions blends seamlessly with Flowserve’s core strengths in flow management, including pumps, valves, and seals. This merger creates a differentiated industrial technology platform that is expected to enhance performance, increase predictability through market cycles, and expand customer reach globally.
A major benefit of the transaction is the expansion of aftermarket services, which will now account for roughly $3.7 billion annually, or 42% of total revenue. This significant recurring revenue stream positions the company for stable cash flow and long-term growth. Further, the merger is expected to generate approximately $300 million in annual cost synergies within three years, driven by procurement efficiencies, facility consolidations, and operational streamlining. On top of that, incremental revenue synergies of at least 2% are anticipated over time.
The transaction has been unanimously approved by both boards of directors. Upon completion, Chart shareholders will own 53.5% and Flowserve shareholders will own 46.5% of the combined company. Jill Evanko, current CEO of Chart, will serve as Chair of the Board, while Scott Rowe, CEO of Flowserve, will become the Chief Executive Officer. The board will be evenly split, with six directors from each company.
Financially, the combined company will aim to maintain an investment-grade balance sheet with a leverage ratio of 2.0x net debt to adjusted EBITDA at closing. The firm expects strong cash generation, supporting growth initiatives, debt reduction, and a continued shareholder dividend.
Headquartered in Dallas, Texas, with continued operations in Atlanta and Houston, the new company is poised to become a global industrial technology giant. A new brand identity will be unveiled upon closing, which is expected by Q4 2025, pending shareholder and regulatory approvals.
This transformative merger marks a significant step forward in innovation, scale, and service within the industrial process sector, positioning the company to capitalize on growing demand for integrated and sustainable technologies worldwide.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiation of Research Coverage. We are initiating research coverage of Titan International with an Outperform rating and an $11 price target. Titan is a worldwide leader in the manufacture of off road wheels, tires, and undercarriages for the agriculture, construction, mining, and consumer space.
Transformation. Titan has undergone a strategic transformation since 2019. Management has restructured the Company, eliminating non-core assets, improving the balance sheet, and diversifying the business through acquisitions. Though still subject to cyclicality of its end markets, we believe Titan is well positioned to capitalize on improving end market demand.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Award. In Friday’s Department of Defense contract releases, Great Lakes was awarded a new $35.8 million dredging contract for Galveston, TX. The contract should be completed by the beginning of November 2025. We view this as Great Lakes filling in the very limited open 2025 calendar.
Empire 1 Restarted. In mid-May, the stop work order on the Empire 1 offshore wind project was lifted allowing construction activities to resume. Equinor will perform an updated assessment of the project economics in the second quarter. Empire aims to be able to execute planned activities in the offshore installation window in 2025 and reach its planned commercial operation date in 2027. Empire will engage with suppliers and regulatory bodies to reduce the impact of the stop work order. This is positive news for the still under construction Acadia.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Milestone Quarter. MustGrow’s 1Q25 was a pivotal milestone in the Company’s evolution, with the Company recording its first full quarter since the NexusBioAg acquisition at the end of 2024. MustGrow reported significant sales revenue for the first time, although higher expenses resulting from the acquisition drove a higher net loss.
1Q25 Results. Revenue totaled $3.78 million (all figures are Canadian $), compared to our $2.6 million estimate and zero in the year ago quarter. Gross margin was 14.3%, below our estimated 19.2%. MustGrow recorded a net loss of $1.6 million, or a loss of $0.03/sh, versus our estimate of a loss of $570,000, or a loss of $0.01/sh. In 1Q24, the Company reported a loss of $1.0 million, or a loss of $0.02/sh.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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