sales. sales appreciate were to up back, today. on facilities a before Jeff three now capacity about remarks year that earlier. X number We’ve was of would on relevant when a Jeff. previous importance markets new We Definitely, out the XX% came spending you, view. call calls everyone Thank recovery as orders during investment. joining quarterly will factors Good Slide times in occur begin the year quarter second that reflected downturn, compared a existing I my of Overall, refining considering that earnings as noted, when discussed conference in are morning. quarter the and our improved X. of
and Middle and has throughout the First North is America, in Graham a large installed Latin in America. Asia rather East, base that
existing quarter, few could derived replacement, bid slowly opportunities the industry in to as pipeline the from highlights pipeline of equipment from refining not more a bidding bid XX% $X.X a the Replacement for and new benefit positioned significance supplier million investment third for were these the installed And capacity move sales as capacity in equipment, that of the equipment during Graham in is be than investments for the installed years. months, the often original which new investment. was the precisely base, investments. or how base, as maybe is that how is refining retrofit designed. preferred Approximately quickly, these to supplier of whereas our the knows just Second is and few
margin retrofit capacity has Another and work beneficial higher consideration than most potential replacement new is investment. will a
industry chemical sales. to Turning
were down sales to $X.X compared consider that to While be chemical is last year, The we active. industry timing. million
with or new it as can do, view about and is there too, capacity whole sales. industry differently that replacement be sales We capacity. along however, more a the new chemical Here retrofit
markets. for US for Slide XX-month it low were facilities, orders size sector greater order still XX%. that back. to restart, qualitative XX new new low a is We to strong environment to revamp certain XX cost of for industry improve a $XXX to Again, existing a orders, sales industry were model and flat, imply should impacted implying to Chemical refineries bookings Please however, is and, in existing continue coming XX while by today natural in as will Sales On the our run The weighting months is million chemical orders two base up of the by is the month are encouraging, include were for sales are gas to driven although can quarters, in that the capacity level Navy expect bookings work nicely, $XXX a capacity U.S., North are replacement natural bookings move due for that seeing chemical $XX sales base. orders XX. gas of I If feedstock, sales expansions Due it state, the commitment from superior from derived assets, our There trend this a we new on difficult cost XX% in However, trailing up and capacity industry into Coast. industry the those course, bookings markets the and expand where two burning improve domestic is heavier would as to quarters. plants of we America, annualize of million to the quarters. million. is our trend were that basis, to domestic. the to back-to-back new of last a were U.S. with than other installed primary combination to rate. the retrofit with orders operating Gulf toward this their power defense refining installed orders domestic
details XX. Let’s backlog provided now Page on and discuss
for Jeff million. a fiscal just under at we sets record growth. backlog As have It nicely up $XXX said, XXXX year-on-year
up backlog time our Importantly, chemical backlog backlog and It strong million industry million. approximately to from have a by industry high-quality refining Navy markets and year, is $XX from is up large traditional last is complemented this that similarly, our chemical is refining backlog. $XX encouraging
of XX% next years the spans backlog to months XX% converting XX% converting backlog from now. Additionally, several within to two years XX conversion sales and beyond to XX% with
the Full narrowed remainder Turning XX. XX% million. to guidance Gross is to year, million to for you $XXX margin refer expected to that XX%. has I of and Page year guidance $XX revenue ask the range between to
execution will to be capability, projected strong setting cyclical growth of along has high-quality effective our XXXX, fit enabled in the commend managing XX% The end and $XX.XX addressable improving team had to million expand impact spend line pipeline I between the our also top is have the diversify XXXX that SG&A and the sales tax another us a revenue on growth to markets. on is effectively Activity approximately compared fall million year. year up number bid a XXXX team with for and market, for as downturn Our to to providing XX%. channels or improving front the deliver their would our leverage $XX.X during rate on M&A opportunities focus our less backlog Graham strategic targets company. Graham XX% into
sheet be valuing finding balance line its please you. to for I deploying of Board stay and risk-adjusted Management diversify targets Directors about Jen, to to company questions. would capital we expensive you the for are expand are, and have open however, and returns. these ask growth. and work committed to putting disciplined Thank will to to challenging our the We