with will earnings review a highlight performance. the third General the operational Jeff We providing a Thank focus Vice you a joining quarter. of strategic everyone. and President provide I during of of and you, Karen. to appreciate call. review provide progress will Alan our management Manager begin will quarter Good morning, results Smith, regarding and overview financial commentary deeper
important volatility fabrication Please our slide financial troughs us complex of is that expanding to between end to revenue assets have nuclear The program key quality An remain and turn strategy leverages peaks appear shortened. volatile project revenue naval engineering, by and strengthening propulsion will X. provide for expertise. our streams. to and of large-welded periods markets reduce results predictable management, will Energy and processes predictable
from providing cases; several restricted base result our I operating assets; model second in work like are being, into limited is high-entry loading the and is barriers. naval management, is for control lastly, multiyear international work required in long-lived it companies of backlog program engineering, our vision one competition for fabrication this reasons: the most quality a bidding and
market has customers current Navy approximately $XX exceptionally with value what this The backlog segment do this we in been strategy million. well. Ultimately, for at successful
different us and has for these equipment in nuclear carrier more leadership two want and three strategy We classes Our different participating aircraft produce different metal program. naval programs. to programs, submarine propelled an
the for All and of by supply our of program Demonstrable one his work our months, components. for the the sole the Alan driven the that source. the of two team percentage in secure program Over next naval programs. this strategy is decade competitively first backlog hope of we was and increasing success bid. is to is Smith for evidence a submarine other XX the carrier One two of new one
flow production Moreover, with with orders complex first-time efficient and and were fixtures fabrications done procurement methods material many certain combinations, build seeing are of fabrications. weldments first-time of production very are with and needed initial now sole-source We along jigs bidding. the developing R&D
and in into of improvement reflected backlog for third margin fabrication quarter will that Propulsion during in more the which move fabrications. million order process and was gains, Naval be efficiency live Productivity as $X for predictable excess did another repeat the we We Program. better add into Nuclear
focus defense and in aerospace M&A is end the markets.
actively with We engage continue to Defense. companies in of serving Department discussions
between Our Without along into to million our $XX current $XX components basis and on an M&A, to have to aircraft annual submarines we as in new plan the break portfolio expect of view. future. this carriers components provided with with to we revenue near million
We are negotiated auction both seeing M&A in processes. within being markets end defense deals
where greatly months multiples fit, XX business the above right uncommon. very the and where growth assured Finding broken to multiples be benefits combination times, XX isn't seem crucial. XX is EBITDA next below are in Valuation is nonexistent unless times
maintain creation our will discipline strategic fit, financial We and metrics. for value return
replacement the more From base. stream parts Another in-kind revenue derived two predictable base our equipment. forms. is replacement installed installed and One takes is conventional from revenue
global revamp enjoys base with record sizable in The America. Graham installation installed retrofit. great other and a North is a
In the equipment was the approaches Graham at with billion. and 'XXs, estimate that installed we into America. million we than North $XXX North the delivered years, $X the that American valued our XXXXs last Moreover, equipment base XX supplied more delivered in
equipment capital than replacement Hereto, less parts and revamp with volatile energy modest in this and variable while not the investment. projects segment large budget is having as is volatility, capital retrofit as markets,
keep plants invest customers operating their Our well. to generally
need plus that before Canada, get regions Also, our their risk and be limiting to what identify Regions appears such to may with populations the leverage performance the in Coast Alberta. the product certain throughput expertise dense quality. or impacting Mid-Atlantic facilities thesis in are they and new them the and from will U.S. Gulf as and capacity. to States Customers installation our more investing knowledge U.S. Coast, be correct West
to We improvement We to and customers. of the in improvement focus are our organization in the past years. two regions on technical size installed localizing our our key performance assist engineers doubled base performance service
and U.S. we expect addition more focus customers' out and focus XXXX two our territory performance add Two in will plans our building on currently historic EPCs Gulf team. the were OEMS. installed engineering in months. the are in base, individuals These to in which improvement placed on be our to next and six Coast We our engineers
highlight, of to-date our way Fiscal to revenue derived multiples. add greater products in our multiples base. M&A this as than Typically, XX% generation installed vertical has services. from centered some installed XX% rich base should base. new I derived and/or as installed XX% Deal from aren't defense is is the XXXX in of to deal also on orders
some companies we're However, finding and present to challenges. scalability these types of for growth
in per of year in are $XX our in revenue, million refining naval When Upon combination approach will taken the crude and strategy, cyclical, strategy together, to level the they highly two large that and dampen revenue years. project impact our oil predictable predictable coming chemical work. the it of base estimated achieving
and has competitiveness Also, have international instances, trade our policy markets us certain in and certain it affected in domestic materials in markets. impacted tariffs on
We by customer to global critical acceptance regions In us. more the our of components surface response are as systems being expand also observing fabrication chain steam our and of and condensers. for market actually such used low ejector competitiveness and cost aggressively is share, supply reposition fabrication to
in new where market last the $XX cost. increase orders we were share executing unsuccessful previously than differently more were to In to XX million secured by due months
the which oil our in projects decades installed of that refining will revamps, ultimately add Four will the to international for base, parts. follow-on spare crude and projects from revenue coming drive were retrofits
a In the approached past, targeted in global the supply fabrication manner. we using chain limited or
share. execution Now and create participation, we aggressively broader attempting and expand scale are proactive market to change
this strategy of facets our IP. share controlling to results, critical Three predictable quality, are; expand achieving and protecting market
supply our a ago for organization success we management out building chain of this validating, a good have quality surveillance strategy. moment success. in support are We as and Early formula cited are
lead given partners order. can fabrication projections to new financial a on missing Bringing for
However, too have planned far and thus not margins realized greatly. varied
execute IP or controlled differentiating be strategy. unique will we Graham's elements the The closely of as
our differentiating remain We are releasing moated. closely That or not will capabilities. disclosing
We strategy Since last results six critical from we realizing orders. XX XX the since we along large with strategy more months. satisfactory orders IP safeguarded those this exercised secured times launching the financial during have our XXXX and approximately aggressively,
When result business. repositioning and strengthening returns, to to generation reinvest in cash more predictable more share increase and an performance add financial M&A consistent revenue take to execution streams, in into the taken underserved segments in shareholder new will this together, expanding strategy market revenue
I shift competitiveness said an slide in to change refer X. last chose been markets within ago in to to our quarter. moment million strategy a has now as I order execution had including our I will to am been the not the over share participate. pleased where strategy where with we the secured Since initiating $XX past or low
partner to selection and recent In end the customer case, Fabricator that user Graham. most critical. is and are both new the
cost deployed I pleased end being in the process markets. into Quality certain Asian realized proven efficiency performance Europe. China. within on-time for a within market executing and control, am measures how of have segment success of are are countries for strategy. our The this is that price delivery, the margins we important achieving this strategy well and countries other with We
fabrication cost. it capability variable By developing partners a global execution tremendous provides with
costs. due in gross different but our adversely at look partner margin aren't we So the can line line. sharing This changing fine our margin the blends operating work at fixed to with margin
applications systems, as systems, fluids hydrogen reach markets applications engines in or such natural also delivery non-traditional where into gas we markets services. supercritical delivery fuel gas cryogenic Graham Importantly, and for emerging natural involving
barriers and differentiating limit competition. delivery delivery extraction, short-cycle systems In there for supporting certain end products gas have hydrogen natural Graham supercritical high orders users Year-to-date our that were within or OEMs carbon application, dioxide products on. were fuel so that systems,
short-cycle that fall are orders into segment. smaller our value These dollar
However, thereby, frequent more in predictable further the become revenue and they expanding can long run predictable, more streams.
$XXX move that million. will be We currently confident to quick feel guidance will million order Navy is $XXX year that on we executing a do on was to in X. be backlog. in between full quarter that. able the revenue fourth predicated We guidance will now confirmed that turn revenue and slide This I
on were our I and Director this Managing call a China. Jeff Secondly, morning in conference with
this guidance in not time. is when local large I time. complete advised it that's government that this And our recognized may some progress on of been We into being real and morning that workers authorities are a were We Jeff monitor prohibiting happening factory land just within percent This of basis. that. the go complete have basis on affect have done in to ability that period learned to quarter call. a the in We've this fourth We'll to China projection. the for the being morning work contract
expected is be And between XX% this margin be and will Gross $XX million. to downward spending adjusted $XX.X SG&A XX%. million been and previous guidance. from between has
tax is effective approximately rate Our XX%.
to to I pass now Jeff? results. financial him Jeff like the it over review for would to