Welcome to our dedicated page for Gorman-Rupp news (Ticker: GRC), a resource for investors and traders seeking the latest updates and insights on Gorman-Rupp stock.
The Gorman-Rupp Company reports developments tied to its pump and pump system business for water, wastewater, construction, dewatering, industrial, petroleum, OEM, agriculture, fire suppression, HVAC, military and other liquid-handling applications. Company updates commonly cover quarterly and annual results, sales by end market, incoming orders, backlog, gross margin, operating margin, material costs, labor and overhead leverage, and SG&A trends.
News for GRC also includes recurring capital-return and governance items, including quarterly cash dividend declarations, dividend increases, annual meeting scheduling, and shareholder record-date actions. Founded in 1933, the company operates as a manufacturer and international marketer of pumps and pump systems, with U.S. revenue forming the largest geographic contribution in the available company profile.
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The Gorman-Rupp Company (NYSE: GRC) reported strong financial results for the first quarter ended March 31, 2023. Net sales surged to $160.5 million, marking a 57.1% increase year-over-year. Excluding the Fill-Rite acquisition, organic sales rose 17.9%. However, net income declined to $6.5 million ($0.25 per share), down from $7.5 million ($0.29 per share) in the prior year. Adjusted EBITDA for Q1 was $28.4 million, a substantial 98.7% increase. The backlog of orders reached $270.6 million, indicating a healthy demand. Despite the positive sales growth, higher interest expenses from the Fill-Rite acquisition may dampen net income, reflected in the decrease in earnings per share.
The Gorman-Rupp Company (NYSE: GRC) announced its financial results for Q4 and FY 2022. Net sales reached $146.0 million for Q4, a 55.0% increase from the previous year. However, net income dropped to $2.4 million or $0.09 per share, down from $6.5 million or $0.25 per share in Q4 2021. Adjusted EBITDA rose 104% to $28.5 million. For FY 2022, sales totaled $521.0 million, up 37.7%, while net income fell to $11.2 million, or $0.43 per share, down from $29.9 million or $1.14 per share in 2021. The increase in sales was primarily driven by the Fill-Rite acquisition, contributing $87.4 million in sales since May 2022.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.175 per share, payable on March 10, 2023, to shareholders of record as of February 15, 2023. This marks the 292nd consecutive quarterly dividend. The Board announced an Annual Meeting of Shareholders on April 27, 2023, with a record date of February 27, 2023. Director Rick R. Taylor will not stand for re-election at the upcoming meeting. As a prominent provider of pumps and liquid-handling systems, Gorman-Rupp's announcements reflect ongoing shareholder returns and corporate governance updates.