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.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.175 per share, payable on December 9, 2022, to shareholders on record as of November 15, 2022. This marks a 2.9% increase from the previous quarter's dividend of $0.17. The upcoming payment signifies the company’s 291st consecutive quarterly dividend and celebrates its 50th consecutive year of increased dividends, placing it among the top 50 U.S. public companies for longevity in dividend increases.
The Gorman-Rupp Company (NYSE: GRC) reported a net sales increase of 50.6% to $153.8 million for Q3 2022, driven by the Fill-Rite acquisition. However, net income fell to $2.2 million ($0.09/share), down from $8.8 million ($0.34/share) a year earlier. Adjusted EPS dropped to $0.25 from $0.35 due to non-cash amortization expenses and a LIFO impact. Adjusted EBITDA rose 56.3% to $22.5 million. Strong demand resulted in a backlog of $266.7 million. Despite the strong revenue growth, rising costs and diminished profit margins could affect future performance.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.17 per share, payable on September 9, 2022, to shareholders of record as of August 15, 2022. This payment marks the company's 290th consecutive quarterly dividend, underscoring its commitment to returning value to shareholders. Founded in 1933, Gorman-Rupp specializes in pumps and pump systems across various sectors, including water, wastewater, and industrial applications.
The Gorman-Rupp Company (GRC) reported a net loss of $1.0 million or $0.04 per share for Q2 2022, in contrast to a net income of $7.1 million or $0.27 per share in Q2 2021. Net sales rose 28.0% to $119.1 million, aided by the Fill-Rite acquisition, which contributed $13.6 million in sales post-acquisition. Adjusted EBITDA increased 13.2% to $15.4 million. However, gross margin fell to 23.7%, a decline attributed to increased material costs. The backlog grew to $264.7 million, indicating robust order levels, with significant increases noted across multiple markets.
The Gorman-Rupp Company (NYSE: GRC) announced the completion of its acquisition of Fill-Rite and Sotera from Tuthill Corporation for $525 million, resulting in a net transaction value of approximately $445 million after anticipated tax benefits. The acquisition was funded through existing cash and new debt, including a $350 million term loan and a $90 million subordinated term loan. Fill-Rite, well-regarded in the pump market, adds to Gorman-Rupp's portfolio, promising future synergies and growth opportunities.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.17 per share, payable on June 10, 2022, to shareholders of record by May 13, 2022. This marks the 289th consecutive quarterly dividend from the company, reflecting its commitment to returning income to shareholders. Founded in 1933, Gorman-Rupp designs and manufactures pumps for various applications, demonstrating a strong market presence.
The Gorman-Rupp Company (NYSE: GRC) has announced its acquisition of Fill-Rite and Sotera, a division of Tuthill Corporation, for $525 million. The net transaction value, after accounting for expected tax benefits, is approximately $445 million. This strategic move is expected to enhance Gorman-Rupp's market position in agriculture, construction, and recreation, with anticipated double-digit accretion in EPS in 2023. Fill-Rite generated $140 million in revenue and $34.5 million in adjusted EBITDA for the year ending March 31, 2022.
The Gorman-Rupp Company (NYSE: GRC) reported a 14.8% increase in net sales for Q1 2022, reaching $102.2 million, compared to $89.0 million in Q1 2021. Earnings per share rose to $0.29, up from $0.28, despite an unfavorable LIFO impact. Incoming orders increased 9.6% to $112.0 million, while backlog surged 55.7% to $195.5 million. Operating income was $9.5 million with a margin of 9.3%. SG&A expenses rose by 14%, tied to higher payroll and travel costs. The company projects continued top-line growth, though inflationary pressures on materials persist.
The Gorman-Rupp Company (NYSE: GRC) reported a fourth-quarter net income of $6.5 million, or $0.25 per share, compared to $6.8 million or $0.26 per share in the same period of 2020. Net sales for Q4 2021 were $94.2 million, a 14.1% increase. Incoming orders surged 33.0% to $124.1 million, while backlog rose 64.4% to $186.0 million. Full-year 2021 net sales reached $378.3 million, up 8.4%. Despite an increase in material costs impacting gross margin to 25.3%, the company remains optimistic for 2022, citing a healthy backlog and strong order trends.
The Gorman-Rupp Company (NYSE: GRC) has announced a quarterly cash dividend of $0.17 per share, payable on March 10, 2022, to shareholders of record as of February 15, 2022. This marks the 288th consecutive quarterly dividend paid by the company. Additionally, the Board of Directors has scheduled the Annual Meeting of Shareholders for April 28, 2022, with a record date of February 28, 2022. The meeting will be held virtually at 10:00 a.m. Eastern time.