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 $0.17 per share, marking a 9.7% increase from the previous quarter's $0.155. This dividend will be payable on December 10, 2021, to shareholders of record by November 15, 2021, highlighting the company's commitment to returning value to shareholders with an impressive 49 consecutive years of dividend increases.
Additionally, the Board has authorized a $50 million share repurchase program, which will allow Gorman-Rupp to buy back shares depending on market conditions.
The Gorman-Rupp Company (NYSE: GRC) reported a 14.8% increase in third-quarter net sales to $102.1 million for Q3 2021, compared to $89.0 million in Q3 2020. Earnings per share rose to $0.34, up from $0.28, despite an unfavorable LIFO impact of $0.08 per share. Domestic sales grew by 8.6%, while international sales surged by 30%. The company achieved a gross profit margin of 25.3% and an operating margin of 11.3%. A significant backlog of $156.5 million was reported, bolstered by a 32.0% increase in incoming orders. Scott A. King will succeed Jeffrey S. Gorman as CEO on January 1, 2022.
The Gorman-Rupp Company (NYSE: GRC) reported strong financial results for Q2 2021, with earnings per share rising to $0.27 from $0.22 in Q2 2020. Net sales increased 8.4% to $93.0 million, driven by a 46.6% surge in incoming orders from the previous year. Gross profit improved to $24.7 million, with a gross margin of 26.5%. For the first half of 2021, net sales reached $182.0 million, up 2.6%, and net income was $14.5 million, reflecting increased operational efficiency. The company maintains a robust backlog of $153.0 million, indicating strong future demand.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.155 per share, payable on September 10, 2021, to shareholders of record on August 13, 2021. This dividend marks the 286th consecutive quarterly dividend paid by the company, reflecting financial stability and shareholder returns. Founded in 1933, Gorman-Rupp specializes in the design and manufacture of pumps and pump systems for various industries, including water, wastewater, and construction.
The Gorman-Rupp Company (NYSE: GRC) announced that Scott A. King was elected to the Board of Directors during the Annual Meeting of Shareholders held on April 22, 2021. Mr. King, 46, is currently the President and Chief Operating Officer since January 1, 2021, and has been with the company since 2004, taking on various leadership roles. Chairman and CEO Jeffrey S. Gorman expressed excitement over Mr. King's election, citing his extensive knowledge of the pump industry and the company's operations.
The Board of Directors of Gorman-Rupp Company (NYSE: GRC) has announced a quarterly cash dividend of $0.155 per share, payable on June 10, 2021, to shareholders recorded by May 14, 2021. This payout marks the 285th consecutive quarterly dividend. Gorman-Rupp, established in 1933, specializes in designing, manufacturing, and marketing pumps and pump systems for various applications including water, wastewater, and industrial use. The company cautions investors about potential risks including competitive markets and economic uncertainties.
The Gorman-Rupp Company (NYSE: GRC) reported first-quarter 2021 earnings per share of $0.28, up from $0.21 in Q1 2020. Despite this, net sales decreased by 2.9% to $89.0 million, attributed to a 4.2% decline in domestic sales and challenges in non-water markets, largely due to the COVID-19 pandemic. Incoming orders increased 1.3% YoY, boosting backlog to $125.5 million. SG&A expenses decreased 5.4%, leading to an operating margin of 10.1%. Overall, the company remains cautiously optimistic about recovery and is monitoring supply chain risks.
The Gorman-Rupp Company (NYSE: GRC) reported a decline in financial performance for the fourth quarter and full year ended December 31, 2020. Fourth quarter earnings per share reached $0.26, down from $0.32 in Q4 2019. Net sales fell 11.9% to $82.5 million, with significant drops in international sales. Gross profit decreased to $21.3 million, leading to a gross margin of 25.8%. For the full year, net sales decreased by 12.4% to $349.0 million, and net income also fell to $25.2 million. Despite challenges, backlog increased to $113.1 million, and management remains optimistic for the future.
The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.155 per share, payable on March 10, 2021, to shareholders of record as of February 12, 2021. This marks the 284th consecutive quarterly dividend. Additionally, the Annual Meeting of Shareholders will take place virtually on April 22, 2021, with a record date of March 1, 2021 for eligible shareholders.
The Gorman-Rupp Company (NYSE:GRC) has declared a quarterly cash dividend of $0.155 per share, reflecting a 6.9% increase from the prior dividend of $0.145. This dividend is due on December 10, 2020, for shareholders on record by November 13, 2020. This marks the 283rd consecutive quarterly dividend and the 48th consecutive year of increased dividends, placing Gorman-Rupp among the top U.S. companies for sustained dividend growth. CEO Jeffrey S. Gorman emphasized the company’s commitment to shareholder value and confidence in its financial strength.