Welcome to our dedicated page for The Gorman-Rupp news (Ticker: GRC), a resource for investors and traders seeking the latest updates and insights on The 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 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 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.
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.