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) 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.
The Gorman-Rupp Company (GRC) reported third-quarter earnings per share of $0.28, down from $0.37 a year earlier, impacted by a non-cash pension settlement charge of $0.03 per share. Net sales reached $89.0 million, a decline of 10.4% compared to Q3 2019 but an increase of 3.7% from Q2 2020. Year-to-date net sales were $266.5 million, down 12.5% from the previous year. The company experienced sales declines across multiple markets, primarily due to the COVID-19 pandemic and a slowdown in the oil and gas industry. Despite challenges, Gorman-Rupp's backlog of orders increased to $102.0 million.