The Gorman-Rupp Company Common Shares - GRC STOCK NEWS

Gorman-Rupp (NYSE: GRC) reported Q3 2024 financial results with net sales of $168.2 million, a 0.4% increase from Q3 2023. Net income rose to $12.9 million ($0.49 per share), up from $9.0 million ($0.34 per share) in Q3 2023. The company achieved a 260 basis point improvement in gross margin to 31.3% and reduced interest expense by 25.9%. Sales growth was driven by increases in municipal, repair, OEM, and petroleum markets, offset by decreases in fire suppression, industrial, construction, and agriculture markets. The company's backlog stood at $207.8 million, with incoming orders up 4.1% year-to-date.

Gorman-Rupp (NYSE: GRC) reported Q2 2024 financial results with net sales of $169.5 million, down 0.9% year-over-year. Net income was $8.3 million ($0.32 per share), compared to $10.5 million ($0.40 per share) in Q2 2023. Adjusted earnings per share improved to $0.54 from $0.41 last year. Key highlights include:

- Record Adjusted EBITDA of $35.4 million, up 4.9% year-over-year
- Incoming orders increased 5.5% to $162.5 million
- Gross margin improved 170 basis points to 31.9%
- Completed debt refinancing expected to reduce annual interest expense by over $7 million

The company saw sales increases in municipal, OEM, repair, and petroleum markets, offset by decreases in fire suppression, agriculture, industrial, and construction markets. Management remains focused on top-line growth and margin improvement in the second half of 2024.

The Gorman-Rupp Company (NYSE: GRC), a leading pump manufacturer, has declared a quarterly cash dividend of $0.18 per share on its common stock. The dividend is payable on September 10, 2024, to shareholders of record as of August 15, 2024. This marks the 298th consecutive quarterly dividend paid by the company, highlighting its consistent commitment to shareholder returns.

Founded in 1933, Gorman-Rupp designs, manufactures, and markets pumps and pump systems for various applications, including water, wastewater, construction, industrial, petroleum, agriculture, fire suppression, HVAC, and military uses. The company's long-standing dividend history demonstrates its financial stability and dedication to rewarding investors.

The Gorman-Rupp Company (NYSE: GRC) has completed a series of debt refinancing transactions aimed at reducing interest expenses and extending debt maturities. Key highlights include upsizing and extending the Senior Term Loan Facility to $370.0 million, extending the $100.0 million revolving Credit Facility, issuing $30.0 million in new Senior Secured Notes with a 6.40% interest rate due 2031, and retiring a $90.0 million unsecured Subordinated Credit Facility. The combined transactions are expected to reduce annual interest expenses by $7.0 million. However, the company will incur a $1.8 million prepayment fee and a $4.4 million non-cash charge for unamortized deferred transaction fees. The changes are part of the company's strategy to improve leverage following the acquisition of Fill-Rite in May 2022.

The Gorman-Rupp Company (NYSE: GRC) declares a quarterly cash dividend of $0.18 per share, payable on June 10, 2024, to shareholders of record on May 15, 2024, marking the 297th consecutive quarterly dividend paid by the company.

The Gorman-Rupp Company (NYSE: GRC) reported its first quarter 2024 financial results, highlighting a slight decrease in net sales, record incoming orders, and an increase in gross margin. Despite a decrease in international sales, the company saw growth in domestic sales across various markets. Operating income and net income also showed positive trends compared to the same period in 2023. The company's backlog of orders increased, driven by strong performance in the municipal market. Capital expenditures for 2024 are projected to be between $18 - $20 million.

The Gorman-Rupp Company (NYSE: GRC) reported a strong financial performance for the fourth quarter and full year of 2023. Net sales for the fourth quarter of 2023 increased by 10.0% to $160.6 million, with net income of $9.0 million. Adjusted earnings per share for the fourth quarter were $0.34, compared to $0.11 in 2022. For the full year of 2023, net sales increased by 26.6% to $659.5 million, with net income of $35.0 million. Adjusted earnings per share for 2023 were $1.37, compared to $0.94 in 2022. The company also saw a significant improvement in Adjusted EBITDA to a record $121.7 million. The CEO highlighted the company's 90th anniversary, double-digit organic sales growth, and improvement in leverage.

The Gorman-Rupp Company (GRC) has declared a quarterly cash dividend of $0.18 per share on the common shares of the Company, payable March 8, 2024, to shareholders of record February 15, 2024. This marks the 296th consecutive quarterly dividend paid by the company. The Board of Directors also announced the Annual Meeting of Shareholders scheduled for April 25, 2024, with a record date for shareholders entitled to notice of and to vote at the meeting set as February 26, 2024. The meeting will be in a virtual format only via webcast at 10:00 a.m. Eastern time.

The Gorman-Rupp Company declares a quarterly cash dividend of $0.18 per share, representing a 2.9% increase over the previous quarter. This marks the 295th consecutive quarterly dividend and the 51st consecutive year of increased dividends.