Gorman-Rupp Announces Increase in Quarterly Cash Dividend

Rhea-AI Summary

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.

Positive

• The Gorman-Rupp Company declares a 2.9% increase in quarterly cash dividend to $0.18 per share.
• The company has a strong track record of 295 consecutive quarterly dividends and 51 consecutive years of increased dividends.

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MANSFIELD, Ohio--(BUSINESS WIRE)-- The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.18 per share on the common shares of the Company, payable December 8, 2023, to shareholders of record November 15, 2023. The cash dividend will represent a 2.9% increase over the $0.175 dividend per share paid in the previous quarter.

This action will mark the 295th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 51st consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.

About The Gorman-Rupp Company

Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, integration of the Fill-Rite business in a timely and cost effective manner, retention of supplier and customer relationships and key employees, the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated and the ability to service and repay indebtedness incurred in connection with the transaction. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) the Company’s indebtedness and how it may impact the Company’s financial condition and the way it operates its business; (5) general risks associated with acquisitions; (6) the anticipated benefits from the Fill-Rite transaction may not be realized; (7) impairment in the value of intangible assets, including goodwill; (8) defined benefit pension plan settlement expense; (9) LIFO inventory method, and (10) family ownership of common equity; and general risk factors including (11) continuation of the current and projected future business environment; (12) highly competitive markets; (13) availability and costs of raw materials and labor; (14) cyber security threats; (15) compliance with, and costs related to, a variety of import and export laws and regulations; (16) environmental compliance costs and liabilities; (17) exposure to fluctuations in foreign currency exchange rates; (18) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (19) changes in our tax rates and exposure to additional income tax liabilities; and (20) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026615410/en/

Brigette A. Burnell

Corporate Secretary

The Gorman-Rupp Company

Telephone (419) 755-1246

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

Source: The Gorman-Rupp Company

FAQ

What is the dividend amount declared by The Gorman-Rupp Company?

The Gorman-Rupp Company has declared a quarterly cash dividend of $0.18 per share.

How does the current dividend compare to the previous quarter?

The current dividend of $0.18 per share represents a 2.9% increase over the previous quarter.

How many consecutive quarterly dividends has The Gorman-Rupp Company paid?

The Gorman-Rupp Company has paid 295 consecutive quarterly dividends.

How many consecutive years has The Gorman-Rupp Company increased its dividends?

The Gorman-Rupp Company has increased its dividends for 51 consecutive years.