Gorman-Rupp Announces Increase in Quarterly Cash Dividend

Rhea-AI Summary

The Gorman-Rupp Company (NYSE: GRC) has announced a 2.8% increase in its quarterly cash dividend to $0.185 per share, up from $0.18 in the previous quarter. The dividend is payable December 10, 2024, to shareholders of record November 15, 2024. This marks the company's 299th consecutive quarterly dividend and 52nd consecutive year of increased dividends, placing Gorman-Rupp among the top 50 U.S. public companies for consecutive years of dividend increases.

Positive

• 2.8% increase in quarterly dividend to $0.185 per share
• 52-year track record of consecutive dividend increases
• 299 consecutive quarters of dividend payments
• Ranks in top 50 U.S. public companies for consecutive dividend increases

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• None.

MANSFIELD, Ohio--(BUSINESS WIRE)-- The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.185 per share on the common shares of the Company, payable December 10, 2024, to shareholders of record November 15, 2024. The cash dividend will represent a 2.8% increase over the $0.18 dividend per share paid in the previous quarter.

This action will mark the 299^th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 52^nd 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) risk of reserve and expense increases resulting from the 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) cybersecurity 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/20241025501456/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 Gorman-Rupp's (GRC) new quarterly dividend amount for December 2024?

Gorman-Rupp's new quarterly dividend is $0.185 per share, representing a 2.8% increase from the previous quarter's $0.18 per share.

When will Gorman-Rupp (GRC) pay its December 2024 dividend?

The dividend will be paid on December 10, 2024, to shareholders of record as of November 15, 2024.

How many consecutive years has Gorman-Rupp (GRC) increased its dividend?

Gorman-Rupp has increased its dividend for 52 consecutive years, placing it among the top 50 U.S. public companies for consecutive dividend increases.

How many consecutive quarterly dividends has Gorman-Rupp (GRC) paid?

Gorman-Rupp has paid 299 consecutive quarterly dividends, demonstrating a long-standing commitment to shareholder returns.