Gorman-Rupp Company Declares Cash Dividend and Announces Date of the Annual Meeting

Rhea-AI Summary

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.

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 March 8, 2024, to shareholders of record February 15, 2024. This action will mark the 296th consecutive quarterly dividend paid by The Gorman-Rupp Company.

Other action taken by the Board of Directors of The Gorman-Rupp Company was the announcement of the Annual Meeting of Shareholders scheduled to be held Thursday, April 25, 2024, and the related establishment of the close of business on February 26, 2024 as the record date for shareholders entitled to notice of and to vote at the meeting. The meeting will be in a virtual format only via webcast at 10:00 a.m. Eastern time.

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.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240125140443/en/

Brigette A. Burnell

Corporate Secretary

The Gorman-Rupp Company

Telephone (419) 755-1246

Source: The Gorman-Rupp Company

FAQ

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

The company has declared a quarterly cash dividend of $0.18 per share on the common shares.

When is the dividend payable to shareholders of The Gorman-Rupp Company (GRC)?

The dividend is payable on March 8, 2024.

When is the Annual Meeting of Shareholders scheduled for The Gorman-Rupp Company (GRC)?

The Annual Meeting of Shareholders is scheduled to be held on Thursday, April 25, 2024.

What is the record date for shareholders to receive notice of and vote at the Annual Meeting of Shareholders for The Gorman-Rupp Company (GRC)?

The record date for shareholders entitled to notice of and to vote at the meeting is set as February 26, 2024.

In what format will the Annual Meeting of Shareholders of The Gorman-Rupp Company (GRC) be held?

The meeting will be in a virtual format only via webcast at 10:00 a.m. Eastern time.