Gorman-Rupp Reports Second Quarter 2024 Financial Results
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.
Gorman-Rupp (NYSE: GRC) ha riportato i risultati finanziari del Q2 2024 con vendite nette di 169,5 milioni di dollari, in calo dello 0,9% rispetto allo scorso anno. Il reddito netto è stato di 8,3 milioni di dollari (0,32 dollari per azione), rispetto ai 10,5 milioni di dollari (0,40 dollari per azione) del Q2 2023. Utili per azione rettificati migliorati a 0,54 dollari rispetto a 0,41 dollari dell'anno scorso. I punti salienti includono:
- Record di EBITDA rettificato di 35,4 milioni di dollari, in aumento del 4,9% rispetto all'anno precedente
- Gli ordini in arrivo sono aumentati del 5,5% a 162,5 milioni di dollari
- Il margine lordo è migliorato di 170 punti base al 31,9%
- Rifinanziamento del debito completato previsto per ridurre le spese annuali per interessi di oltre 7 milioni di dollari
L'azienda ha registrato aumenti di vendite nei mercati municipale, OEM, riparazione e petrolifero, compensati da cali nei mercati della protezione antincendio, agricoltura, industriale e costruzione. La direzione rimane concentrata sulla crescita del fatturato e sul miglioramento dei margini nella seconda metà del 2024.
Gorman-Rupp (NYSE: GRC) reportó resultados financieros para el Q2 2024 con ventas netas de 169,5 millones de dólares, lo que representa una disminución del 0,9% en comparación con el año anterior. Los ingresos netos fueron de 8,3 millones de dólares (0,32 dólares por acción), en comparación con 10,5 millones de dólares (0,40 dólares por acción) en el Q2 2023. Las ganancias por acción ajustadas mejoraron a 0,54 dólares desde 0,41 dólares del año pasado. Los aspectos destacados incluyen:
- Récord de EBITDA ajustado de 35,4 millones de dólares, un aumento del 4,9% en comparación con el año anterior
- Los pedidos entrantes aumentaron un 5,5% a 162,5 millones de dólares
- El margen bruto mejoró en 170 puntos básicos al 31,9%
- El refinanciamiento de la deuda completado se espera que reduzca los gastos anuales por intereses en más de 7 millones de dólares
La empresa observó aumentos en las ventas en los mercados municipal, OEM, reparación y petróleo, compensados por caídas en los mercados de supresión de incendios, agricultura, industrial y construcción. La dirección sigue enfocada en el crecimiento de la línea superior y la mejora del margen en la segunda mitad de 2024.
Gorman-Rupp (NYSE: GRC)는 2024년 2분기 재무 결과를 발표했으며, 순매출 1억 6,950만 달러로 전년 대비 0.9% 감소했습니다. 순이익은 830만 달러 (주당 0.32달러)로, 2023년 2분기 1,050만 달러 (주당 0.40달러)와 비교됩니다. 조정된 주당 순이익은 0.54달러로 지난해 0.41달러에서 개선되었습니다. 주요 내용은 다음과 같습니다:
- 조정된 EBITDA가 3,540만 달러로 전년 대비 4.9% 증가
- 들어오는 주문이 5.5% 증가하여 1억 6,250만 달러에 달했습니다
- 총 마진은 170bp 개선되어 31.9%에 도달했습니다
- 완료된 채무 재조정은 연간 이자 비용을 700만 달러 이상 줄일 것으로 예상됩니다
회사는 지방 자치체, OEM, 수리 및 석유 시장에서 매출이 증가했으며, 소방, 농업, 산업 및 건설 시장에서는 감소한 반면, 경영진은 2024년 하반기에 수익 성장 및 마진 개선에 집중하고 있습니다.
Gorman-Rupp (NYSE: GRC) a publié ses résultats financiers pour le Q2 2024, avec des ventes nettes de 169,5 millions de dollars, en baisse de 0,9 % par rapport à l'année précédente. Le bénéfice net était de 8,3 millions de dollars (0,32 dollar par action), contre 10,5 millions de dollars (0,40 dollar par action) au Q2 2023. Les bénéfices par action ajustés ont augmenté à 0,54 dollar contre 0,41 dollar l'année dernière. Les faits marquants incluent :
- Un EBITDA ajusté record de 35,4 millions de dollars, en hausse de 4,9 % par rapport à l'année précédente
- Les commandes entrantes ont augmenté de 5,5 % pour atteindre 162,5 millions de dollars
- La marge brute s'est améliorée de 170 points de base à 31,9 %
- Le refinancement de la dette achevé devrait réduire les frais d'intérêt annuels de plus de 7 millions de dollars
L'entreprise a constaté des augmentations de ventes dans les marchés des municipalités, des OEM, de la réparation et du pétrole, compensées par des baisses dans les secteurs de la lutte contre l'incendie, de l'agriculture, de l'industrie et de la construction. La direction reste concentrée sur la croissance du chiffre d'affaires et l'amélioration des marges pour le second semestre 2024.
Gorman-Rupp (NYSE: GRC) hat die Finanzzahlen für das Q2 2024 veröffentlicht, mit Nettoverkäufen von 169,5 Millionen Dollar, was einem Rückgang von 0,9 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn betrug 8,3 Millionen Dollar (0,32 Dollar pro Aktie), verglichen mit 10,5 Millionen Dollar (0,40 Dollar pro Aktie) im Q2 2023. Der bereinigte Gewinn pro Aktie verbesserte sich auf 0,54 Dollar von 0,41 Dollar im letzten Jahr. Wichtige Highlights sind:
- Rekord von bereinigtem EBITDA von 35,4 Millionen Dollar, ein Anstieg um 4,9% im Vergleich zum Vorjahr
- Eingehende Bestellungen stiegen um 5,5% auf 162,5 Millionen Dollar
- Die Bruttomarge verbesserte sich um 170 Basispunkte auf 31,9%
- Die abgeschlossene Schuldenumstrukturierung wird voraussichtlich die jährlichen Zinsaufwendungen um über 7 Millionen Dollar senken
Das Unternehmen verzeichnete Umsatzsteigerungen in den Märkten für Kommunen, OEM, Reparaturen und Öl, während es Rückgänge in den Märkten für Brandschutz, Landwirtschaft, Industrie und Bau gab. Das Management bleibt im zweiten Halbjahr 2024 auf Umsatzwachstum und Margenverbesserung fokussiert.
- 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%
- Adjusted earnings per share improved to $0.54 from $0.41 last year
- Debt refinancing expected to reduce annual interest expense by over $7 million
- Sales increases in municipal, OEM, repair, and petroleum markets
- Net sales decreased 0.9% year-over-year to $169.5 million
- Net income declined to $8.3 million from $10.5 million in Q2 2023
- Sales decreases in fire suppression, agriculture, industrial, and construction markets
- SG&A expenses increased to 14.7% of net sales from 14.1% in Q2 2023
Insights
Gorman-Rupp's Q2 2024 results present a mixed picture. While net sales decreased slightly by
The company's adjusted earnings per share improved from
A significant development is the debt refinancing, which is expected to reduce annual interest expenses by over
Investors should note the shift in market dynamics, particularly the normalization of the fire suppression market after an exceptional 2023. While this led to a sales decrease in this segment, it's important to recognize that incoming orders for fire suppression were up
Overall, despite the slight revenue decline, Gorman-Rupp's focus on margin improvement and debt management appears to be yielding positive results. The company's ability to maintain a strong order book and improve profitability in a challenging environment is commendable.
Gorman-Rupp's Q2 2024 results reflect broader market trends and economic conditions affecting various sectors. The municipal market showed strength with a
The fire suppression market's
The agriculture market's
The slight increases in the OEM, repair and petroleum markets suggest steady, if not robust, activity in these sectors. The industrial and construction markets' minor decreases align with the current economic uncertainty and potential slowdown in some manufacturing and building activities.
The
Second Quarter 2024 Highlights
-
Net sales of
$169.5 million 0.9% , or$1.5 million -
Second quarter net income was
$8.3 million $0.32 $10.5 million $0.40 -
Adjusted earnings per share1 for the second quarters of 2024 and 2023 were
$0.54 $0.41
-
Adjusted earnings per share1 for the second quarters of 2024 and 2023 were
-
Incoming orders of
$162.5 million $8.4 million 5.5% , compared to the second quarter of 2023 -
Refinanced debt expected to reduce interest expense by over
$7.0 million -
Record Adjusted EBITDA1 of
$35.4 million $1.7 million 4.9% , from$33.7 million
Net sales for the second quarter of 2024 were
Sales increased
Gross profit was
Selling, general and administrative (“SG&A”) expenses were
Amortization expense was
Operating income was
Interest expense was
Other income (expense), net was
Net income was
Adjusted EBITDA1 was
Year to date 2024 Highlights
-
Net sales of
$328.8 million 0.8% , or$2.7 million -
Net income was
$16.2 million $0.62 $17.0 million $0.65 -
Adjusted earnings per share1 for 2024 and 2023 were
$0.84 $0.68
-
Adjusted earnings per share1 for 2024 and 2023 were
- Gross margin improved 190 basis points
-
Adjusted EBITDA1 of
$63.6 million $1.5 million 2.4% , from$62.1 million
Net sales for the first six months of 2024 were
Sales increased
Gross profit was
Selling, general and administrative (“SG&A”) expenses were
Amortization expense was
Operating income was
Interest expense was
Other income (expense), net was
Net income was
Adjusted EBITDA1 was
The Company’s backlog of orders was
Net cash provided by operating activities for the first six months of 2024 was
Scott A. King, President and CEO commented, “Incoming orders have continued at a solid pace and on a year-to-date basis are up over
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.
(1) Non-GAAP Information
This release includes certain non-GAAP financial data and measures such as adjusted earnings, adjusted earnings per share, and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted earnings is earnings excluding amortization of customer backlog, write-off of unamortized previously deferred debt financing fees, and refinancing costs. Adjusted earnings per share is earnings per share excluding amortization of customer backlog per share, write-off of unamortized previously deferred debt financing fees per share, and refinancing costs per share. Adjusted earnings before interest, taxes, depreciation and amortization is net income (loss) excluding interest, taxes, depreciation and amortization, adjusted to exclude amortization of customer backlog, write-off of unamortized previously deferred debt financing fees, refinancing costs, and non-cash LIFO2 expense. Management utilizes these adjusted financial data and measures to assess comparative operations against those of prior periods without the distortion of non-comparable factors. The inclusion of these adjusted measures should not be construed as an indication that the Company’s future results will be unaffected by unusual or infrequent items or that the items for which the Company has made adjustments are unusual or infrequent or will not recur. Further, the impact of the LIFO2 inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO2 and depending upon which method they may elect. The Gorman-Rupp Company believes that these non-GAAP financial data and measures also will be useful to investors in assessing the strength of the Company’s underlying operations and liquidity from period to period. These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. Provided later in this release is a reconciliation of adjusted earnings, adjusted earnings per share, and adjusted EBITDA to their respective corresponding GAAP financial measures, which includes descriptions of actual adjustments made in the current period and the corresponding prior period.
(2) LIFO Inventory Method
The majority of the Company’s inventories are valued on the last-in, first-out (LIFO) method and stated at the lower of cost or market. Current cost approximates replacement cost, or market, and LIFO cost is determined at the end of each fiscal year based on inventory levels on-hand at current replacement cost and a LIFO reserve. The Company uses the simplified LIFO method, under which the LIFO reserve is determined utilizing the inflation factor specified in the Producer Price Index for Machinery and Equipment – Pumps, Compressors and Equipment, as published by the
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 LIFO2 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.
The Gorman-Rupp Company |
||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
(thousands of dollars, except per share data) |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Net sales | $ |
169,513 |
|
$ |
171,024 |
|
$ |
328,781 |
|
$ |
331,490 |
|
||||
| Cost of products sold |
|
115,434 |
|
|
119,366 |
|
|
226,308 |
|
|
234,309 |
|||||
| Gross profit |
|
54,079 |
|
|
51,658 |
|
|
102,473 |
|
|
97,181 |
|
||||
| Selling, general and administrative expenses |
|
24,930 |
|
|
24,193 |
|
|
49,818 |
|
|
47,430 |
|
||||
| Amortization expense |
|
3,100 |
|
|
3,182 |
|
|
6,178 |
|
|
6,373 |
|
||||
| Operating income |
|
26,049 |
|
|
24,283 |
|
|
46,477 |
|
|
43,378 |
|
||||
| Interest expense |
|
(9,048 |
) |
|
(10,485 |
) |
|
(19,120 |
) |
|
(20,672 |
) |
||||
| Other income (expense), net |
|
(6,331 |
) |
|
(536 |
) |
|
(6,603 |
) |
|
(969 |
) |
||||
| Income before income taxes |
|
10,670 |
|
|
13,262 |
|
|
20,754 |
|
|
21,737 |
|
||||
| Provision for income taxes |
|
2,335 |
|
|
2,785 |
|
|
4,535 |
|
|
4,740 |
|
||||
| Net income | $ |
8,335 |
|
$ |
10,477 |
|
$ |
16,219 |
|
$ |
16,997 |
|
||||
| Earnings per share | $ |
0.32 |
|
$ |
0.40 |
|
$ |
0.62 |
|
$ |
0.65 |
|
||||
The Gorman-Rupp Company |
||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||
(thousands of dollars, except share data) |
||||||
June 30, |
|
December 31, |
||||
| Assets | 2024 |
|
2023 |
|||
| Cash and cash equivalents | $ |
34,245 |
$ |
30,518 |
||
| Accounts receivable, net |
|
96,952 |
|
89,625 |
||
| Inventories, net |
|
101,698 |
|
104,156 |
||
| Prepaid and other |
|
13,526 |
|
11,812 |
||
| Total current assets |
|
246,421 |
|
236,111 |
||
| Property, plant and equipment, net |
|
133,827 |
|
134,872 |
||
| Other assets |
|
22,521 |
|
24,841 |
||
| Goodwill and other intangible assets, net |
|
488,291 |
|
494,534 |
||
| Total assets | $ |
891,060 |
$ |
890,358 |
||
| Liabilities and shareholders' equity | ||||||
| Accounts payable | $ |
29,082 |
$ |
23,277 |
||
| Current portion of long-term debt |
|
18,500 |
|
21,875 |
||
| Accrued liabilities and expenses |
|
53,186 |
|
55,524 |
||
| Total current liabilities |
|
100,768 |
|
100,676 |
||
| Pension benefits |
|
11,337 |
|
11,500 |
||
| Postretirement benefits |
|
22,840 |
|
22,786 |
||
| Long-term debt, net of current portion |
|
376,880 |
|
382,579 |
||
| Other long-term liabilities |
|
20,676 |
|
23,358 |
||
| Total liabilities |
|
532,501 |
|
540,899 |
||
| Shareholders' equity |
|
358,559 |
|
349,459 |
||
| Total liabilities and shareholders' equity | $ |
891,060 |
$ |
890,358 |
||
| Shares outstanding |
|
26,227,540 |
|
26,193,998 |
||
The Gorman-Rupp Company |
||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
(thousands of dollars, except share data) |
||||||||
|
|
|
|
|
||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
| Cash flows from operating activities: | ||||||||
| Net income | $ |
16,219 |
|
$ |
16,997 |
|
||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization |
|
14,089 |
|
|
14,158 |
|
||
| LIFO expense |
|
2,127 |
|
|
4,440 |
|
||
| Pension expense |
|
1,326 |
|
|
1,617 |
|
||
| Stock based compensation |
|
1,955 |
|
|
1,606 |
|
||
| Contributions to pension plans |
|
(595 |
) |
|
- |
|
||
| Amortization of debt issuance fees |
|
5,814 |
|
|
1,481 |
|
||
| Gain on sale of property, plant, and equipment |
|
(1,058 |
) |
|
- |
|
||
| Other |
|
200 |
|
|
30 |
|
||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net |
|
(7,693 |
) |
|
(8,645 |
) |
||
| Inventories, net |
|
(426 |
) |
|
(8,959 |
) |
||
| Accounts payable |
|
5,990 |
|
|
4,435 |
|
||
| Commissions payable |
|
241 |
|
|
142 |
|
||
| Deferred revenue and customer deposits |
|
(1,704 |
) |
|
2,365 |
|
||
| Income taxes |
|
5 |
|
|
2,374 |
|
||
| Accrued expenses and other |
|
(3,812 |
) |
|
2,235 |
|
||
| Benefit obligations |
|
719 |
|
|
3,580 |
|
||
| Net cash provided by operating activities |
|
33,397 |
|
|
37,856 |
|
||
| Cash flows from investing activities: | ||||||||
| Capital additions |
|
(7,131 |
) |
|
(13,270 |
) |
||
| Proceeds from sale of property, plant, and equipment |
|
2,116 |
|
|
- |
|
||
| Other |
|
53 |
|
|
367 |
|
||
| Net cash used for investing activities |
|
(4,962 |
) |
|
(12,903 |
) |
||
| Cash flows from financing activities: | ||||||||
| Cash dividends |
|
(9,433 |
) |
|
(9,148 |
) |
||
| Treasury share repurchases |
|
(267 |
) |
|
(1,029 |
) |
||
| Proceeds from bank borrowings |
|
400,000 |
|
|
5,000 |
|
||
| Payments to banks for borrowings |
|
(413,750 |
) |
|
(13,750 |
) |
||
| Debt issuance fees |
|
(746 |
) |
|
- |
|
||
| Other |
|
(34 |
) |
|
(534 |
) |
||
| Net cash used for financing activities |
|
(24,230 |
) |
|
(19,461 |
) |
||
| Effect of exchange rate changes on cash |
|
(478 |
) |
|
(102 |
) |
||
| Net increase in cash and cash equivalents |
|
3,727 |
|
|
5,390 |
|
||
| Cash and cash equivalents: | ||||||||
| Beginning of period |
|
30,518 |
|
|
6,783 |
|
||
| End of period | $ |
34,245 |
|
$ |
12,173 |
|
||
The Gorman-Rupp Company |
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Non-GAAP Financial Information |
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(thousands of dollars, except per share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
| Adjusted earnings: | ||||||||||||
| Reported net income – GAAP basis | $ |
8,335 |
$ |
10,477 |
$ |
16,219 |
$ |
16,997 |
||||
| Amortization of acquired customer backlog |
|
- |
|
344 |
|
- |
|
857 |
||||
| Write-off of unamortized previously deferred debt financing fees |
|
3,506 |
|
- |
|
3,506 |
|
- |
||||
| Refinancing costs |
|
2,413 |
|
- |
|
2,413 |
|
- |
||||
| Non-GAAP adjusted earnings | $ |
14,254 |
$ |
10,821 |
$ |
22,138 |
$ |
17,854 |
||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
||
| Adjusted earnings per share: | ||||||||||||
| Reported earnings per share – GAAP basis | $ |
0.32 |
$ |
0.40 |
$ |
0.62 |
$ |
0.65 |
||||
| Amortization of acquired customer backlog |
|
- |
|
0.01 |
|
- |
|
0.03 |
||||
| Write-off of unamortized previously deferred debt financing fees |
|
0.13 |
|
- |
|
0.13 |
|
- |
||||
| Refinancing costs |
|
0.09 |
|
- |
|
0.09 |
|
- |
||||
| Non-GAAP adjusted earnings per share | $ |
0.54 |
$ |
0.41 |
$ |
0.84 |
$ |
0.68 |
||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
| Adjusted earnings before interest, taxes, depreciation and amortization: | ||||||||||||
| Reported net income – GAAP basis | $ |
8,335 |
$ |
10,477 |
$ |
16,219 |
$ |
16,997 |
||||
| Interest expense |
|
9,048 |
|
10,485 |
|
19,120 |
|
20,672 |
||||
| Provision for income taxes |
|
2,335 |
|
2,785 |
|
4,535 |
|
4,740 |
||||
| Depreciation and amortization expense |
|
7,024 |
|
7,114 |
|
14,089 |
|
14,158 |
||||
| Non-GAAP earnings before interest, | ||||||||||||
| taxes, depreciation and amortization |
|
26,742 |
|
30,861 |
|
53,963 |
|
56,567 |
||||
| Amortization of acquired customer backlog |
|
- |
|
434 |
|
- |
|
1,085 |
||||
| Write-off of unamortized previously deferred debt financing fees |
|
4,438 |
|
- |
|
4,438 |
|
- |
||||
| Refinancing costs |
|
3,055 |
|
- |
|
3,055 |
|
- |
||||
| Non-cash LIFO expense |
|
1,134 |
|
2,409 |
|
2,127 |
|
4,440 |
||||
| Non-GAAP adjusted earnings before interest, | ||||||||||||
| taxes, depreciation and amortization | $ |
35,369 |
$ |
33,704 |
$ |
63,583 |
$ |
62,092 |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725028790/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 was Gorman-Rupp's (GRC) net income for Q2 2024?
How did Gorman-Rupp's (GRC) Q2 2024 adjusted earnings per share compare to Q2 2023?
What was the impact of Gorman-Rupp's (GRC) debt refinancing in Q2 2024?
How did Gorman-Rupp's (GRC) incoming orders change in Q2 2024 compared to Q2 2023?
