The Gorman-Rupp Co., headquartered in Mansfield, Ohio, reports record sales, earnings, backlog of orders and cash dividends paid to shareholders during 2006. Record net sales were $271.0 million for the year ended Dec. 31, an increase of 17.2 percent over net sales of $231.2 million during 2005. Net income increased 74.9 percent to a record $19.1 million compared to $10.9 million in 2005. Earnings per share were $1.43 in 2006 compared to 82 cents for 2005, after adjusting for a 5 for 4 split effective Dec. 8.
Net sales in 2006 reflected growth in sales to the international, water and wastewater, fabricated products and fire protection markets. Sales of dewatering and flood control equipment also contributed to 2006 results.
The company’s backlog of orders was $109.5 million at Dec. 31, compared to the previous record backlog of $94.1 million at the end of 2005, an increase of $15.4 million or 16.4 percent. The record backlog includes an order at the company’s subsidiary Patterson Pump Co. of approximately $15.0 million for equipment for a flood control project in New Orleans that is scheduled to ship in the first half of 2007.
Net sales in the fourth quarter 2006 were $65.1 million compared to $64.1 million in the fourth quarter 2005. Net income for the fourth quarter 2006 was $2.4 million compared to $3.2 million during the fourth quarter of 2005, respectively equal to 18 cents and 24 cents per share.
During the fourth quarter of 2006 the company distributed a 5-for-4 stock split to shareholders and paid a quarterly cash dividend of 12 cents per share, an increase of 7.1 percent compared to the 11 cents post-split equivalent dividend per share paid during the third quarter of 2006. This was the 34th consecutive year that the company has increased cash dividends to shareholders.
The Gorman-Rupp Co. designs, manufactures and sells pumps and related equipment for use in water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire protection, heating ventilating and air conditioning (HVAC), military and other liquid-handling applications.