Mansfield, Ohio-based The Gorman-Rupp Co. last week reported record earnings and sales for the second quarter and six months ended June 30.
Net income during the second quarter of 2007 increased 18.9 percent to $6.5 million compared to $5.5 million for the same period in 2006. Net sales during the quarter increased 17.3 percent to $79.6 million compared to $67.9 million in 2006. Earnings per share for the second quarter 2007 were $0.49 compared to $0.41 during 2006.
Net income for the first six months of 2007 increased 15.9 percent to $11.6 million compared to $10 million during 2006. Net sales increased 14.2 percent to $154.1 million during the first six months of 2007 compared to $134.9 million during 2006. Earnings per share for the first six months of 2007 were $0.87 compared to $0.75 in 2006.
Record net income resulted from additional sales and corresponding improvement in manufacturing efficiencies during the quarter. The company’s Mansfield Division and Patterson Pump Co. subsidiary both reported strong sales of pumps and pump systems for water, wastewater and de-watering applications. Integration of Gorman-Rupp Europe B.V. into the company continued during the quarter, providing expanded European market opportunities.
Patterson Pump Co. completed on-time delivery in June of a $15.0 million pump order for a New Orleans flood-control project.
The backlog of orders at June 30, was $98.0 million compared to the record $115.2 million at March 31. The decrease primarily reflects the record level of shipments during the quarter.
“We are extremely pleased with the record sales and earnings during the second quarter and first six months,” said Jeffrey Gorman, president and CEO. “2007 is shaping up to be a very good year for Gorman-Rupp. Our product diversity in the fluid-handling markets, and related infrastructure, has produced very positive results both domestically and internationally.”
In related news, last week the board of directors of The Gorman-Rupp Co. declared a quarterly cash dividend of 12 cents per share on the common stock of the company, payable Sept. 10, to shareholders of record Aug. 15. This marks the 230th consecutive dividend paid by The Gorman-Rupp Co.
The Gorman-Rupp Co. designs, manufactures and sells pumps and related equipment (pumps and motor controls) for use in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire protection, heating ventilating and air conditioning, military and other liquid handling applications.