The Gorman-Rupp Co. last week reported record net sales and earnings for the second quarter and six months ended June 30, on strong international sales.
Net income during the quarter was $7.9 million, an increase of 20.8 percent compared to $6.5 million for the second quarter 2007. Net sales were $84.0 million for the second quarter ended June 30, compared to $79.6 million during the same period in 2007, an increase of 5.5 percent. Earnings per share for the quarter were $0.47 in 2008 compared to $0.39 in 2007.
Net income for the first six months of 2008 increased 29.4 percent to $15.0 million compared to $11.6 million during 2007. Net sales increased 7.4 percent to $165.5 million for the six months ended June 30, compared to $154.1 million for the same period in 2007. Earnings per share for the first six months of 2008 were $0.90 compared to $0.69 in 2007.
“We are extremely pleased with once again having achieved the highest quarterly and six months sales and earnings results in the company’s history,” said Jeffrey Gorman, president and CEO. “Given current economic concerns, the amount of new orders received during the first-half of 2008 is very encouraging and we look forward to a good second-half of the year.”
Record net sales for the quarter principally resulted from continued increases in the company’s international sales. In addition, sales of fire protection pumps and fabricated components by the company’s subsidiary, Patterson Pump Co., more than replaced revenues from the sale of custom pumps for a flood control project recorded during 2007.
Increase in the company’s second-quarter earnings primarily resulted from improved operating leverage on additional sales, product sales mix and a lower effective tax rate.
Also last week, the Gorman-Rupp board of directors declared a quarterly cash dividend of $0.10 per share on the common stock of the company, payable Sept. 10, to shareholders of record Aug. 15. This marks the 234th consecutive dividend paid by the company.
Headquartered in Mansfield, Ohio, 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, military and other liquid-handling applications.