The Gorman-Rupp Co. last week reported a record backlog and nine months ended Sept. 30. Net income for the third-quarter 2008 was $7.4 million compared to $5.5 million during the third quarter of 2007, an increase of 34.9 percent. Net sales increased 12.8 percent to a record $84.2 million for the quarter ended Sept. 30, from $74.6 million during the same period in 2007.
Earnings per share during the quarter were $0.44 compared to $0.33 during 2007’s third quarter.
Net income for the first nine months of 2008 increased 31.1 percent to a record $22.4 million compared to $17.1 million during 2007. Net sales increased 9.1 percent to a record $249.7 million for the nine months ended Sept. 30, from $228.7 million during the same period in 2007. Earnings per share for the current nine months were a record $1.34 compared to $1.02 in the first nine months of 2007.
Increased net sales for the quarter principally resulted from water and wastewater applications, fabricated components, and continued strength in international business. The increase in the company’s third-quarter earnings primarily resulted from additional operating leverage on sales growth and favorable product mix.
Capital expenditures of $9.7 million for the previously announced consolidation and expansion of the Mansfield, Ohio, facilities have been incurred as of Sept. 30, of which $7.3 million has been incurred during 2008. Construction started during this quarter and is expected to be completed by the end of 2009.
“We are extremely pleased with the record performance for the third quarter and nine months 2008, and are encouraged by the record backlog and level of business so far this year,” said Jeffrey Gorman, president and CEO. “Even with the current economic conditions, we remain confident as we move into the fourth quarter. On behalf of all of our global employees and investors, I am proud that The Gorman-Rupp Co. has again been named as one of Forbes Magazine’s “200 Best Small Companies” for the third consecutive year.”
The board of directors last week declared a quarterly cash dividend of 10 cents per share on the common stock of the company, payable Dec. 10, to shareholders of record Nov. 14. This marks the 235th consecutive dividend paid by The Gorman-Rupp Co.
Headquartered in Mansfield, Ohio, 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, agricultural, fire protection, heating ventilating and air conditioning, military and other liquid-handling applications.