The Gorman-Rupp Co. last week reported net sales and earnings for the fourth quarter and 12 months ended Dec. 31, 2010. Net sales during the fourth quarter ended Dec. 31, increased 36.1 percent to a record $84.7 million compared to $62.2 million during the same period in 2009. Net income increased 159.6 percent to a record $9.7 million compared to $3.7 million in 2009’s fourth quarter. Earnings per share were $0.57 and $0.22 for the respective periods.
Net sales during the quarter continued to be positively impacted by the slowly improving global economy. Primary increases were in sales to the international, municipal, construction, rental and industrial markets, partially offset by decreased sales in the OEM market. The fourth quarter also includes sales of National Pump Co. acquired Oct. 1, 2010.
Net sales during 2010 increased 11.5 percent to $296.8 million compared to $266.2 million during 2009. Net income increased 42.1 percent to $25.9 million compared to $18.3 million in 2009. Earnings per share were $1.55 and $1.09 for the respective periods. Sales to most markets increased in 2010 when compared to depressed 2009 levels, while the OEM market continued to be weak due to decreased sales of power generation equipment.
“After experiencing a very challenging 2009 the company finished 2010 strong, primarily as a result of organic revenue with notable improvements in incoming orders, operating income and earnings,” said Jeffrey Gorman, president and CEO. “It appears the global economy is gradually continuing to improve, although challenges remain in the OEM market and may slow fire protection opportunities. With a solid order backlog and the full integration of National Pump Company, we are increasingly optimistic that 2011 will be a good year for the company.”
The company’s backlog of orders increased 14.6 percent to $107.4 million at Dec. 31, 2010 compared to $93.7 million a year ago. The increase was largely due to orders arising from the construction, rental, and custom pump markets along with the inclusion of National Pump Co. Partially offsetting these backlog increases were declines in the municipal and OEM markets.
Gorman-Rupp is headquartered in Mansfield, Ohio.