Pump manufacturer Gorman-Rupp posted a 22.3-percent net sales jump in the first quarter to a company-record $102.8 million, compared to $84.1 million during the same period in 2011. Net income leapt 43.9 percent to a record $10.2 million compared to $7.1 million in the first quarter of 2011.
Increases in sales during the quarter were primarily in the construction, industrial, OEM and agricultural markets, while municipal sales were flat largely because of decreased sales of pumps supplied for domestic flood-control projects compared to the first quarter of 2011. Domestic sales grew 24.6 percent and international sales grew 17.5 percent in the first quarter of 2012 compared to the year-ago period.
“We are off to a great start in 2012 with record quarterly revenue exceeding $100 million for the first time in company history,” said president and CEO Jeffrey Gorman. “We are equally pleased that our operations achieved record earnings by maintaining solid production and operating margins. We are however mindful of many significant global economic and political challenges that continue, and we have begun to experience some softening of incoming orders for pumps from the energy sector related to low natural gas prices and have seen few signs of returns to domestic commercial or residential construction and municipal infrastructure funding. The remainder of 2012 is therefore to be good but not at the record pace of this quarter.”
