Mansfield, Ohio-based Gorman-Rupp Co. last week reported record earnings and sales for the second quarter and six months ended June 30, 2006. Net income increased 64.8 percent to $5.5 million for the quarter compared to $3.3 million during the second quarter 2005. Net sales of $67.9 million during the quarter were up 21 percent compared to $56.1 million during the same period in 2005. Earnings per share for the quarter were 52 cents compared to 32 cents for the second quarter 2005.
Net income for the first six months of 2006 was $10 million compared to $5.0 million during the same period in 2005. Net sales during the first six months of 2006 were $135 million compared to $108 million during the same period in 2005, an increase of 24.8 percent. Earnings per share for the first six months of 2006 were 94 cents compared to 47 cents during the same period in 2005.
Domestic demand for pumps and pump systems continued to be very good in the construction, municipal, fire protection and original equipment manufacturer markets, the company said. The backlog of orders at June 30, 2006 was $91.7 million compared to $87.2 million at June 30, 2005. While incoming orders remained strong during the second quarter, backlog was reduced from the record backlog of $98.6 million at March 31, 2006.
"We are very pleased with the first six months' performance of the company, especially the renewed contribution of Patterson Pump Company," said Jeffrey Gorman, president and CEO.
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.