International design, manufacturers and marketer of pumps and pump systems Gorman-Rupp Co. posted a net sales increase of 19 percent in the first quarter, with a record $110.1 million compared to $92.5 million during the first quarter of 2013. Domestic sales climbed 28 percent of $15.7 million, while international sales increased 5.3 percent of $1.9 million. Sales in water end markets increased $12 million and sales in non-water end markets increased $5.6 million.
The increase in water end market sales was driven by increases in shipments of $4.1 million in the construction market, primarily in sales to equipment rental companies and for oil and gas drilling and fracking within North America. Gorman-Rupp also increased sales to the fire market by $4.1 million because of increased domestic commercial construction spending, and $4.3 million in the municipal market driven by large-volume pumps related to wastewater and water supply.
Sales increased $5.6 million in the non-water markets driven by increased shipments for the OEM market related to power generation equipment and pumps for military applications.
Gross profit was a record $27.6 million for the first quarter of 2014, resulting in gross margin of 25 percent compared to 23 percent for the year-ago quarter.
