Pump manufacturer Gorman Rupp increased net sales in the third quarter by 8.9 percent to a record $110.2 million, compared to $101.2 million in the third quarter of 2013. Domestic sales jumped 13.5 percent, while international sales were comparable to last year’s quarter.
Sales in the construction market increased by $4.7 million, a boost principally driven by pumps for rental businesses, and for oil-and-gas drilling support within North America.
Sales in water end markets jumped 9.1 percent, while sales in non-water end markets jumped 8.3 percent. The increase in water end market sales was the result of additional sales in the municipal market of $7.8 million driven primarily by large volume pumps related to wastewater and flood control. The jump in non-water markets was driven by added shipments for the industrial market related to fracking and the contribution from Gorman Rupp’s recent acquisition of Bayou City Pump Co.
These increases were offset by lower sales in the OEM market of $3.2 million related to power generation equipment.
“We are pleased to announce very solid financial results for the third quarter and nine months of the year driven by increased sales in most of our markets and good operating margins,” said Jeffrey Gorman, president and CEO. “We will continue our focus on providing high quality products, executing on profitable growth and acquisition ooportunities, and maintaining a strong balance sheet.”
Gorman Rupp Co. is based in Mansfield, Ohio.
