Gorman-Rupp Company Q3 Net Income Rises; Net Sales Up 8.9%

(RTTNews) - The Gorman-Rupp Company (GRC) reported third quarter net income of $9.0 million, or $0.34 per share, compared to $2.2 million, or $0.09 per share, last year. Adjusted earnings per share for the third quarter of prior year was $0.25. Adjusted earnings per share for the third quarter of 2023 included an unfavorable LIFO2 impact of $0.06 per share compared to an unfavorable LIFO2 impact of $0.11 per share in the third quarter of 2022. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.32, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales were $167.5 million, up 8.9% from a year ago. The company said the increase in sales was due to an increase in volume as well as the impact of pricing increases taken in 2022 and an annual price increase in January 2023. Analysts on average had estimated $163.79 million in revenue.

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