Gorman-Rupp Q2 Earnings Rise On Higher Sales

(RTTNews) - Ohio-based specialty industrial machinery manufacturers, The Gorman-Rupp Company (GRC), reported a stronger second quarter year-over-year, primarily based on higher sales in every segment. The company announced a cash dividend for the investors.

The net income for the company was $7 million or $0.27 earnings per share, up from $5.6 million or $0.22 per share in the same quarter last year.

The company earned a higher revenue in consecutive quarters. In the second quarter, the revenue was $93 million, up from $85.8 million in the same quarter last year. The revenue was helped by an increase in all of the company's businesses, increasing the incoming orders by 46%.

The operating income for the company also increased $1.6 million to $10.6 million from $9 million in the previous quarter.

The company also announced a dividend of $0.155, payable on September 10. Shareholders on the record on and before August 13 will be eligible for the dividend.