Gorman-Rupp Q3 Profit Rises - Quick Facts

(RTTNews) - Gorman-Rupp Co.'s (GRC) net income for the third quarter 2013 increased 18.5% to $7.9 million from $6.7 million in the third quarter 2012. Earnings per share grew to $0.38 from $0.32 last year.

Excluding the non-cash pension settlement charge of $0.02 per share, earnings would have been $0.40 for the third quarter 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Due to continuing lump-sum retirement payments, the Company recorded a GAAP-required $490,000 non-cash pension settlement charge during the third quarter of 2013 relating to its defined benefit pension plan.

Net sales for the quarter increased 10.4% to $101.2 million compared to $91.6 million during the same period in 2012. Three analysts had consensus revenue estimate of $99.94 million for the quarter.

At its October 24, 2013 meeting, the Board of Directors of the Company declared a five-for-four split of the Company's Common Shares in the form of a distribution of one additional Common Share for each four Common Shares previously issued. The distribution will be made on December 10, 2013 to shareholders of record at the close of business on November 15, 2013.

The Board of Directors of the Company declared a quarterly cash dividend of $0.09 per share on the common stock of the Company, payable December 10, 2013, to shareholders of record November 15, 2013. The cash dividend is payable on post-split shares and represents a 12.5% increase over the equivalent post-split dividend paid during the previous quarter.