Gorman-Rupp Q1 net sales up 57.1% to $160.5M; EPS down to $0.25 vs $0.29 YoY

GORMAN RUPP CO

Net sales $160.5M, up 57.1% YoY; organic sales excluding Fill-Rite rose 17.9%.
Net income $6.5M ($0.25 per share) vs $7.5M ($0.29) in Q1 2022; adjusted EPS $0.27.
Adjusted EBITDA $28.4M, up 98.7% from $14.3M; interest expense $10.2M from acquisition debt.
Incoming orders $167M, up 49.1% (12.3% ex-Fill-Rite); backlog $270.6M vs $195.5M a year ago.
Gross margin improved 340 bps to 28.4%; capex guidance $18-20M for full-year 2023.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GORMAN RUPP CO reported first quarter ended March 31, 2023 results: revenue $160.5 million, net income $6.5 million, EPS $0.25 per share.

Period: first quarter ended March 31, 2023
Revenue: $160.5 million
Net income: $6.5 million
EPS: $0.25 per share
Result: reported results

Exact text from the filing

Gorman-Rupp Reports First Quarter 2023 Financial Results MANSFIELD, Ohio--(BUSINESS WIRE)--April 27, 2023--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the first quarter ended March 31, 2023. First Quarter 2023 Highlights Net sales of $160.5 million increased 57.1%, or $58.3 million, compared to the first quarter of 2022, a 17.9% increase excluding sales from Fill-Rite which was acquired in May 2022 First quarter net income was $6.5 million, or $0.25 per share, compared to net income of $7.5 million, or $0.29 per share, for the first quarter of 2022

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Source: SEC EDGAR

accession 0001157523-23-000634

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