Gorman-Rupp Q2 net sales $171.0M (+43.6% YoY); net income $10.5M vs loss in prior year

GORMAN RUPP CO

Net income of $10.5M ($0.40 diluted EPS); adjusted EPS $0.41 vs $0.27 in Q2 2022.
Organic sales grew 21.4% ex-Fill-Rite; Fire suppression +$9.0M, industrial +$4.1M.
Gross margin improved 650 bps to 30.2% on better labor/overhead leverage and material cost.
Adjusted EBITDA $33.7M, up 71.6% YoY; backlog $249.8M vs $264.7M a year ago.
YTD operating cash flow $37.9M vs $6.7M; FY2023 capex guided $18-$20M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

GORMAN RUPP CO reported second quarter ended June 30, 2023 results: revenue $171.0 million, net income $10.5 million, EPS $0.40 per share.

Period: second quarter ended June 30, 2023
Revenue: $171.0 million
Net income: $10.5 million
EPS: $0.40 per share
Result: reported results

Exact text from the filing

The Gorman-Rupp Company (NYSE: GRC) reports financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Highlights Net sales of $171.0 million increased 43.6%, or $52.0 million, compared to the second quarter of 2022, a 21.4% increase excluding sales from Fill-Rite which was acquired in May 2022 Second quarter net income was $10.5 million, or $0.40 per share, compared to a net loss of ($1.0) million, or ($0.04) per share, for the second quarter of 2022

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Source: SEC EDGAR

accession 0001157523-23-001179

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