Gorman-Rupp Q3 EPS $0.34, sales up 14.8%; CEO transition to King; dividend raised 9.7%, $50M buyback

GORMAN RUPP CO

Q3 EPS $0.34 vs $0.28; net sales $102.1M (+14.8% YoY); backlog $156.5M (up from $102.0M a year ago).
Scott King promoted to CEO effective Jan 1, 2022; Jeffrey Gorman becomes Executive Chairman.
Quarterly dividend raised 9.7% to $0.17/share (payable Dec 10, record Nov 15); 49th consecutive annual increase.
Board authorized $50M share repurchase program with no expiration.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Jeffrey S. Gorman

Executive Chairman of the Board

GRC · GORMAN RUPP CO

Effective: 2022-01-01
Successor: Scott A. King
Filed: October 29, 2021, 7:59 PM ET

Mr. Gorman will serve as the Company’s Executive Chairman of the Board and will continue to be actively involved

Appointed

Scott A. King

Chief Executive Officer

GRC · GORMAN RUPP CO

Effective: 2022-01-01
Filed: October 29, 2021, 7:59 PM ET

the role of Chief Executive Officer will transition from Jeffrey S. Gorman to Scott A. King

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey S. Gorman was appointed as Executive Chairman of the Board at GORMAN RUPP CO.

Action: appointed
Role: Executive Chairman of the Board

Exact text from the filing

Mr. Gorman will serve as the Company’s Executive Chairman of the Board and will continue to be actively involved

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott A. King was appointed as Chief Executive Officer at GORMAN RUPP CO.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the role of Chief Executive Officer will transition from Jeffrey S. Gorman to Scott A. King

View on SEC.gov

GORMAN RUPP CO filing history →

Source: SEC EDGAR

accession 0001193125-21-312925

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