The Gorman-Rupp Company has announced its financial results for the third quarter and for the nine months ending September 30. Third quarter financial highlights include:
- Net sales for the third quarter of 2018 were $102.9 million compared to $94.0 million for the third quarter of 2017, an increase of 9.5% or $8.9 million.
- Net sales for the first nine months of 2018 were $311.3 million compared to $284.5 million for the first nine months of 2017, an increase of 9.4% or $26.9 million.
- Net income was $10.7 million for the third quarter of 2018 compared to $5.7 million in the third quarter of 2017, and earnings per share were $0.41 and $0.22 for the respective periods
- International sales were $37.6 million in the third quarter of 2018 compared to $35.2 million in the same period last year and represented 37% of total sales for the Company in both periods
In addition, the The Board of Directors has declared a special cash dividend of $2.00 per share on the common stock of the Company, payable December 10, 2018, to shareholders of record November 15, 2018. The aggregate payment will be approximately $52 million paid from cash on hand.
The Board of Directors also has declared a quarterly cash dividend of $0.135 per share on the common stock of the Company, payable December 10, 2018, to shareholders of record November 15, 2018. This cash dividend will represent an 8.0% increase over the dividend paid in the previous quarter.
This will mark the 275th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 46th consecutive year of increased dividends paid to its shareholders.
