All Things Business

Gorman-Rupp Announces Third Quarter Results, Declares 27th Consecutive Quarterly Divided

29 Oct , 2016  

The Gorman-Rupp Company has reported financial results for the third quarter and nine months ending on September 30.

The company also announced a quarterly dividend of $0.115 per share, or $0.46 annualized. The dividend will be payable on December 9, 2016, to stockholders of record on November 15, 2016, with an ex-dividend date of November 10, 2016. The annual yield on the dividend is 2 percent.

The company’s press release set forth figures for net sales, gross profit, net income, order backlogs, and operating cash flow. It also shared, “This will mark the 267th consecutive quarterly dividend paid by The Gorman-Rupp Company and the 44th consecutive year of increased dividends paid to its shareholders. This increase continues to position the Company in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.

Jeffrey S. Gorman, President and CEO commented, “Although we are seeing some improvements in the municipal, industrial and construction markets compared to last year, persistent weakness of capital spending within the oil & gas and agriculture markets continues to be a headwind. In addition, with the completion of the PCCP project nearly at hand, comparisons of revenue with last year need to be kept in mind. As revenue growth continues to be challenging, we remain focused on operating efficiencies and will continue to manage expenses closely. Along with our strong balance sheet and increase in dividend, we will continue to position ourselves for future growth and increasing shareholder returns.”

The Gorman-Rupp press release can be found here.

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