The Gorman-Rupp Company has reported financial results for the second quarter and six months ended June 30, 2018.
Second quarter highlights included the following:
- Second quarter earnings per share were $0.39 compared to $0.30 per share for the second quarter of 2017
- Second quarter included a non-cash pension settlement charge of $0.07 per share in 2018 and $0.05 per share in 2017
- Lower effective income tax rate due primarily to the U.S. Tax Cuts and Jobs Act
- Net sales increased 14.3% to a record $111.8 million
- Incoming orders increased 9.9% compared to the second quarter of 2017
Net sales for the second quarter of 2018 were $111.8 million compared to $97.9 million for the second quarter of 2017, an increase of 14.3% or $14.0 million, due primarily to increased sales volume in most our markets. Domestic sales increased 12.7% or $8.1 million and international sales increased 17.1% or $5.9 million compared to the same period in 2017.
The Board of Directors has also declared a quarterly cash dividend of $0.125 per share on the common stock of the Company, payable September 10, 2018, to shareholders of record August 15, 2018. This will mark the 274th consecutive quarterly dividend paid by The Gorman-Rupp Company.
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
