Special to 1812Blockhouse
The Gorman-Rupp Company has reported financial results for the third quarter and nine months ended September 30.
Third Quarter 2021 Highlights
- Third quarter earnings per share were $0.34 compared to $0.28 per share for the third quarter of 2020
- 2021 results included an unfavorable LIFO impact of $0.08 per share due to inflationary pressure
- Results included non-cash pension settlement charges of $0.01 and $0.03 per share in 2021 and 2020, respectively
- Sales increased 14.8% and incoming orders increased 32.0% compared to the third quarter of 2020
- Backlog improved to $156.5 million at September 30, 2021
- Scott A. King promoted to Chief Executive Officer effective January 1, 2022
Effective January 1, 2022, the role of Chief Executive Officer will transition from Jeffrey S. Gorman to Scott A. King, who is currently the Company’s President and Chief Operating Officer. Mr. Gorman, age 69, has served as CEO since 1998 and, following the CEO transition, will continue to serve as the Company’s Executive Chairman of the Board to assist with the Company’s overall strategy and acquisition efforts. Mr. King, age 47, has been with the Company since 2004 and has held various operational leadership roles of increasing responsibility during this time.
Jeffrey S. Gorman, Chairman and Chief Executive Officer commented, “I am very pleased that the Board of Directors has approved the transition of my role as Chief Executive Officer to Scott King. In his current roles as President and Chief Operating Officer, Scott has shown strong leadership and management skills, as well as a dedication to taking care of our customers. These leadership skills, combined with Scott’s in-depth knowledge of the pump industry, will enable him to be a strong and effective CEO.”
Scott A. King stated, “I am honored and humbled to serve as the next CEO of The Gorman-Rupp Company. I appreciate the support from Jeff and our Board of Directors and look forward to working with them and our entire team as we continue to build on the strong foundation and culture that has been developed over our nearly 90-year history.”