All Things Business

Gorman-Rupp Reports Third Quarter Earnings, CEO Change

8 Nov , 2021  

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
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