Gorman-Rupp Q2 Profit, Sales Rise - Quick Facts

(RTTNews) - Pump maker Gorman-Rupp Co. (GRC) Friday said second-quarter profit increased year-over-year, helped by a nearly 15 percent growth in sales.

Net income increased to $9.17 million from $7.57 million in the previous year. Earnings per share rose to $0.43 from $0.36.

Excluding the non-cash pension settlement charge of $0.05 per share, earnings were $0.48 in the just concluded quarter. On average, 4 analysts polled by Thomson Reuters expected earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 14.9 percent to $106.42 million from $92.58 million in the prior year. Analysts expected revenues of $94.27 million.

Jeffrey Gorman, CEO, said, "We are very pleased with our record sales and strong operational performance achieved in the quarter during continued domestic and international economic uncertainties.''

Gorman said difficult business conditions still persist in some of the company's key end markets. However, the firm remains optimistic that significant underlying factors will eventually drive demand upward.