10-K - GORMAN RUPP CO (0000042682) (Filer)

Mon, Mar 3, 5:04 PM (48 days ago)

**Summary of The Gorman-Rupp Company (GRC) 2024 Financial Performance** For the fiscal year ending December 31, 2024, The Gorman-Rupp Company reported net sales of $659,667, a slight increase of 0.1% from $659,511 in 2023. Operating income rose to $91,443, reflecting a 5.1% increase from $87,041 in the prior year. Net income was $40,115, or $1.53 per share, up 14.8% from $34,951, or $1.34 per share, in 2023. The company maintained a gross margin of 31.0%, up from 29.8% in 2023, driven by improved material costs and price increases. The company’s total assets decreased to $858,469 from $890,358 in 2023, primarily due to lower cash and inventory levels. The debt structure was refined, reducing interest expenses by 18.5% to $33,621 following refinancing efforts. Risks include reliance on key personnel, competition, and fluctuating material costs. Gorman-Rupp projects continued growth, particularly in municipal and infrastructure markets, with a backlog of orders at $206 million. The company continues its commitment to dividend payments, marking its 52nd consecutive year of increases, reflecting strong financial stability and shareholder value.