Gorman-Rupp Reports First Quarter 2024 Financial Results
Gorman-Rupp Company (The) (GRC)
NASDAQ:AMEX Investor Relations:
gormanrupp.com/investor
Company Research
Source: Business Wire
MANSFIELD, Ohio--(BUSINESS WIRE)--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the first quarter ended March 31, 2024.First Quarter 2024 HighlightsNet sales of $159.3 million decreased 0.7%, or $1.2 million, compared to the first quarter of 2023Record incoming orders of $178.9 million increased 7.1%, or $11.9 million, compared to the first quarter of 2023 and increased 27.0%, or $38.1 million, compared to the fourth quarter of 2023First quarter net income was $7.9 million, or $0.30 per share, compared to net income of $6.5 million, or $0.25 per share, for the first quarter of 2023Adjusted earnings per share1 for the first quarters of 2024 and 2023 were $0.30 and $0.27, respectivelyGross margin increased 200 basis points compared to the first quarter of 2023Adjusted EBITDA1 of $28.2 million for the first quarter of 2024 decreased $0.2 million, or 0.6%, from $28.4 million for the first quarter of 2023Net sales for the first quarter of 2024 were $159.3 million co
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