We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits. GRC currently has a forward P/E ratio of 22.16, while IR has a forward P/E of 28.45. We also note that GRC has a PEG ratio of 1.70. This popular figure is similar to the widely-used P/E ratio, but the PE ...

Harte Hanks (HHS) : This data-driven, omnichannel marketing company which offers customer data landscape as well as the executional know-how in database build and management, data analytics, data-driven creativity, digital media, direct mail, customer contact, client fulfilment and marketing and product logistics, has seen the Zacks Consensus Estimate for its current year earnings increasing 33.3% over the last 60 days. SM Energy (SM) : This independent oil and gas company which is engaged in the exploratio ...

Gorman-Rupp (GRC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a changing ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-6747 The Gorman-Rupp Company (Exact name of registrant as specified in its charter) | Ohio | 34-0253990 | | --- | --- | | (State or other ju ...

GORMAN-RUPP REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Exhibit 99 Mansfield, Ohio – April 25, 2024 – The Gorman-Rupp Company (NYSE: GRC) reports financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Net sales for the first quarter of 2024 were $159.3 million compared to net sales of $160.5 million for the first quarter of 2023, a decrease of 0.7% or $1.2 million. Domestic sales increased 1.1%, or $1.3 million, and international sales decreased 6.2%, or $2.5 million, c ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures ...

The dividend kings are a select group of dividend stocks made up of companies that have increased their dividends for at least 50 consecutive years. That may be a throw-away statistic. But consider everything that’s happened to the economy in the past 50 years. Being able to continually issue a dividend speaks to the blue-chip nature of these companies. They deliver rock-solid revenue and earnings with a commitment to returning capital to shareholders.  Naysayers will say those dividend payments come at the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number 1-6747 THE GORMAN-RUPP COMPANY (Exact name of Registrant as specified in its charter) Ohio 34-0253990 (State or other jurisdic ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%2EFINANCIAL%20INFORMATION) This section details unaudited financial statements, management's discussion and analysis, market risk, and internal controls [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q3 and nine months ended September 30, 2023 and 2022, along with detailed notes on accounting policies and the Fill-Rite acquisition Consolidated Statements of Income Highlights (in thousands, except per share amounts) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $167,456 | $153,792 | $498,946 | $375,026 | | **Gross profit** | $48,134 | $40,563 | $145,315 | $94,299 | | **Operating income** | $21,875 | $15,311 | $65,253 | $27,676 | | **Net income** | $8,978 | $2,221 | $25,975 | $8,768 | | **Earnings per share** | $0.34 | $0.09 | $0.99 | $0.34 | Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $233,129 | $225,526 | | **Total assets** | $891,377 | $872,830 | | **Total current liabilities** | $102,446 | $85,213 | | **Total liabilities** | $544,597 | $541,636 | | **Total equity** | $346,780 | $331,194 | Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $71,659 | $12,508 | | **Net cash used for investing activities** | ($16,309) | ($537,242) | | **Net cash provided by (used for) financing activities** | ($43,404) | $411,087 | | **Net increase (decrease) in cash** | $11,406 | ($114,906) | - On May 31, 2022, the Company acquired Fill-Rite for cash consideration of **$528.0 million**, funded with new debt and cash on hand, with acquisition results included from that date[20](index=20&type=chunk)[21](index=21&type=chunk) Net Sales by End Market - Nine Months Ended Sep 30 (in thousands) | End Market | 2023 | 2022 | | :--- | :--- | :--- | | Industrial | $103,886 | $72,452 | | Fire | $109,211 | $88,237 | | Agriculture | $65,292 | $37,571 | | Construction | $66,723 | $42,581 | | Municipal | $55,831 | $51,940 | | Petroleum | $16,440 | $11,506 | | OEM | $28,223 | $25,802 | | Repair parts | $53,340 | $44,937 | | **Total net sales** | **$498,946** | **$375,026** | - As of September 30, 2023, the company's backlog was **$237.5 million**, expected to be recognized as revenue within one year[27](index=27&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, analyzing revenue, profitability, liquidity, and cash flows for the periods presented - The company's order backlog was **$237.5 million** at September 30, 2023, a decrease from **$266.7 million** in 2022, though incoming orders for the first nine months of 2023 increased by **6.9%**[58](index=58&type=chunk) - The Board of Directors authorized a quarterly dividend of **$0.18 per share**, marking the company's 295th consecutive quarterly dividend[59](index=59&type=chunk) - The company maintains an optimistic outlook, supported by a strong backlog and expanded capacity from the new Fill-Rite manufacturing facility[61](index=61&type=chunk) [Results of Operations - Three Months Ended Sep 30, 2023 vs 2022](index=16&type=section&id=Three%20Months%20Ended%20September%2030%2C%202023%20vs.%20Three%20Months%20Ended%20September%2030%2C%202022) Q3 2023 net sales grew **8.9%** to **$167.5 million**, with gross margin improving **230 basis points** and net income increasing over **300%**, driven by sales leverage and favorable cost management Q3 Net Sales by Market (in thousands) | End Market | Q3 2023 | Q3 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Industrial | $34,777 | $32,093 | $2,684 | 8.4% | | Fire | $35,986 | $31,785 | $4,201 | 13.2% | | Construction | $23,388 | $19,886 | $3,502 | 17.6% | | Petroleum | $5,801 | $4,832 | $969 | 20.1% | | OEM | $9,730 | $7,767 | $1,963 | 25.3% | | Repair parts | $17,698 | $15,250 | $2,448 | 16.1% | | **Total net sales** | **$167,456** | **$153,792** | **$13,664** | **8.9%** | - Gross margin for Q3 2023 increased to **28.7%** from **26.4%** in Q3 2022, a **230 basis point** improvement driven by better material costs and price realization, partially offset by higher labor and overhead[64](index=64&type=chunk) - Q3 2023 operating income rose **42.9%** to **$21.9 million** (**13.1%** margin) from **$15.3 million** (**10.0%** margin) in Q3 2022, driven by improved gross margin and sales leverage[68](index=68&type=chunk) - Net income for Q3 2023 was **$9.0 million** (**$0.34 per share**), a **304.2%** increase from **$2.2 million** (**$0.09 per share**) in Q3 2022, with the prior year impacted by a **$4.8 million** non-cash pension settlement charge[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Results of Operations - Nine Months Ended Sep 30, 2023 vs 2022](index=19&type=section&id=Nine%20Months%20Ended%20September%2030%2C%202023%20vs.%20Nine%20Months%20Ended%20September%2030%2C%202022) For the first nine months of 2023, net sales rose **33.0%** to **$498.9 million**, driven by the Fill-Rite acquisition and organic growth, resulting in substantial improvements in gross margin, operating income, and net income - Net sales for the first nine months of 2023 increased **33.0%** to **$498.9 million**, driven by full nine-month Fill-Rite sales, increased volume, and **4.0% - 5.0%** pricing increases[73](index=73&type=chunk) - Gross margin for the first nine months of 2023 improved by **400 basis points** to **29.1%** from **25.1%**, due to favorable material costs, price realization, and better labor/overhead leverage from higher sales volume[76](index=76&type=chunk) - Operating income for the nine-month period was **$65.3 million** (**13.1%** margin), a **135.8%** increase from **$27.7 million** (**7.4%** margin) in 2022, with the prior year including **$7.0 million** in one-time acquisition costs and **$1.4 million** in inventory step-up amortization[79](index=79&type=chunk) - Net income for the first nine months of 2023 was **$26.0 million** (**$0.99 per share**), compared to **$8.8 million** (**$0.34 per share**) for the same period in 2022[84](index=84&type=chunk) [Non-GAAP Financial Information](index=21&type=section&id=Non-GAAP%20Financial%20Information) This section reconciles GAAP to non-GAAP financial measures, including adjusted EPS, by excluding specific non-recurring items to provide a clearer view of underlying operational performance Reconciliation of Reported to Non-GAAP Adjusted EPS | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | :--- | :--- | :--- | | **Per Share Data** | **2023** | **2022** | **2023** | **2022** | | Reported EPS – GAAP basis | $0.34 | $0.09 | $0.99 | $0.34 | | Plus: Pension settlement charge | - | $0.14 | - | $0.19 | | Plus: One-time acquisition costs | - | - | - | $0.21 | | Plus: Amortization of inventory step-up | - | - | - | $0.04 | | Plus: Amortization of customer backlog | - | $0.02 | $0.03 | $0.03 | | **Non-GAAP adjusted EPS** | **$0.34** | **$0.25** | **$1.02** | **$0.81** | [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on cash from operations and its credit facility, with significant operational cash flow growth and planned capital expenditures, while maintaining compliance with debt covenants - Primary liquidity sources are cash from operations and the credit facility, with **$18.2 million** cash and **$96.3 million** available under the revolving credit facility as of September 30, 2023[87](index=87&type=chunk) - Total debt outstanding was **$420.1 million** as of September 30, 2023, with the company in compliance with all debt covenants[88](index=88&type=chunk) - Full-year 2023 capital expenditures are planned to be approximately **$20 million**, primarily for building improvements and machinery[89](index=89&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $71,659 | $12,508 | | Net cash used for investing activities | ($16,309) | ($537,242) | | Net cash provided by (used for) financing activities | ($43,404) | $411,087 | [Quantitative and Qualitative Disclosures about Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rate and foreign currency fluctuations, managing interest rate risk with swaps and foreign currency risk by invoicing in local currencies - The company's primary market risks are changes in interest rates and foreign currency exchange rates[98](index=98&type=chunk) - To mitigate interest rate risk on variable-rate debt, the company uses interest rate swap agreements designated as cash flow hedges[100](index=100&type=chunk) - A hypothetical **100 basis point** increase in interest rates is estimated to increase annual interest expense by approximately **$2.6 million**[101](index=101&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2023, with ongoing integration of Fill-Rite's internal controls and no other material changes during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of September 30, 2023[104](index=104&type=chunk) - The company is integrating the internal controls of the acquired Fill-Rite business, with no other material changes to internal controls during the quarter[105](index=105&type=chunk) [PART II. OTHER INFORMATION](index=25&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required disclosures, reporting no material changes to legal proceedings or risk factors, no share repurchases in Q3, and no defaults on senior securities [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) This section reports no material changes to legal proceedings since the company's last annual report on Form 10-K - No material changes to legal proceedings were reported since the fiscal year-end 2022 Form 10-K[106](index=106&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) This section reports no material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - No material changes to risk factors were reported since the fiscal year-end 2022 Form 10-K[107](index=107&type=chunk) [Issuer Purchases of Equity Securities](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) During Q3 2023, the company did not repurchase any common shares, with approximately **$48.1 million** remaining available under the repurchase program Issuer Purchases of Common Shares - Q3 2023 | Period | Total number of shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the program | | :--- | :--- | :--- | :--- | | July 2023 | - | - | $48,067 | | August 2023 | - | - | $48,067 | | September 2023 | - | - | $48,067 | | **Total** | **-** | **-** | **$48,067** |

Financial Performance - The company's net sales for Q2 2023 were $171.0 million, an increase of 43.6% compared to $119.1 million in Q2 2022, with domestic sales up 50.3% and international sales up 26.8%[59]. - Net sales for the first six months of 2023 were $331.5 million, an increase of 49.8% or $110.3 million compared to $221.2 million in the same period of 2022[68]. - Domestic sales increased by 57.2% or $90.3 million, while international sales rose by 31.5% or $20.0 million compared to the first half of 2022[68]. - Fill-Rite sales contributed $42.9 million in Q2 2023, a significant increase from $13.5 million in the same period of 2022, reflecting a 216.7% growth[60]. - Fill-Rite sales were $82.8 million for the first six months of 2023, a significant increase from $13.5 million in the same period of 2022, contributing to overall sales growth[69]. Profitability - Gross profit for Q2 2023 was $51.7 million, resulting in a gross margin of 30.2%, up from $28.2 million and 23.7% in Q2 2022, reflecting a 650 basis point increase[61]. - Gross profit was $97.2 million with a gross margin of 29.3%, up from $53.7 million and 24.3% in the same period of 2022, reflecting a 500 basis point increase in gross margin[70]. - Operating income surged to $24.3 million in Q2 2023, a 735.3% increase from $2.9 million in Q2 2022, with an operating margin of 14.2%[64]. - Operating income for the first six months of 2023 was $43.4 million, resulting in an operating margin of 13.1%, compared to $12.4 million and 5.6% in the same period of 2022[74]. - Net income for Q2 2023 was $10.5 million, or $0.40 per share, compared to a net loss of $1.0 million, or ($0.04) per share, in Q2 2022, marking a 1151.9% increase[66]. - Net income was $17.0 million, or $0.65 per share, for the first six months of 2023, compared to $6.5 million, or $0.25 per share, in the same period of 2022, representing a 159.6% increase[76]. - Reported net income for Q2 2023 was $10.5 million, compared to a loss of $1.0 million in Q2 2022, representing a significant turnaround[80]. - Non-GAAP adjusted earnings per share for Q2 2023 increased to $0.41 from $0.27 in Q2 2022, reflecting a growth of 51.9%[80]. - Adjusted earnings per share for the first six months of 2023 were $0.68, compared to $0.56 in the same period of 2022, reflecting an unfavorable LIFO impact[77]. Expenses and Debt - SG&A expenses were $24.2 million, or 14.1% of net sales, for Q2 2023, compared to $24.1 million and 20.3% of net sales in Q2 2022, reflecting improved leverage from increased sales[62]. - Selling, general and administrative (SG&A) expenses were $47.4 million, or 14.3% of net sales, compared to $39.9 million and 18.1% in the same period of 2022[71]. - Interest expense increased to $10.5 million in Q2 2023 from $2.3 million in Q2 2022, primarily due to the Fill-Rite acquisition and rising interest rates[65]. - Interest expense increased to $20.7 million for the first six months of 2023, compared to $2.3 million in the same period of 2022, primarily due to the Fill-Rite acquisition financing[75]. - Total debt outstanding as of June 30, 2023, was $439.5 million, with compliance to debt covenants maintained[82]. Cash Flow and Capital Expenditures - Net cash provided by operating activities for the first half of 2023 was $37.9 million, a significant increase from $6.7 million in the same period last year[86]. - Capital expenditures for the first half of 2023 were $13.3 million, with full-year expectations set between $18 million and $20 million[83]. - Cash and cash equivalents at the end of Q2 2023 totaled $12.2 million, with an additional $80.9 million available under the revolving credit facility[81]. Dividends and Share Repurchase - The company authorized a quarterly dividend of $0.175 per share, marking the 294th consecutive quarterly dividend payment[56]. - A share repurchase program of up to $50 million was authorized, with $48.1 million available for repurchase as of June 30, 2023[85]. - The company expects to continue its history of paying regular dividends and aims to improve cash flow and debt leverage in the future[58]. Other Considerations - The company's backlog of orders was $249.8 million as of June 30, 2023, down from $264.7 million a year earlier, but incoming orders increased by 12.0% to $321.0 million in the first half of 2023[55]. - Foreign currency transaction losses for the first half of 2023 were $0.4 million, compared to gains of $0.1 million in the same period of 2022[96]. - A hypothetical increase of 100 basis points in interest rates would increase interest expense by approximately $2.7 million annually[95].