or 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, 2023 ☐ 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 ...

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, 2022 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) (State or other jurisdiction of Ohio 34-0 ...

Financial Performance - Adjusted earnings per share for 2019 were $1.37, a decrease of 10.5% from $1.53 in 2018[79] - Net sales for 2019 were $398.2 million, down 3.9% or $16.1 million compared to $414.3 million in 2018[86] - Gross profit for 2019 was $102.7 million, resulting in a gross margin of 25.8%, down from 26.5% in 2018[87] - Operating income decreased by 13.4% to $43.8 million, with an operating margin of 11.0% compared to 12.2% in 2018[103] - Net income for 2019 was $35.8 million, a decrease of 10.4% from $40.0 million in 2018[104] - Free cash flow for 2019 was $33.6 million, a significant recovery from a negative $8.8 million in 2018[125] Sales Breakdown - Domestic sales increased by 1.3% or $3.5 million, while international sales decreased by 13.8% or $19.6 million[86] - Net sales for 2018 were $414.3 million, an increase of 9.2% or $34.9 million compared to 2017[109] - International sales in 2018 were $142.5 million, representing 34.4% of total sales, a decrease from 36.3% in 2017[112] Expenses and Margins - Selling, general and administrative expenses for 2018 were $59.3 million, or 14.3% of net sales, down from 14.6% in 2017[115] - Operating income for 2018 was $50.6 million, with an operating margin of 12.2%, an increase of 1.2 percentage points from 2017[116] Tax and Credits - The effective tax rate for 2019 was 20.7%, slightly up from 20.5% in 2018, benefiting from higher research and development tax credits[104] - The company's effective income tax rate was 20.7% for 2019, down from 32.6% in 2017, primarily due to the Tax Cuts and Jobs Act[147] - The company has completed its accounting for the tax effects of the Tax Cuts and Jobs Act as of December 31, 2018[148] Capital Expenditures - Capital expenditures for 2020 are planned to be in the range of $15-$18 million, primarily for building improvements and machinery purchases[85] - Capital expenditures for 2020 are estimated to be in the range of $15-$18 million, primarily for machinery and equipment[122] Order Backlog - The company's backlog of orders was $105.0 million at December 31, 2019, down 7.7% from $113.7 million at the end of 2018[92] Pension and Benefits - The company expects to contribute up to $2 million to its defined benefit pension plan in 2020[124] - The discount rates used to value pension plan obligations were 2.83% and 3.94% at December 31, 2019 and 2018, respectively[143] - A one percentage point increase in the assumed health care trend would increase postretirement expense by approximately $0.3 million[146] Asset Valuation - Goodwill related to the National Pump Company reporting unit represents 4% of the company's total assets as of December 31, 2019[160] - The fair value of indefinite-lived intangible assets exceeded their carrying values for both 2019 and 2018[162] Other Financial Metrics - The company generated $58.9 million in adjusted earnings before interest, taxes, depreciation, and amortization in 2019[84] - The estimated allowance for bad debts is based on the length of time receivables are past due, with historical collection rates being good[139] - The company has not experienced substantive write-offs due to inventory obsolescence, using the last-in, first-out (LIFO) method for inventory valuation[140] - The company recorded foreign currency transaction gains of $0.1 million for the year ending December 31, 2019, compared to losses of $(0.8) million in 2018[165] - The company estimates profit on long-term contracts based on total estimated revenue and expected costs, with adjustments made under the cumulative catch-up method[138]