The Gorman-Rupp pany(GRC) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 were $168.2 million, a 0.4% increase from $167.5 million in Q3 2023[1] - Net income for Q3 2024 was $12.9 million, or $0.49 per share, compared to $9.0 million, or $0.34 per share, in Q3 2023, representing a 44% increase in earnings[4] - Adjusted EBITDA for Q3 2024 was $32.0 million, a 5.1% increase from $30.5 million in Q3 2023, representing 19.0% of sales[5] - Year-to-date net sales for 2024 were $496.9 million, a decrease of 0.4% compared to $498.9 million in the same period of 2023[5] - Gross profit for Q3 2024 was $52,661 thousand, representing a 9.5% increase from $48,134 thousand in Q3 2023[19] - Operating income for Q3 2024 increased to $23,885 thousand, up 9.2% from $21,875 thousand in Q3 2023[19] - Net income for Q3 2024 was $12,919 thousand, a significant increase of 43.5% compared to $8,978 thousand in Q3 2023[19] - Earnings per share for Q3 2024 rose to $0.49, compared to $0.34 in Q3 2023, marking a 44.1% increase[19] Margins and Expenses - Gross margin improved by 260 basis points to 31.3% in Q3 2024, up from 28.7% in Q3 2023[3] - SG&A expenses for Q3 2024 were $25.7 million, or 15.3% of net sales, compared to $23.2 million, or 13.9% of net sales, in Q3 2023[3] - Operating income for Q3 2024 was $23.9 million, resulting in an operating margin of 14.2%, up from 13.1% in Q3 2023[4] Order and Backlog - Incoming orders for the first nine months of 2024 increased by 4.1% compared to the same period in 2023[11] - The backlog of orders was $207.8 million at September 30, 2024, down from $237.5 million at the same time in 2023[11] Assets and Liabilities - Cash and cash equivalents increased to $39,701 thousand as of September 30, 2024, up from $30,518 thousand at the end of 2023[20] - Total assets decreased to $883,474 thousand as of September 30, 2024, down from $890,358 thousand at the end of 2023[20] - Total liabilities decreased to $516,140 thousand as of September 30, 2024, compared to $540,899 thousand at the end of 2023[21] Earnings Adjustments - Non-GAAP adjusted earnings for Q3 2024 were $12,919 thousand, compared to $8,978 thousand in Q3 2023[23] - Reported earnings per share on a GAAP basis for Q3 2024 was $0.49, up from $0.34 in Q3 2023, representing a 44.1% increase[24] - Non-GAAP adjusted earnings per share for the nine months ended September 30, 2024, was $1.33, compared to $1.02 for the same period in 2023, reflecting a 30.5% growth[24] - Non-GAAP earnings before interest, taxes, depreciation, and amortization for Q3 2024 was $30,710 million, up from $28,497 million in Q3 2023, indicating a 4.3% rise[24] - Non-GAAP adjusted earnings before interest, taxes, depreciation, and amortization for the nine months ended September 30, 2024, reached $95,612 million, compared to $92,563 million in the same period last year, showing a 3.4% increase[24] Interest and Taxation - Interest expense decreased to $7,766 million in Q3 2024 from $10,475 million in Q3 2023, a reduction of 25.8%[24] - Provision for income taxes for Q3 2024 was $3,141 million, up from $2,006 million in Q3 2023, representing a 56.5% increase[24] Depreciation and Refinancing - Depreciation and amortization expense for the nine months ended September 30, 2024, was $20,973 million, slightly down from $21,196 million in the same period last year[24] - Refinancing costs for the nine months ended September 30, 2024, totaled $3,055 million, compared to $0 in the same period last year[24]