The Gorman-Rupp pany(GRC) - 2024 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2024 were $159.3 million, a decrease of 0.7% or $1.2 million compared to Q1 2023[4] - Gross profit was $48.4 million, resulting in a gross margin of 30.4%, an increase of 200 basis points from 28.4% in Q1 2023[6] - Operating income for Q1 2024 was $20.4 million, with an operating margin of 12.8%, up 90 basis points from 11.9% in Q1 2023[8] - Net income was $7.9 million, or $0.30 per share, compared to $6.5 million, or $0.25 per share, in Q1 2023[9] - Non-GAAP adjusted earnings for Q1 2024 were $7,884,000, compared to $7,034,000 in Q1 2023, reflecting an increase of 12.1%[27] - Adjusted earnings per share (EPS) rose to $0.30 in Q1 2024 from $0.25 in Q1 2023, marking a 20% increase[27] Sales and Orders - Domestic sales increased by 1.1% or $1.3 million, while international sales decreased by 6.2% or $2.5 million compared to the same period last year[4] - Record incoming orders reached $178.9 million, an increase of 7.1% or $11.9 million compared to Q1 2023[10] - The backlog of orders was $234.2 million at March 31, 2024, down from $270.6 million at the same time last year[11] Cash Flow and Investments - Cash flows from operating activities decreased to $10,742,000 in Q1 2024 from $18,622,000 in Q1 2023, a decline of 42.5%[25] - Net cash used for investing activities was $3,854,000 in Q1 2024, down from $6,024,000 in Q1 2023, indicating a reduction of 36.1%[25] - The company reported a decrease in cash and cash equivalents to $27,772,000 at the end of Q1 2024 from $12,231,000 at the end of Q1 2023[25] - The company experienced a net decrease in cash and cash equivalents of $2,746,000 in Q1 2024, contrasting with an increase of $5,448,000 in Q1 2023[25] Expenses and Debt - Total debt, net of cash, was $381.6 million at March 31, 2024, a decrease of $1.6 million during the first three months of 2024[12] - Interest expense for Q1 2024 was $10,073,000, compared to $10,187,000 in Q1 2023, showing a decrease of 1.1%[27] Capital Expenditures - Capital expenditures for the first three months of 2024 were $3.9 million, with full-year 2024 planned expenditures in the range of $18 - $20 million[12] Dividends - Cash dividends increased to $4,715,000 in Q1 2024 from $4,567,000 in Q1 2023, an increase of 3.2%[25] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $28.2 million, a decrease of 0.6% from $28.4 million in Q1 2023[10] - Non-GAAP adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q1 2024 were $28,215,000, slightly down from $28,388,000 in Q1 2023[27]