Gorman-Rupp reports Q4 EPS 42c vs. 34c last year

Reports Q4 revenue $162.7M vs. $160.6M last year. Scott A. King, President and CEO, commented, “We are pleased that we achieved an improvement in gross margin and operating income in 2024, as well as a 28% increase in adjusted EPS for the year. We also reduced our debt by $43M, which along with our refinancing in the Q2 of 2024, resulted in a significant reduction in interest expense and positions us well to further reduce our debt and interest expense going forward. In addition to our strong operating results, we were proud to increase our dividend for the 52nd consecutive year, and in January of 2025 we declared our 300th consecutive quarterly dividend, marking 75 years of continued dividends. As we begin 2025 our outlook remains positive. While sales were less than expected in 2024, we continued to see strong incoming orders during the year and ended the year with healthy backlog to begin the new year. As demonstrated by our increase in municipal sales in 2024, we remain well positioned to continue to benefit from infrastructure spending and the strong demand for flood control and storm water management. We remain focused on delivering long-term profitable growth.”