The Gorman-Rupp Co. reported record net sales of $305.6 million for the year ending Dec. 31, 2007, compared to $270.9 million in 2006, an increase of 12.8 percent. Net income increased 19.9 percent in 2007 and was a record $22.9 million compared to $19.1 million in 2006. Record earnings per share were $1.37 for 2007 compared to $1.14 in 2006, after adjusting for a 5-for-4 split effective Dec. 10, 2007.
Net sales in the fourth quarter 2007 increased 18 percent to a record $76.8 million compared to $65.1 million in the fourth quarter 2006. Fourth-quarter 2007 net income was $5.8 million, more than double the $2.4 million during the fourth quarter of 2006. Record 2007 fourth-quarter earnings per share were $0.35 compared to $0.14 in 2006, an increase of $0.21 per share.
Growth in the international, fire protection, flood control, water/wastewater and government markets contributed to the company’s 2007 success. Patterson Pump Co., a wholly owned subsidiary of Gorman-Rupp, continued on a very strong track in 2007, highlighted by an order for large pumps for flood control in New Orleans.
During the fourth quarter 2007 the company distributed a 5-for-4 stock split to shareholders and increased the quarterly cash dividend 4.2 percent to $0.10 per share. 2007 marked the 35th consecutive year the company has increased cash dividends to shareholders.
“We are extremely pleased with the 2007 results,” said Jeffrey Gorman, president and CEO. “Our market diversification across the fluid handling industry continues to position us well as we move forward. We remain optimistic that 2008 will be another successful year for the Company, despite news reports of a weakening economy.”
Headquartered in Mansfield, Ohio, The Gorman-Rupp Co. designs, manufactures and sells pumps and related equipment for use in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire protection, heating ventilating and air conditioning, military and other liquid-handling applications.