The Gorman-Rupp Co. last week reported record net sales and earnings for the third quarter and nine months ended Sept. 30, of $90.2 million compared to $73.9 million during the same period in 2010, a 22-percent increase. Net income increased 24.4 percent to a third-quarter record $7.7 million compared to $6.2 million in the Sept. 30, 2010 quarter. Earnings per share were $0.37 and $0.29 for the respective periods, an increase of 27.6 percent. Results for 2011 include the operations of Glendale, Ariz.-based National Pump Co. acquired Oct. 1, 2010.
Net sales for the nine months ended Sept. 30, increased 25.6 percent to a nine months record $266.4 million compared to $212.1 million during the same period in 2010. Net income increased 45.3 percent to a nine months record $23.7 million compared to $16.3 million in the first nine months of 2010. Earnings per share were $1.13 and $0.78 for the respective periods.
Sales during the quarter were positively impacted by the global economy compared to a year ago, plus the addition of National Pump Co. Primary increases were in sales to the industrial, agricultural and construction markets, partially offset by a reduction in fire protection market sales from strong levels last year.
Incoming orders resulted in a record backlog of $157.9 million at Sept. 30, a 50.9-percent increase from a year ago and 47.0-percent higher than the backlog of $107.4 million at Dec. 31, 2010. Current quarter orders included additional flood control pump projects, which generally require longer lead times than other company products.
“We are pleased to again announce strong financial results based on current-year sales increases across most of the markets the company serves and related improved operating margins,” said Jeffrey Gorman, president and CEO. “Additionally, our National Pump Co. acquisition in late 2010 continues to perform very well. While confidence in the strength of a solid global economic recovery seems to be fading, we are encouraged by our record backlog and level of business so far this year, and we remain confident as we move into the fourth quarter and the first-half of 2012.”
The board of directors declared a quarterly cash dividend of $0.09 per share on the common stock of the company, payable Dec. 9, to shareholders of record Nov. 15, 2011. This marks the 247th consecutive quarterly dividend paid by The Gorman-Rupp Co. and marks the 39th consecutive year of increased dividends paid to its shareholders.
The Gorman-Rupp Co. is headquartered in Mansfield, Ohio.