Gorman-Rupp Reports Third Quarter 2024 Financial Results
Gorman-Rupp Company (The) (GRC)
NASDAQ:AMEX Investor Relations:
gormanrupp.com/investor
Company Research
Source: Business Wire
MANSFIELD, Ohio--(BUSINESS WIRE)--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the third quarter ended September 30, 2024.Third Quarter 2024 HighlightsNet sales of $168.2 million increased 0.4%, or $0.7 million, compared to the third quarter of 2023Third quarter net income was $12.9 million, or $0.49 per share, compared to net income of $9.0 million, or $0.34 per share, for the third quarter of 2023Gross margin improved 260 basis pointsInterest expense decreased $2.7 million or 25.9% primarily due to debt refinanced in the second quarter of 2024Adjusted EBITDA1 of $32.0 million for the third quarter of 2024 increased $1.5 million, or 5.1%, from $30.5 million for the same period in 2023Jeffrey S. Gorman will transition from Executive Chairman to Chairman of the Board effective January 3, 2025Net sales for the third quarter of 2024 were $168.2 million compared to net sales of $167.5 million for the third quarter of 2023, an increase of 0.4% or $0.7 million. The
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