Record numbers for Gorman-Rupp

The Gorman-Rupp Company's latest financial numbers aren't just positive, they're the best they've ever been.

The Mansfield company, which designs, manufactures and sells pumps and pump systems around the world, posted record numbers for net sales, gross profits and net income for the first half of 2014, it announced Friday.

Gorman-Rupp was recently awarded a contract to supply flood-control pumps for the Permanent Canal Closure Project, which will result in new storm surge gates and pumps for three drainage canals in New Orleans.

In 2005, the storm surge from Hurricane Katrina caused breaches in 50 of that city's drainage canal levees; 80 percent of New Orleans was flooded and 1,464 people died.

Gorman-Rupp said its pumps for the project are scheduled to be shipped in the second half of this year and the first half of 2015. The company had a backlog of $173.8 million as of June 30, although that was lower than at the end of last year.

"We are pleased with the company's performance during the first six months of the year and remain encouraged by the incoming order activity we are seeing across most of the key markets we serve. This activity continued to increase this quarter and helped us achieve a strong start in 2014 with record first-half year revenue and earnings," Gorman-Rupp President and CEO Jeffrey S. Gorman said.

"We also are pleased about the recent acquisition of Bayou City Pump Company and the new niche market opportunities it should provide."

Gorman-Rupp completed its purchase of the Houston, Texas company, which manufactures vertical turbine pumping systems, last month.

Gorman-Rupp said its net sales for the second quarter of this year were up 3.1 percent over the same period last year, to $109.7 million. For the six months ended June 30, net sales reached a record $219.8 million, up 10.5 percent over 2013.

In addition to the Louisiana canal project, the company said, sales benefited from oil and gas drilling in North America, although increases were hit by lower agriculture sales caused by wet weather.

The company's gross profit was $26.9 million for the second quarter and a record $54.5 million year to date, down slightly for the quarter compared to 2013 but up slightly for the first half of this year. Gains there were offset by higher material costs for the Permanent Canal Closure Project.

Gorman-Rupp's second-quarter net income of $8.9 million compared to $9.2 million for the same quarter in 2013, but year to date, the company's net income reached a record $18.8 million, up from $15.0 a year earlier.

Also Friday, the company's board of directors declared a quarterly cash dividend of 9 cents per share of its common stock, payable Sept. 10 to shareholders of record on Aug. 15, Gorman-Rupp's 258th straight quarterly dividend.

Shares in Gorman-Rupp were moving at $31.39 Friday afternoon, down $2.48 from Thursday's closing price, before the company's latest financial results were announced. A year ago Gorman-Rupp shares were trading at $26.14.

thill3@nncogannett.com

419-521-7283

Twitter: @ToddHillMNJ