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Mar 31, 2024
Gorman-Rupp Q1 2024 Earnings Report
Gorman-Rupp's financial performance remained stable in the first quarter of 2024, marked by a slight decrease in net sales but improvements in gross margin and earnings.
Key Takeaways
Gorman-Rupp reported a slight decrease in net sales for Q1 2024, with $159.3 million compared to $160.5 million in Q1 2023. Despite the sales dip, the company saw improvements in gross margin and earnings per share, driven by cost management and pricing strategies. Incoming orders reached a record $178.9 million, increasing backlog to $234.2 million.
Net sales decreased slightly by 0.7% to $159.3 million.
Record incoming orders increased by 7.1% to $178.9 million.
Net income increased to $7.9 million, or $0.30 per share, compared to $6.5 million, or $0.25 per share, in Q1 2023.
Gross margin improved by 200 basis points compared to Q1 2023.
Forward Guidance
The company remains optimistic about its full year outlook and focused on delivering profitable growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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