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Jun 30, 2022
Gorman-Rupp Q2 2022 Earnings Report
Gorman-Rupp's financial performance was reported for Q2 2022, including the acquisition of Fill-Rite and a net loss due to acquisition costs and unfavorable LIFO impact.
Key Takeaways
Gorman-Rupp reported a 28% increase in net sales, driven by the acquisition of Fill-Rite, but experienced a net loss of $1.0 million, or $0.04 per share, due to acquisition costs and an unfavorable LIFO impact. Adjusted earnings per share was $0.27, and adjusted EBITDA increased by 13.2% to $15.4 million.
Completed acquisition of Fill-Rite.
Net sales increased 28.0%, or $26.1 million, compared to Q2 2021.
Net loss was ($1.0) million, or ($0.04) per share, compared to net income of $7.1 million, or $0.27 per share, for Q2 2021.
Adjusted EBITDA increased 13.2% to $15.4 million compared to $13.6 million for the same period in 2021.
Forward Guidance
Gorman-Rupp remains optimistic about its outlook due to strong incoming levels across all markets, high-quality backlog, and continued pricing action to mitigate inflationary pressures. The company will continue to focus on the integration and growth of the Fill-Rite business and execute its strategic initiatives to drive long-term profitable growth, while navigating global supply chain challenges.
Positive Outlook
- Extremely pleased to have completed the acquisition of Fill-Rite.
- Grateful for the successful work of the Gorman-Rupp and Fill-Rite teams to integrate the business.
- Pleased to report year-over-year double digit organic revenue and adjusted EBIDTA growth.
- Optimistic about outlook due to strong incoming levels across all markets.
- Continued pricing action to mitigate inflationary pressures.
Challenges Ahead
- Global supply chain challenges are likely to persist in the near-term.
- Uncertainties related to estimates of future earnings and cash flows.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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