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Jun 30, 2023
Gorman-Rupp Q2 2023 Earnings Report
Gorman-Rupp's financial performance for Q2 2023 was reported, showcasing significant growth and improved profitability.
Key Takeaways
Gorman-Rupp reported a strong second quarter with a 43.6% increase in net sales, driven by the acquisition of Fill-Rite and organic growth. Net income improved significantly to $10.5 million, or $0.40 per share, compared to a net loss in the previous year. Adjusted EBITDA also saw a substantial increase, reflecting improved operational efficiency and the impact of pricing actions.
Net sales increased by 43.6% to $171.0 million, including a 21.4% increase excluding sales from Fill-Rite.
Net income was $10.5 million, or $0.40 per share, a significant improvement from the net loss of ($1.0) million, or ($0.04) per share, in Q2 2022.
Adjusted earnings per share were $0.41, compared to $0.27 in the same period last year.
Adjusted EBITDA increased by 71.6% to $33.7 million, driven by organic sales growth and improved gross margin.
Forward Guidance
Company did not provide forward guidance in the Q2 2023 earnings report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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