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Sep 30, 2020
Gorman-Rupp Q3 2020 Earnings Report
Gorman-Rupp's third quarter earnings decreased due to the COVID-19 pandemic and slowdown in the oil & gas industry.
Key Takeaways
Gorman-Rupp reported a decrease in net sales by 10.4% and earnings per share of $0.28 compared to $0.37 in the third quarter of 2019. The decrease was primarily due to the COVID-19 pandemic and a slowdown in the oil & gas industry. However, sales and earnings improved over the second quarter of 2020 due to increased sales and cost containment efforts.
Third quarter earnings per share were $0.28, including a non-cash pension settlement charge of $0.03 per share.
Net sales decreased 10.4% compared to the third quarter of 2019, but increased 3.7% compared to the second quarter of 2020.
Domestic sales decreased 8.9% and international sales decreased 13.8% compared to the same period in 2019.
Gross profit was $23.0 million, resulting in a gross margin of 25.8%.
Forward Guidance
The company remains focused on being prepared for the eventual recovery, including maintaining strong inventory levels and focusing on long-term strategic initiatives.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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