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Sep 30, 2022
Gorman-Rupp Q3 2022 Earnings Report
Reported financial results for the third quarter of 2022.
Key Takeaways
Gorman-Rupp's third quarter net sales increased by 50.6% to $153.8 million compared to the third quarter of 2021, which includes sales from Fill-Rite. Net income was $2.2 million, or $0.09 per share, compared to net income of $8.8 million, or $0.34 per share, for the third quarter of 2021.
Net sales increased 50.6% or $51.7 million compared to the third quarter of 2021, an 11.3% increase excluding sales from Fill-Rite
Third quarter net income was $2.2 million, or $0.09 per share
Adjusted EBITDA for the third quarter of 2022 increased 56.3% to $22.5 million compared to $14.4 million for the same period in 2021
Backlog increased to $266.7 million as of September 30, 2022, increasing $2.1 million during the third quarter as incoming orders remained strong
Forward Guidance
Company is well positioned for both the fourth quarter and 2023 with strong backlog and continued integration and synergies from Fill-Rite.
Positive Outlook
- Strong demand across the majority of markets
- Year-over-year double digit organic revenue growth
- Increase in record backlog levels
- Integration of Fill-Rite continues to go well
- Gross margin has improved from the first-half of the year
Challenges Ahead
- Impact of inflation and other cost pressures
- Availability and costs of raw materials and labor
- Cyber security threats
- Fluctuations in foreign currency exchange rates
- Changes in tax rates and exposure to additional income tax liabilities
Historical Earnings Impact
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Avg. Return Before/After Earnings
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