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Dec 31, 2022
Gorman-Rupp Q4 2022 Earnings Report
Reported financial results for the fourth quarter and year ended December 31, 2022.
Key Takeaways
Gorman-Rupp reported a 55.0% increase in net sales for the fourth quarter of 2022, reaching $146.0 million, which includes a full quarter of Fill-Rite results. Net income for the quarter was $2.4 million, or $0.09 per share, compared to $6.5 million, or $0.25 per share, for the same period in 2021. Adjusted EBITDA increased by 104% to $28.5 million, with Fill-Rite contributing $7.7 million.
Net sales increased by 55.0% to $146.0 million compared to Q4 2021, including sales from Fill-Rite.
Net income was $2.4 million, or $0.09 per share, down from $6.5 million, or $0.25 per share, in Q4 2021.
Adjusted earnings per share were $0.11 compared to $0.26 in the prior year, including non-cash LIFO expense.
Adjusted EBITDA increased by 104% to $28.5 million, with Fill-Rite contributing $7.7 million.
Forward Guidance
Gorman-Rupp anticipates continued growth in most markets, particularly those related to infrastructure, and expects gross margin to benefit from pricing actions and a return to more normal LIFO levels.
Positive Outlook
- Expect 2023 gross margin to benefit as pricing actions from 2022 are fully realized.
- Anticipate the impact of LIFO returns to more normal levels.
- Continue to focus on cash flow by improving on working capital through inventory management.
- Expect most markets to continue to show growth, particularly infrastructure-related markets.
- Enter 2023 with record backlog.
Challenges Ahead
- General economic conditions
- Supply chain conditions
- Inflation and other cost pressures
- Availability and costs of raw materials and labor
Historical Earnings Impact
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Avg. Return Before/After Earnings
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