Gorman Rupp Co. Files Q1 2024 10-Q Report

TL;DR

<b>Gorman Rupp Co. filed its Q1 2024 10-Q, detailing financial performance and credit facility information.</b>

AI Summary

GORMAN RUPP CO (GRC) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Gorman Rupp Co. reported its Q1 2024 results on April 29, 2024. The filing covers the period ending March 31, 2024. The company is incorporated in Ohio and operates in the Pumps & Pump Equipment industry. Key financial instruments mentioned include Interest Rate Swaps designated as hedging instruments. The report details various credit facilities, including subordinated and senior term loan facilities.

Why It Matters

For investors and stakeholders tracking GORMAN RUPP CO, this filing contains several important signals. The 10-Q filing provides a quarterly update on the company's financial health and operational status, crucial for investors to assess recent performance. Details on credit facilities and interest rate swaps offer insight into the company's financial risk management and borrowing strategies.

Risk Assessment

Risk Level: low — GORMAN RUPP CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and notes within the 10-Q to understand the company's revenue, expenses, and debt structure for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-29 — Filing Date (FILED AS OF DATE)
• 3561 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• OH — State of Incorporation (STATE OF INCORPORATION)
• 44901 — ZIP Code (BUSINESS ADDRESS)
• 419-755-1011 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• GORMAN RUPP CO (company) — FILER
• OH (location) — STATE OF INCORPORATION
• PUMPS & PUMPING EQUIPMENT (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• MANSFIELD (location) — CITY
• OH (location) — STATE
• GRC (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-29 (date) — FILED AS OF DATE

FAQ

Industry Context

Gorman Rupp Co. operates in the Pumps & Pump Equipment manufacturing industry. This sector is influenced by industrial production, infrastructure spending, and general economic conditions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for Q1 2024.
2. Examine the details of the credit facilities and any associated covenants or restrictions.
3. Review disclosures related to interest rate swaps and their impact on financial results.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-29: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and condition during the quarter.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate payments. (Used by companies to manage interest rate risk, as indicated in Gorman Rupp's filing.)

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report.

Key Financial Figures

• $234.2 million — y. The Company's backlog of orders was $234.2 million at March 31, 2024 compared to $270.6 mi
• $270.6 million — 2 million at March 31, 2024 compared to $270.6 million at March 31, 2023 and $218.1 million at
• $218.1 million — to $270.6 million at March 31, 2023 and $218.1 million at December 31, 2023. Incoming orders f
• $178.9 m — for the first three months of 2024 were $178.9 million, or an increase of 7.1% compared
• $0.18 — the payment of a quarterly dividend of $0.18 per share on the common stock of the Co

Filing Documents

• grc20240331_10q.htm (10-Q) — 792KB
• ex_659857.htm (EX-31.1) — 13KB
• ex_659856.htm (EX-31.2) — 12KB
• ex_659854.htm (EX-32) — 6KB
• 0001437749-24-013628.txt (&nbsp;) — 4151KB
• grc-20240331.xsd (EX-101.SCH) — 39KB
• grc-20240331_def.xml (EX-101.DEF) — 260KB
• grc-20240331_lab.xml (EX-101.LAB) — 221KB
• grc-20240331_pre.xml (EX-101.PRE) — 285KB
• grc-20240331_cal.xml (EX-101.CAL) — 41KB
• grc20240331_10q_htm.xml (XML) — 569KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Income - Three months ended March 31, 2024 and 2023 3 Consolidated Statements of Comprehensive Income - Three months ended March 31, 2024 and 2023 3 Consolidated Balance Sheets - March 31, 2024 and December 31, 2023 4 Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 2023 5 Consolidated Statements of Equity - Three months ended March 31, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 19

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Information 19 Item 5. Other Information 19 Item 6. Exhibits 20 EX-31.1 Section 302 Principal Executive Officer (PEO) Certification EX-31.2 Section 302 Principal Financial Officer (PFO) Certification EX-32 Section 1350 Certifications 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) THE GORMAN-RUPP COMPANY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2024 2023 Net sales $ 159,268 $ 160,466 Cost of products sold 110,874 114,943 Gross profit 48,394 45,523 Selling, general and administrative expenses 24,888 23,237 Amortization expense 3,077 3,191 Operating income 20,429 19,095 Interest expense ( 10,073 ) ( 10,187 ) Other expense, net ( 272 ) ( 433 ) Income before income taxes 10,084 8,475 Provision for income taxes 2,200 1,955 Net income $ 7,884 $ 6,520 Earnings per share $ 0.30 $ 0.25 Average number of shares outstanding 26,201,093 26,129,878 See notes to consolidated financial statements (unaudited). CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, (Dollars in thousands) 2024 2023 Net income $ 7,884 $ 6,520 Other comprehensive (loss) income, net of tax: Cumulative translation adjustments ( 1,084 ) 254 Cash flow hedging activity 1,609 ( 1,533 ) Pension and postretirement medical liability adjustments ( 277 ) 134 Other comprehensive (loss) income 248 ( 1,145 ) Comprehensive income $ 8,132 $ 5,375 See notes to consolidated financial statements (unaudited). 3 THE GORMAN-RUPP COMPANY CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars in thousands) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 27,772 $ 30,518 Accounts receivable, net 94,757 89,625 Inventories, net 101,053 104,156 Prepaid and other 12,623 11,812 Total current assets 236,205 236,111 Property, plant and equipment, net 134,861 134,872 Other assets 24,923 24,841 Other intangible assets, net 233,732 236,813 Goodwill 257,640 257,721 Total assets $ 887,361 $ 890,358 Liabilities and equity Curr

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Amounts in tables in thousands of dollars, except for per share amounts) NOTE 1 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Consolidated Financial Statements include the accounts of The Gorman-Rupp Company (the "Company" or "Gorman-Rupp") and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management of the Company, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2024. For further information, refer to the Consolidated Financial Statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, from which related information herein has been derived. NOTE 2 – REVENUE Disaggregation of Revenue The following tables disaggregate total net sales by end market and geographic location: End market Three Months Ended March 31, 2024 2023 Industrial $ 33,560 $ 33,321 Fire 32,289 36,105 Agriculture 20,406 21,077 Construction 21,482 20,847 Municipal 20,215 17,418 Petroleum 5,902 5,478 OEM 8,158 9,013 Repair parts 17,256 17,207 Total net sales $ 159,268 $ 160,466 Geographic Location Three Months Ended March 31, 2024 2023 United States $ 121,072 $ 119,750 Foreign countries 38,196 40,716 Total net sales $ 159,268 $ 160,466 The Company attributes reven

View Full Filing

View this 10-Q filing on SEC EDGAR