Gorman-Rupp Q3 Results Miss Estimates; Boosts Dividend

(RTTNews) - Gorman-Rupp Co. (GRC) reported net income for the third quarter of $9.4 million or $0.36 per share, compared to $7.9 million or $0.30 per share for the year-ago quarter.

Earnings per share for the third quarter of 2013 included a reduction of $0.03 due to a non-cash pension settlement charge which did not recur in the third quarter of 2014.

Net sales for the third quarter increased 8.9% to a record $110.2 million from $101.2 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.38 per share on revenue of $111.42 million for the third quarter.

At its October 23 meeting, the company's Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on December 10 to shareholders of record on November 14. The cash dividend represents an 11.1% increase over the dividend paid in the previous quarter.