Gorman-Rupp Co. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate and Capital Expenditures Guidance for the Full Year 2018
July 27, 2018 at 06:30 am EDT
Share
Gorman-Rupp Co. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported that net sales for the second quarter of 2018 were $111.8 million compared to $97.9 million for the second quarter of 2017, an increase of 14.3% or $14.0 million, due primarily to increased sales volume in most its markets. Operating income was $15.0 million compared to operating income of $13.2 million for the same period in 2017. Net income was $10.2 million for the second quarter of 2018 compared to $7.8 million in the second quarter of 2017, and earnings per share were $0.39 and $0.30 for the respective periods. Income before income taxes was $12,586,000 against $11,807,000 a year ago.
For the six months, the company reported that net sales were $208.4 million compared to $190.5 million for the first six months of 2017, an increase of 9.4% or $18.0 million. Operating income was $26.8 million compared to operating income of $21.8 million for the same period in 2017. Net income was $19.8 million for the first six months of 2018 compared to $12.9 million in the first six months of 2017, and earnings per share were $0.76 and $0.49 for the respective periods. Income before income taxes was $25,242,000 against $19,127,000 a year ago. Capital expenditures for the first six months of 2018 were $5.5 million and consisted primarily of machinery and equipment.
For the full-year 2018, the company's current estimate of effective tax rate is between 23% and 25%. Capital expenditures for the full-year 2018 are presently planned to be in the range of $10-$15 million.
The Gorman-Rupp Company designs, manufactures, and sells pumps and pump systems for use in water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning, military, and other liquid-handling applications. The Companyâs product line consists of pump models ranging in size from 1/4 to nearly 15 feet and ranging in rated capacity from less than one gallon per minute to nearly one million gallons per minute. The types of pumps which the Company produces include self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed-flow, vertical turbine line shaft, submersible, high-pressure booster, rotary gear, rotary vein, and more. Its pumps have driven that range from 1/35 horsepower electric motors up to larger electric motors or internal combustion engines capable of producing several thousand horsepower. The Companyâs pumps are also utilized for dewatering purposes.
Gorman-Rupp Co. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate and Capital Expenditures Guidance for the Full Year 2018