Gorman-Rupp reports Q3 EPS 49c vs. 34c last year

Reports Q3 revenue $168.2M vs. $167.5M last year. The company said, “Sales increased $5.4M in the municipal market due to domestic flood control and wastewater projects related to increased infrastructure investment, $2.3M in the repair market also related to domestic flood control and wastewater projects, $1.8M in the OEM market primarily related to computer cooling, and $1.2M in the petroleum market primarily driven by increased international refueling applications. These increases were offset by a sales decrease of $4.4M in the fire suppression market primarily resulting from backlog returning to more normal levels. Fire suppression sales in 2023 were up significantly compared to 2022 as the Company was working to return backlog and lead times to normal levels, which resulted in higher 2023 sales and a tougher year-over-year comparison for 2024.”