Gorman-Rupp Beats on Revenue, Lifts Dividend 5.3% as Shares Climb 5.9%
GRC sits 74% above its 52-week low of $42.31.
Summary
Gorman-Rupp posted Q3 profit of $22.7 million, or 86 cents a share, versus $11.3 million, or 43 cents, a year earlier. Revenue rose 12% to $193.3 million, topping the $181.6 million FactSet consensus, and adjusted EPS of 86 cents beat the 70 cents analysts expected. Volume growth and first-quarter price increases drove the top line. The company also raised its quarterly dividend 5.3% to 20 cents from 19 cents, extending its streak of annual increases to 54 years. Shares rose 5.9% to $74.31 and are up 56% year-to-date; the 8-K furnishing the release hit the tape at 13:14 ET.
At the time of this announcement, GRC was trading at $73.43 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $42.31 to $92.78. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.