Gorman-Rupp (GRC) Declares $0.115 Quarterly Dividend; 2% Yield
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Gorman-Rupp Reports Third Quarter 2016 Financial Results and Announces Cash Dividend Increase
October 28, 2016 6:45 AM EDTMANSFIELD, Ohio--(BUSINESS WIRE)-- The Gorman-Rupp Company (NYSE MKT: GRC) reports financial results for the third quarter and nine months ended September 30, 2016.
Net sales during the third quarter were $91.3 million compared to $104.2 million during the third quarter of 2015, a decrease of 12.4% or $12.9 million. Excluding sales from the New Orleans Permanent Canal Closures & Pumps (PCCP) project of $1.6 million in the third quarter of 2016 and $9.8 million for the same period in 2015, net sales during the quarter decreased 5.0%. Domestic sales decreased 19.3% or $13.9 million while international sales increased 3.3% or $1.0 million compared to the same period in 2015.
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