Gorman-Rupp (NYSE: GRC) reported Q1 EPS of $0.28, $0.12 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $99.2 million versus the consensus estimate of $118.77 million.

The Company’s backlog of orders was $158.9 million at March 31, 2015 compared to $171.7 million a year ago and $160.7 million at December 31, 2014. The decrease in backlog from a year ago is due principally to record shipments during 2014 including approximately $22.0 million related to the PCCP project during the last four quarters. Approximately $39.1 million of orders related to the PCCP project remain in the March 31, 2015 backlog total. The PCCP project contract was increased for several contract additions totaling $4.7 million during the quarter. Approximately $32.9 million of the total remaining PCCP project are scheduled to ship during 2015 and $6.2 million during the first two quarters of 2016. Encouragingly, incoming orders during the first quarter of 2015 were comparable to the same period last year and increased $2.2 million compared to the fourth quarter of 2014 due principally to the beginning of the normal agricultural season, large volume pumps for wastewater and change orders for the PCCP project.

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