Gorman-Rupp (NYSE: GRC) reported Q4 EPS of $0.36, $0.03 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $103 million versus the consensus estimate of $100.49 million.

• Fourth quarter earnings per share were $0.36 compared to $0.31 per share for the fourth quarter of 2017
• Fourth quarter of 2018 included a special cash bonus paid to all employees in connection with the U.S. Tax Cuts and Jobs Act of $0.04 per share and an unfavorable LIFO impact of $0.03 per share
• Lower effective income tax rate in the fourth quarter of 2018 due primarily to the U.S. Tax Cuts and Jobs Act
• Net sales increased 8.5% or $8.1 million
• A special cash dividend of $2.00 per share was paid to shareholders on December 10, 2018

Jeffrey S. Gorman, President and CEO commented, “During the fourth quarter, we were pleased to make two special payouts from our strong cash position. All shareholders of the Company received a special dividend of $2.00 per share. In addition, each employee of the Company received a cash bonus of $1,000. Both of these one-time distributions were made possible in part due to the lower U.S. corporate tax rate and our strong cash flow. Ample liquidity remains in place for operations and possible acquisitions.

“We completed 2018 with most of the major markets we serve continuing on a positive track. We have implemented pricing actions that we expect to offset margin pressure from material cost inflation and tariffs, and will closely monitor material costs and pricing going forward. We are optimistic that our diverse products and markets and our commitment to quality and customer service will allow us to drive positive growth over the longer-term.”

For earnings history and earnings-related data on Gorman-Rupp (GRC) click here.