Gorman-Rupp reports Q4 EPS 34c vs. 11c last year

Reports Q4 revenue $160.6M vs. $146.0M last year. CEO Scott King commented, “2023 marked another significant milestone as we celebrated our 90th anniversary…In addition, we achieved our second consecutive year of double-digit organic sales growth and saw a significant improvement in Adjusted EBTIDA to a record $121.7M. Our strong results allowed us to improve debt net of cash by $58M during the year and to improve our leverage significantly from mid-2022 when we acquired Fill-Rite. In addition to improving our leverage we continued to invest for growth, including the relocation and expansion of Fill-Rite’s manufacturing facility in Lenexa, Kansas. We also increased our dividends paid to shareholders for the 51st consecutive year. As expected, our backlog has come down from the record levels that we saw in early 2023 but remains elevated as we enter 2024. We expect backlog to return to more normal levels during 2024…”