Gorman-Rupp第二季銷售1.861億美元創紀錄 純利升23%至每股0.74美元

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 EX-99
 
 
 Exhibit 99

  
GORMAN-RUPP REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
 
Mansfield, Ohio – July 24, 2026 – The Gorman-Rupp Company (NYSE: GRC) reports financial results for the second quarter ended June 30, 2026.
 
Second Quarter 2026 Highlights
•Record net sales of $186.1 million increased 3.9%, or $7.1 million, compared to the second quarter of 2025

•Record net income of $19.4 million, or $0.74 per share, compared to net income of $15.8 million, or $0.60 per share, for the second quarter of 2025

•Adjusted EBITDA1 was $38.2 million and 20.5% of sales, an increase of $2.9 million, or 8.3%, over the second quarter of 2025

Net sales for the second quarter of 2026 were $186.1 million compared to net sales of $179.0 million for the second quarter of 2025, an increase of 3.9%, or $7.1 million. The increase was driven by volume growth as well as price increases taken in the first quarter of 2026. Sales increased $4.7 million in the construction market due to increased demand in mining and sales of rental equipment and $4.2 million in the agriculture market due to broad-based improvement across Fill-Rite's sales channels. In addition, sales increased $1.6 million in the industrial market and $0.9 million in the OEM market due to increased demand related to data centers. These increases were partially offset by sales decreases of $2.2 million in the fire suppression market primarily due to reduced international shipments, $1.1 million in the municipal market, $0.6 million in the repair market, and $0.4 million in the petroleum market.
 
Gross profit was $60.6 million for the second quarter of 2026, resulting in gross margin of 32.6%, compared to gross profit of $56.1 million and gross margin of 31.3% for the same period in 2025. The 130 basis point increase in gross margin was driven by improved margin on material including an 80 basis point improvement due to the realization of price increases and favorable product mix, as well as a 50 basis point reduction in LIFO costs. 
 
Selling, general and administrative (“SG&A”) expenses were $27.1 million and 14.6% of net sales for the second quarter of 2026 compared to $26.0 million and 14.5% of net sales for the same period in 2025. SG&A expenses increased due to higher advertising expenses as well as increased freight out costs driven by increased sales. 
 
Operating income was $30.4 million for the second quarter of 2026, resulting in an operating margin of 16.3%, compared to operating income of $26.9 million and an operating margin of 15.0% for the same period in 2025. The 130 basis point increase in operating margin was driven by price increase realization, favorable product mix, and a reduction in LIFO costs.
 
Interest expense was $4.7 million for the second quarter of 2026 compared to $6.0 million for the same period in 2025. The decrease in interest expense was due primarily to a decrease in outstanding debt. 
 
Net income was $19.4 million, or $0.74 per share, for the second quarter of 2026 compared to net income of $15.8 million, or $0.60 per share, in the second quarter of 2025. 
 
Adjusted EBITDA1 was $38.2 million and 20.5% of sales for the second quarter of 2026 compared to $35.3 million and 19.7% of sales for the second quarter of 2025. 
 

  

 
  

 Year to date 2026 Highlights
•Net sales of $362.7 million increased 5.7%, or $19.7 million, compared to the first six months of 2025

•Net income of $37.3 million, or $1.41 per share, compared to net income of $27.9 million, or $1.06 per share, for the first six months of 2025

•Adjusted EBITDA1 was $73.7 million and 20.3% of sales, an increase of $8.7 million, or 13.5%, over the first six months of 2025

•Total debt decreased $33.0 million through the first six months of 2026

 
Net sales for the first six months of 2026 were $362.7 million compared to net sales of $343.0 million for the first six months of 2025, an increase of 5.7%, or $19.7 million. Sales increased in the majority of our markets including a sales increase of $11.2 million in the construction market due to increased demand in mining and sales of rental equipment, $8.6 million in the agriculture market due to broad-based improvement across Fill-Rite's sales channels, $5.2 million in the industrial market due to increased domestic investment, $2.6 million in the OEM market and $1.9 million in the municipal market. Offsetting these increases was a decrease of $7.6 million in the fire suppression market primarily due to reduced international shipments. Sales also decreased $1.4 million in the repair market and $0.8 million in the petroleum market.
 
Gross profit was $118.0 million for the first six months of 2026, resulting in gross margin of 32.5%, compared to gross profit of $106.4 million and gross margin of 31.0% for the same period in 2025. The 150 basis point increase in gross margin included a 110 basis point improvement in margin on material driven by a 90 basis point improvement due to price increase realization and favorable product mix and a 20 basis point decrease in LIFO expense, as well as a 40 basis point improvement in leverage on labor and overhead expense resulting from increased sales.
 
SG&A expenses were $53.9 million and 14.9% of net sales for the first six months of 2026 compared to $51.1 million and 14.9% of net sales for the same period in 2025. SG&A expenses increased due to higher advertising expenses related to trade show activity, as well as increased freight out costs driven by increased sales.
 
Operating income was $57.9 million for the first six months of 2026, resulting in an operating margin of 16.0%, compared to operating income of $49.0 million and an operating margin of 14.3% for the same period in 2025. Operating margin in the first six months of 2026 increased 170 basis points compared to the same period in 2025 primarily driven by price increase realization, favorable product mix, and a reduction in LIFO costs, as well as improved leverage on labor and overhead expense resulting from increased sales.
 
Interest expense was $9.6 million for the first six months of 2026 compared to $12.2 million for the same period in 2025. The decrease in interest expense was primarily due to a decrease in outstanding debt.
 
Net income was $37.3 million, or $1.41 per share, for the first six months of 2026 compared to net income of $27.9 million, or $1.06 per share, for the first six months of 2025. 
 
Adjusted EBITDA1 was $73.7 million and 20.3% of net sales for the first six months of 2026 compared to $65.0 million and 18.9% of net sales for the first six months of 2025. 
 
Incoming orders for the first six months of 2026 were $370.8 million, an increase of 1.4%, or $5.1 million, compared to the same period in 2025. The Company’s backlog of orders was $239.7 million at June 30, 2026 compared to $224.4 million at June 30, 2025 and $244.0 million at December 31, 2025. 
 
Net cash provided by operating activities for the first six months of 2026 was $62.5 million compared to $48.9 million for the same period in 2025. The increase in cash provided by operating activities in the first six months of 2026 compared to the same period last year was primarily due to increased net income. Capital expenditures for the first six months of 2026 were $7.9 million and consisted primarily of machinery and equipment. Capital expenditures for the full-year 2026 are presently planned to be approximately $22.0 - $24.0 million. Total debt decreased $33.0 million during the first six months of 2026.
 
Scott A. King, President and CEO, commented, “Our strong start to the year continued into the second quarter. We are pleased with our record second quarter results, which included record net sales and earnings per share. Sales growth was broad-based across many of our markets, led by increased demand in construction and agriculture, as well as increased demand related to data centers across multiple end markets. Our margins remained strong in the second quarter and our earnings performance through the first half of 2026 helped generate solid operating cash flows. The 

  

 
  

 strong cash flows allowed us to reduce total debt by $33.0 million during the first six months of 2026 while continuing to invest in the business. Incoming orders and backlog remained healthy, positioning us well for the second half of the year.”
 
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
 
(1) Non-GAAP Information
This release includes certain non-GAAP financial data and measures such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is net income (loss) excluding interest, taxes, depreciation and amortization, adjusted to exclude non-cash LIFO2 expense. Management utilizes these adjusted financial data and measures to assess comparative operations against those of prior periods without the distortion of non-comparable factors. The inclusion of these adjusted measures should not be construed as an indication that the Company’s future results will be unaffected by unusual or infrequent items or that the items for which the Company has made adjustments are unusual or infrequent or will not recur. Further, the impact of the LIFO inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO and depending upon which LIFO method they may elect. The Gorman-Rupp Company believes that these non-GAAP financial data and measures also will be useful to investors in assessing the strength of the Company’s underlying operations and liquidity from period to period. These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. Provided below is a reconciliation of Adjusted EBITDA to its corresponding GAAP financial measures, which includes a description of actual adjustments made in the current period and the corresponding prior period.
 
(2) LIFO Inventory Method 
The majority of the Company’s inventories are valued on the last-in, first-out (LIFO) method and stated at the lower of cost or market. Current cost approximates replacement cost, or market, and LIFO cost is determined at the end of each fiscal year based on inventory levels on-hand at current replacement cost and a LIFO reserve. The Company uses the simplified LIFO method, under which the LIFO reserve is determined utilizing the inflation factor specified in the Producer Price Index for Machinery and Equipment – Pumps, Compressors and Equipment, as published by the U.S. Bureau of Labor Statistics. Interim LIFO calculations are based on management’s estimate of the expected year-end inflation index and, as such, are subject to adjustment each quarter. When inflation increases, the LIFO reserve and non-cash expense increase. 
 
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, retention of supplier and customer relationships and key employees, and the ability to service and repay indebtedness. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) growth through acquisitions; (4) the Company’s indebtedness and how it may impact the Company’s financial condition and the way it operates its business; (5) impairment in the value of intangible assets, including goodwill; (6) defined benefit pension plan settlement expense; (7) LIFO inventory method; and (8) family ownership of common equity; and general risk factors including (9) continuation of the current and projected future business environment; (10) highly competitive markets; (11) availability and costs of raw materials and labor; (12) cybersecurity threats; (13) artificial intelligence risk and challenges that can impact our business; (14) compliance with, and costs related to, a variety of import and export laws and regulations; (15) the impact of U.S. trade policy, including resulting tariffs; (16) environmental compliance costs and liabilities; (17) exposure to fluctuations in foreign currency exchange rates; (18) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (19) changes in our tax rates and exposure to additional income tax liabilities; and (20) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and 

  

 
  

 specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise. 
 
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
 
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.
 
 
 

  

 
  

 The Gorman-Rupp Company
Condensed Consolidated Statements of Income (Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Three Months EndedJune 30,

  

  

 Six Months EndedJune 30,

  

 

 
 (Dollars in thousands, except per share amounts)

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net sales

 $

 186,065

  

  

 $

 179,045

  

  

 $

 362,658

  

  

 $

 342,994

  

 

 
 Cost of products sold

  

 125,458

  

  

  

 122,992

  

  

  

 244,691

  

  

  

 236,609

  

 

 
 Gross profit

  

 60,607

  

  

  

 56,053

  

  

  

 117,967

  

  

  

 106,385

  

 

 
 Selling, general and administrative expenses

  

 27,117

  

  

  

 26,039

  

  

  

 53,920

  

  

  

 51,146

  

 

 
 Amortization expense

  

 3,080

  

  

  

 3,102

  

  

  

 6,159

  

  

  

 6,202

  

 

 
 Operating income

  

 30,410

  

  

  

 26,912

  

  

  

 57,888

  

  

  

 49,037

  

 

 
 Interest expense

  

 (4,659

 )

  

  

 (5,990

 )

  

  

 (9,626

 )

  

  

 (12,192

 )

 

 
 Other income (expense), net

  

 (367

 )

  

  

 (538

 )

  

  

 (626

 )

  

  

 (926

 )

 

 
 Income before income taxes

  

 25,384

  

  

  

 20,384

  

  

  

 47,636

  

  

  

 35,919

  

 

 
 Provision for income taxes

  

 5,952

  

  

  

 4,587

  

  

  

 10,364

  

  

  

 7,994

  

 

 
 Net income

 $

 19,432

  

  

 $

 15,797

  

  

 $

 37,272

  

  

 $

 27,925

  

 

 
 Earnings per share

 $

 0.74

  

  

 $

 0.60

  

  

 $

 1.41

  

  

 $

 1.06

  

 

 
 Average number of shares outstanding

  

 26,407,865

  

  

  

 26,307,998

  

  

  

 26,373,742

  

  

  

 26,277,592

  

 

  

  

 
  

 The Gorman-Rupp Company
Condensed Consolidated Balance Sheets (Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 (unaudited)

  

  

  

  

 

 
 (Dollars in thousands)

  

 June 30,2026

  

  

 December 31,2025

  

 

 
 Assets

  

 

 
 Cash and cash equivalents

  

 $

 43,595

  

  

 $

 35,083

  

 

 
 Accounts receivable, net

  

  

 107,775

  

  

  

 88,378

  

 

 
 Inventories, net

  

  

 87,130

  

  

  

 96,457

  

 

 
 Prepaid and other

  

  

 9,637

  

  

  

 13,776

  

 

 
 Total current assets

  

  

 248,137

  

  

  

 233,694

  

 

 
 Property, plant, and equipment

  

  

 133,293

  

  

  

 134,131

  

 

 
 Other assets

  

  

 21,202

  

  

  

 22,192

  

 

 
 Goodwill and other intangible assets, net

  

  

 463,819

  

  

  

 470,038

  

 

 
 Total assets

  

 $

 866,451

  

  

 $

 860,055

  

 

 
 Liabilities and equity

  

 

 
 Accounts payable

  

 $

 29,927

  

  

 $

 25,885

  

 

 
 Current portion of long-term debt

  

  

 —

  

  

  

 23,125

  

 

 
 Accrued liabilities and expenses

  

  

 58,479

  

  

  

 49,602

  

 

 
 Total current liabilities

  

  

 88,406

  

  

  

 98,612

  

 

 
 Pension benefits

  

  

 4,529

  

  

  

 5,149

  

 

 
 Postretirement benefits

  

  

 25,403

  

  

  

 24,803

  

 

 
 Long-term debt, net of current portion

  

  

 274,998

  

  

  

 284,406

  

 

 
 Other long-term liabilities

  

  

 31,681

  

  

  

 32,362

  

 

 
 Total liabilities

  

  

 425,017

  

  

  

 445,332

  

 

 
 Shareholders' equity

  

  

 441,434

  

  

  

 414,723

  

 

 
 Total liabilities and shareholders' equity

  

 $

 866,451

  

  

 $

 860,055

  

 

  

  

 
  

 The Gorman-Rupp Company
Condensed Consolidated Statements of Cash Flows (Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 

 
  

 Six Months EndedJune 30,

  

 

 
 (Dollars in thousands)

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

 

 
 Net income

 $

 37,272

  

  

 $

 27,925

  

 

 
 Adjustments to reconcile net income to net cash provided by operating activities:

  

  

  

  

  

 

 
 Depreciation and amortization

  

 14,073

  

  

  

 13,937

  

 

 
 LIFO expense

  

 2,394

  

  

  

 2,923

  

 

 
 Pension expense

  

 1,045

  

  

  

 1,392

  

 

 
 Stock based compensation

  

 2,535

  

  

  

 2,064

  

 

 
 Contributions to pension plans

  

 (1,239

 )

  

  

 (1,224

 )

 

 
 Amortization of debt issuance fees

  

 591

  

  

  

 591

  

 

 
 Other

  

 206

  

  

  

 161

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

 

 
 Accounts receivable, net

  

 (19,855

 )

  

  

 (9,496

 )

 

 
 Inventories, net

  

 6,097

  

  

  

 1,572

  

 

 
 Accounts payable

  

 4,265

  

  

  

 2,559

  

 

 
 Commissions payable

  

 (431

 )

  

  

 1,066

  

 

 
 Deferred revenue and customer deposits

  

 2,531

  

  

  

 (485

 )

 

 
 Income taxes

  

 8,879

  

  

  

 664

  

 

 
 Accrued expenses and other

  

 (3,207

 )

  

  

 2,504

  

 

 
 Benefit obligations

  

 7,306

  

  

  

 2,735

  

 

 
 Net cash provided by operating activities

  

 62,462

  

  

  

 48,888

  

 

 
 Cash flows from investing activities:

  

  

  

  

  

 

 
 Capital additions

  

 (7,862

 )

  

  

 (5,977

 )

 

 
 Other

  

 177

  

  

  

 59

  

 

 
 Net cash used for investing activities

  

 (7,685

 )

  

  

 (5,918

 )

 

 
 Cash flows from financing activities:

  

  

  

  

  

 

 
 Cash dividends

  

 (10,017

 )

  

  

 (9,720

 )

 

 
 Treasury share repurchases

  

 (2,649

 )

  

  

 (1,152

 )

 

 
 Payments to banks for borrowings

  

 (33,000

 )

  

  

 (30,000

 )

 

 
 Other

  

 (61

 )

  

  

 (59

 )

 

 
 Net cash used for financing activities

  

 (45,727

 )

  

  

 (40,931

 )

 

 
 Effect of exchange rate changes on cash

  

 (538

 )

  

  

 733

  

 

 
 Net increase in cash and cash equivalents

  

 8,512

  

  

  

 2,772

  

 

 
 Cash and cash equivalents:

  

  

  

  

  

 

 
 Beginning of period

  

 35,083

  

  

  

 24,213

  

 

 
 End of period

 $

 43,595

  

  

 $

 26,985

  

 

  
 
 
 
 
 
 
 

  

 
  

 The Gorman-Rupp Company
Non-GAAP Financial Information
(Dollars in thousands, except per share data)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months EndedJune 30,

  

  

 Six Months EndedJune 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Adjusted EBITDA:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income –GAAP basis

  

 $

 19,432

  

  

 $

 15,797

  

  

 $

 37,272

  

  

 $

 27,925

  

 

 
 Interest expense

  

  

 4,659

  

  

  

 5,990

  

  

  

 9,626

  

  

  

 12,192

  

 

 
 Provision for income taxes

  

  

 5,952

  

  

  

 4,587

  

  

  

 10,364

  

  

  

 7,994

  

 

 
 Depreciation and amortization expense

  

  

 7,080

  

  

  

 6,974

  

  

  

 14,073

  

  

  

 13,937

  

 

 
 Non-GAAP earnings before interest, taxes, depreciation and amortization

  

  

 37,123

  

  

  

 33,348

  

  

  

 71,335

  

  

  

 62,048

  

 

 
 Non-cash LIFO expense

  

  

 1,078

  

  

  

 1,928

  

  

  

 2,394

  

  

  

 2,923

  

 

 
 Non-GAAP adjusted EBITDA:

  

 $

 38,201

  

  

 $

 35,276

  

  

 $

 73,729

  

  

 $

 64,971