The Gorman-Rupp Company reported a slight increase in net sales for the fiscal year ending December 31, 2024, reaching $659.7 million, up from $659.5 million in 2023. This marginal growth of 0.1% was primarily attributed to price increases implemented in the first quarter of 2024. The company experienced notable sales increases in the municipal market, which rose by $21.5 million, and the repair market, which saw a $5.3 million increase, driven by domestic flood control and wastewater projects. However, these gains were partially offset by a $22.1 million decline in the fire suppression market, as sales normalized after a surge in 2023.
Gorman-Rupp's gross profit for 2024 was $204.3 million, resulting in a gross margin of 31.0%, an improvement from 29.8% in the previous year. This increase was supported by a 200 basis point reduction in material costs and a 150 basis point contribution from realized selling price increases. Operating income also rose to $91.4 million, reflecting a 5.1% increase from $87.0 million in 2023, with an operating margin of 13.9%. The company reported net income of $40.1 million, or $1.53 per share, compared to $35.0 million, or $1.34 per share, in 2023, marking a 14.8% increase in profitability.
In terms of strategic developments, Gorman-Rupp continued to focus on its acquisition strategy, having successfully integrated the Fill-Rite division, which contributed to its revenue growth. The company also maintained a strong international presence, shipping products to approximately 140 countries, with no single foreign country accounting for more than 10% of total net sales. The company’s workforce comprised approximately 1,450 employees, with 87% based in the U.S., reflecting its commitment to domestic manufacturing.
Looking ahead, Gorman-Rupp expressed optimism about its future performance, citing a healthy backlog of $206.0 million as of December 31, 2024, which is expected to drive revenue in 2025. The company anticipates benefiting from ongoing infrastructure spending and strong demand for flood control and stormwater management solutions. Additionally, Gorman-Rupp plans to continue its tradition of increasing dividends, having declared its 300th consecutive quarterly dividend, reinforcing its commitment to returning value to shareholders while pursuing long-term profitable growth.
About GORMAN RUPP CO
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