- The Gorman-Rupp Company (GRC, Financial) reported a 2.9% increase in net sales to $163.9 million for Q1 2025, compared to Q1 2024.
- First quarter 2025 net income totaled $12.1 million, or $0.46 per share, marking a 53% increase from $7.9 million, or $0.30 per share, in Q1 2024.
- Adjusted EBITDA for Q1 2025 rose to $29.7 million, a 5.3% increase from Q1 2024.
The Gorman-Rupp Company (GRC) has released its financial results for the first quarter ending March 31, 2025. The company experienced a growth in net sales of 2.9%, reaching $163.9 million compared to $159.3 million in the same quarter of 2024. The increase in sales was driven by a rise of $1.8 million in the municipal market and $3.2 million in the repair market, attributed to infrastructure investment projects.
First quarter net income showed significant improvement, increasing to $12.1 million, or $0.46 per share, from $7.9 million, or $0.30 per share, in the first quarter of 2024. This translates to a 53% increase in earnings per share. Gross profit for the quarter was $50.3 million, with a gross margin of 30.7% compared to 30.4% in the previous year.
Operating income for Q1 2025 was $22.1 million, reflecting an operating margin of 13.5%, up from 12.8% in Q1 2024. Interest expense decreased significantly to $6.2 million from $10.1 million, largely due to refinancing activities completed on May 31, 2024.
Adjusted EBITDA for the quarter was $29.7 million, marking a 5.3% increase from the $28.2 million reported in Q1 2024. The company's backlog of orders at the end of the quarter was $217.8 million, compared to $234.2 million at the same time last year.
Net cash provided by operating activities doubled to $21.1 million, compared to $10.7 million in the first quarter of 2024. Capital expenditures for the quarter were $3.0 million, primarily for machinery and equipment, with full-year expenditures expected to reach approximately $20.0 million.
