A: Gorman-Rupp Co., $34.47, symbol GRC on New York (Shares outstanding: 26.1 million; Market cap: $880.7 million; www.grpumps.com), engages in the design, manufacture and sale of pumps and related equipment.
The company’s pumps are varied: self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed flow, rotary gear, diaphragm, bellows, and oscillating pumps. Its products are used in water, wastewater, construction, industrial, petroleum, agricultural, fire protection, HVAC, and other liquid-handling applications.
Gorman-Rupp posted weaker results for its first quarter, ended June 30, 2020. Revenue fell 20.7%, to $85.8 million from $108.3 million a year earlier. That reflects a 20.2% drop in domestic sales and 22.0% decrease in international sales.
Sales decreased across all of the company’s markets, primarily as a result of the COVID-19 pandemic. Many of its customers are considered “essential” and have remained operational, although in some cases in a limited capacity. This, together with the overall economic downturn that has resulted from the pandemic, slowed demand in the latest quarter.
The…
Privacy Policy and Terms of Use
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Changes to this Policy
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