MANSFIELD, Ohio - The Gorman-Rupp Company (NYSE:GRC), a leading pump manufacturer, has announced an increase in its quarterly cash dividend to $0.185 per share, to be paid on December 10, 2024, for shareholders on record as of November 15, 2024. This marks a 2.8% increase from the previous quarter's dividend of $0.18 per share.
The upcoming dividend payment will continue Gorman-Rupp's long-standing tradition of rewarding its shareholders, representing the 299th consecutive quarterly dividend. Notably, this increase also signifies the 52nd consecutive year that the company has raised its dividend, a milestone that places Gorman-Rupp among the top 50 U.S. public companies for the number of years of consistent dividend growth.
Founded in 1933, The Gorman-Rupp Company has established itself as a key player in the design, manufacturing, and international marketing of pumps and pump systems across various industries, including water, wastewater, construction, and HVAC, among others.
The company's commitment to consistent shareholder returns is underscored by its impressive track record of dividend payments. This financial discipline reflects Gorman-Rupp's operational resilience and strategic focus, despite the forward-looking statements in their press release indicating potential risks and uncertainties that could impact operations and financial performance. These include general economic conditions, supply chain dynamics, and integration of acquisitions, among other factors.
This announcement is based on a press release statement, and it highlights Gorman-Rupp's dedication to delivering shareholder value while navigating the complexities of the global market. As the company prepares to distribute its 299th consecutive dividend, investors may view this as a testament to its financial stability and prudent management approach.
InvestingPro Insights
Gorman-Rupp's recent dividend increase aligns with its impressive track record of shareholder returns, as highlighted by InvestingPro data. The company's dividend yield stands at 1.89%, with a notable dividend growth of 2.86% over the last twelve months. This consistent dividend performance is further emphasized by two key InvestingPro Tips: Gorman-Rupp has raised its dividend for 4 consecutive years and has maintained dividend payments for an impressive 54 consecutive years.
The company's financial health appears robust, with InvestingPro data showing a market capitalization of $998.74 million and a revenue of $656.8 million over the last twelve months as of Q2 2024. Gorman-Rupp's profitability is evident, with a gross profit of $201.54 million and an EBITDA of $116.75 million during the same period. This financial stability is reinforced by another InvestingPro Tip, which indicates that the company's liquid assets exceed its short-term obligations.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 6 more tips for Gorman-Rupp. These additional tips could provide valuable context for understanding the company's market position and future prospects in the pump manufacturing industry.
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