Gorman-Rupp Reports Third Quarter 2020 Financial Results and Announces Executive Promotions
MANSFIELD, Ohio–(BUSINESS WIRE)–The Gorman-Rupp Company (NYSE: GRC) reports financial results for the third quarter and nine months ended September 30, 2020.
Third Quarter 2020 Highlights
- Third quarter earnings per share were $0.28 compared to $0.37 per share for the third quarter of 2019
– Third quarter of 2020 included a non-cash pension settlement charge of $0.03 per share
– Third quarter earnings per share improved over second quarter of 2020 due to increased sales and cost containment efforts
- Net sales decreased 10.4% or $10.3 million compared to the third quarter of 2019 and increased 3.7% compared to the second quarter of 2020
- Scott A. King promoted to President and Chief Operating Officer effective January…