Gorman-Rupp Company Announces Special Cash Dividend of $2.00 Per Share and an 8.0% Increase in Regular Quarterly Cash Dividend
October 26 2018 - 6:45AM
Business Wire
The Board of Directors of The Gorman-Rupp Company (NYSE: GRC)
has declared a special cash dividend of $2.00 per share on the
common stock of the Company, payable December 10, 2018, to
shareholders of record November 15, 2018. The aggregate payment
will be approximately $52 million paid from cash on hand.
The Board of Directors also has declared a quarterly cash
dividend of $0.135 per share on the common stock of the Company,
payable December 10, 2018, to shareholders of record November 15,
2018. This cash dividend will represent an 8.0% increase over the
dividend paid in the previous quarter. This will mark the 275th
consecutive quarterly dividend paid by The Gorman-Rupp Company and
the 46th consecutive year of increased dividends paid to its
shareholders.
Jeffrey S. Gorman, President and CEO commented, “We are pleased
to announce a special dividend to our shareholders of $2.00 per
share as well as an increase to our regular quarterly dividend.
Given our strong balance sheet and financial performance, we have
the opportunity to distribute excess cash to shareholders through
this special dividend while preserving financial and operational
flexibility to continue to invest in opportunities to profitably
grow our business over the longer-term. At the same time, we remain
committed to returning capital to shareholders through our regular
quarterly dividend.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer,
manufacturer and international marketer of pumps and pump systems
for use in diverse water, wastewater, construction, dewatering,
industrial, petroleum, original equipment, agriculture, fire
protection, heating, ventilating and air conditioning (HVAC),
military and other liquid-handling applications.
Safe Harbor Statement
In connection with the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, The Gorman-Rupp Company
provides the following cautionary statement: This news release
contains various forward-looking statements based on assumptions
concerning The Gorman-Rupp Company’s operations, future results and
prospects. These forward-looking statements are based on current
expectations about important economic, political, and technological
factors, among others, and are subject to risks and uncertainties,
which could cause the actual results or events to differ materially
from those set forth in or implied by the forward-looking
statements and related assumptions. Such factors include, but are
not limited to: (1) continuation of the current and projected
future business environment; (2) highly competitive markets;
(3) availability and costs of raw materials; (4) loss of
key management; (5) cyber security threats;
(6) acquisition performance and integration;
(7) compliance with, and costs related to, a variety of import
and export laws and regulations; (8) environmental compliance
costs and liabilities; (9) exposure to fluctuations in foreign
currency exchange rates; (10) conditions in foreign countries
in which The Gorman-Rupp Company conducts business;
(11) changes in our tax rates and exposure to additional
income tax liabilities; (12) impairment in the value of
intangible assets, including goodwill; (13) defined benefit
pension plan settlement expense; (14) family ownership of
common equity; and (15) risks described from time to time in
our reports filed with the Securities and Exchange Commission.
Except to the extent required by law, we do not undertake and
specifically decline any obligation to review or update any
forward-looking statements or to publicly announce the results of
any revisions to any of such statements to reflect future events or
developments or otherwise.
Brigette A. BurnellCorporate SecretaryThe Gorman-Rupp
CompanyTelephone (419) 755-1246NYSE: GRC
For additional information, contact James C. Kerr, Chief
Financial Officer, Telephone (419) 755-1548.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181026005037/en/
The Gorman-Rupp CompanyJames C. Kerr, Chief Financial Officer,
419-755-1548
Gorman Rupp (NYSE:GRC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gorman Rupp (NYSE:GRC)
Historical Stock Chart
From Apr 2023 to Apr 2024