The Gorman-Rupp Company (AMEX:GRC), an Ohio-based pump manufacturer, said Thursday its fourth quarter net income more than doubled on increased sales.
For the fourth quarter ended December 31, net income for the quarter increased to roughly $9.7million, or 57 cents per share, compared to $3.7 million, or 22 cents per share, in the year-ago period.
Analysts expected the company to earn 36 cents a share on revenues of roughly $75.3 million.
Sales increased 36.1% year-over-year to $84.7 million, driven by increased sales in the municipal, construction, rental and industrial markets. The sales of National Pump, which the company acquired in October 2010, are included in the results.
While sales to most markets increased in 2010, the company said, the original equipment manufacturer market continued to be weak.
For fiscal 2010, net income increased 42.1% year-over-year to nearly $26 million, or $1.55 per share. Sales were $296.8 million, up from $266.2 million.
"After experiencing a very challenging 2009 the company finished 2010 strong,” said CEO Jeffrey S. Gorman.
“With a solid order backlog and the full integration of National Pump Company, we are increasingly optimistic that 2011 will be a good year for the company.”
At year end, the company had a backlog of 107.4 million, a 14.6% increase from $93.7 million a year ago.
The company’s shares are up roughly 6% to trade at $34.49 as of 2:12 pm EST.