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Net sales for the six months ended June 30, 2010, totaled $138,166,000, down 1.3% from the same period in 2009. Net income increased 8.3% to $10,153,000 compared to the first six months of 2009. Earnings per share were $0.61 and $0.56 for the two periods.
The company reports that the increase in net sales during the 2010 second quarter was positively impacted by the early stages of economic recovery and is due primarily to increases in sales to the international fire protection market, custom pump applications and the construction and rental market, partially offset by decreases in sales to the OEM and the domestic fire protection markets.
The increase in earnings for the quarter reflects continued cost savings implemented in 2009 that also contributed to the 16.8% increase in operating income. Changes in principal operating expenses, including LIFO and employee benefit costs, generally offset each other in the current quarter compared to the same period last year.
For more information, visit www.gormanrupp.com.