The Gorman-Rupp Company reported net sales of $162.7 million for the fourth quarter of 2024, a 1.3% increase from $160.6 million in the prior year, primarily due to pricing increases. For the full year 2024, net sales were $659.7 million, a marginal increase of 0.1% from $659.5 million in 2023, also driven by pricing actions.
Net income for the fourth quarter increased by 22.2% to $11.0 million, or $0.42 per share, compared to $9.0 million, or $0.34 per share, in Q4 2023. Full-year 2024 net income rose by 14.6% to $40.1 million, or $1.53 per share, from $35.0 million, or $1.34 per share, in 2023. Adjusted earnings per share for 2024 were $1.75, a 27.7% increase from $1.37 in 2023.
The company achieved a full-year gross margin of 31.0%, up from 29.8% in 2023, and operating income increased by 5% to $91.4 million. Interest expense significantly decreased to $33.6 million for 2024 from $41.3 million in 2023, a direct result of debt refinancing completed on May 31, 2024. Total debt was reduced by $43.0 million during 2024, and capital expenditures for 2025 are planned at approximately $20.0 million.
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