The Gorman-Rupp Company Reports Net Income of $6.52 Million for Q1 2023

The Gorman-Rupp Company,(GRC) a leading manufacturer of pu mps and pumping systems, has released its unaudited financial statements for the first quarter of 2023. The company reported net income of $6.52 million for the three months ended March 31, 2023. This figure represents a decrease compared to the same period last year, where the net income was $7.54 million. Additionally, the company's revenue for Q1 2023 amounted to $160.47 million, showing significant growth from $102.17 million in the first quarter of 2022.

Let's take a closer look at the key financial data from The Gorman-Rupp Company's unaudited financial statements.

Net Income for Q1 2023

The Gorman-Rupp Company's net income for the first quarter of 2023 amounted to $6.52 million. This figure reflects a decline compared to the same period in 2022 when the net income was reported at $7.54 million. The decrease in net income can be attributed to various factors, including changes in sales, expenses, and other financial activities during the quarter.