MANSFIELD -- The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.17 per share on the common shares of the Company, payable Dec. 10, 2021, to shareholders of record Nov. 15, 2021.
The cash dividend will represent a 9.7% increase over the $0.155 dividend per share paid in the previous quarter. This is the 49th consecutive year of increased dividends, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.
In addition, the Company announced that its Board of Directors has authorized a share repurchase program of up to $50 million of the Company’s common stock. Shares may be repurchased from time to time by the Company through a variety of authorized methods.
The actual number of shares repurchased will depend on prevailing market conditions, alternative uses of capital and other factors, and will be determined at management’s discretion. The Company is not obligated to make any purchases under the program, and the program may be suspended or discontinued at any time. The authorization does not have an expiration date.
Jeffrey S. Gorman, Chairman, and CEO commented, “Gorman-Rupp is extremely proud to continue our long history of dividend payments and increased annual dividends. The dividend increase along with the share repurchase program are the continuation of our history of returning capital to shareholders and reflect the strength of our balance sheet and our ongoing confidence in the long-term outlook for Gorman-Rupp.”
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.