Revenue during the quarter dropped 7.63 percent to $92.60 million from $100.26 million in the previous year period. Gross margin for the quarter expanded 5 basis points over the previous year period to 22.89 percent. Total expenses were 92.46 percent of quarterly revenues, up from 90.80 percent for the same period last year. That has resulted in a contraction of 167 basis points in operating margin to 7.54 percent.

Operating income for the quarter was $6.98 million, compared with $9.23 million in the previous year period.

Jeffrey S. Gorman, President and CEO commented, "We saw above expected sales growth in construction and industrial, hopefully signaling more opportunities in these markets. Headwinds still prevail however, especially for capital spending in the agriculture and some oil and gas related markets. We remain focused on long-term growth both domestically and internationally while preserving short-term profitability and shareholder value."

Gorman Rupp Co has recorded an increase in the working capital over the last year. It stood at $160.60 million as at Mar. 31, 2017, up 5.30 percent or $8.08 million from $152.52 million on Mar. 31, 2016. Current ratio was at 4.29 as on Mar. 31, 2017, up from 4.29 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 98 days for the quarter from 146 days for the last year period. Days sales outstanding went up to 75 days for the quarter compared with 70 days for the same period last year.

Days inventory outstanding has decreased to 43 days for the quarter compared with 94 days for the previous year period. At the same time, days payable outstanding was almost stable at 20 days for the quarter, when compared with the previous year period.