The Gorman-Rupp Company (GRC) delivered a solid Q2 2024 with a modest sequential revenue increase and meaningful margin expansion, underscoring ongoing demand for its pump solutions in water, wastewater, construction, and industrial applications. Revenue rose 6.43% QoQ to $169.513 million, while gross profit climbed to $54.079 million, lifting gross margin to 31.90%. Operating income reached $26.049 million and EBITDA came in at $26.230 million, yielding an EBITDA margin of 15.47% and an operating margin of 15.37%, reflecting favorable product mix and disciplined cost management. Net income was $8.335 million, or 4.92% of revenue, with earnings per share (diluted) of $0.32. On a YoY basis, revenue declined 0.88% while net income fell 20.44%, indicating a tougher year-over-year backdrop despite a better quarterly cadence. Cash flow strength remained a highlight: cash provided by operating activities was $22.655 million, and free cash flow stood at $19.430 million against capex of $3.225 million, supporting continued shareholder value creation. The balance sheet remained solid, with total assets of approximately $891.1 million and total liabilities of about $532.5 million, yielding very manageable leverage metrics (debt to capitalization ~0.524) and an interest-coverage ratio of 2.88x. Liquidity remained healthy, with a current ratio of 2.45x and a quick ratio of 1.44x, though the company carries a sizable net debt position of roughly $361.1 million. Absent a transcript for the quarter, management commentary could not be quoted directly; nevertheless, the results point to a company cycling through a mid-cycle recovery with improving margins and robust FCF generation that support debt service and potential capital allocation.