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Gencor Industries, Inc. (NASDAQ: GENC) is a leading global manufacturer specializing in asphalt plants, soil remediation plants, combustion systems, and screening equipment specifically for the road and highway construction industry. Gencor, headquartered in central Florida, boasts a rich legacy with over 100 years of experience under esteemed brands such as Bituma, General Combustion (Genco), Hyway, and Hetherington & Berner (H&B). These brands are synonymous with quality and integrity, reflecting Gencor's commitment to cutting-edge technology and top-tier equipment production.
The company's state-of-the-art manufacturing facilities, strategically located across North America, Europe, the Middle East, and Asia, enable it to serve a diverse global market effectively. Gencor's principal products include asphalt plants, combustion systems, hot mix asphalt plants, fluid heat transfer systems, and asphalt pavers.
Financially, Gencor has demonstrated robust growth. For the fiscal year ending September 30, 2023, net revenue increased to $105.1 million from $103.5 million the previous year. The gross profit margin also saw a significant increase to 27.6% from 19.9%, driven by higher parts sales and improved operational efficiency. Operating income rose dramatically, reaching $13.4 million compared to $4.2 million the prior year. The company reported a net non-operating income of $5.4 million, influenced by higher interest income and substantial gains on marketable securities.
Recent achievements include a substantial backlog of $57.8 million as of December 1, 2023, reflecting strong demand and increased sales inquiries, bolstered by incremental U.S. government infrastructure funding. Gencor's President, Marc Elliott, emphasized the company's optimistic outlook for fiscal 2024, citing a robust backlog and steady sales of their high-quality equipment.
Gencor's commitment to innovation and efficiency is evident in their reduced product engineering and development expenses, which decreased by $0.9 million in fiscal 2023. Despite a slight increase in selling, general, and administrative (SG&A) expenses due to trade shows, the company maintained strong financial health with no outstanding short-term or long-term debt and a solid net working capital position of $169.8 million as of December 31, 2023.
As Gencor continues to navigate the complexities of the global market, including geopolitical uncertainties, it remains focused on delivering exceptional value to its customers through innovative solutions and maintaining a leadership position in the highway construction industry.
Gencor Industries (NYSE: GENC) has received a filing delinquency notification from NYSE Regulation on January 3, 2025, due to its failure to file its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, by the December 31, 2024 deadline.
The notification has no immediate impact on the company's stock listing or trading on NYSE American. Gencor has been granted a six-month period from December 31, 2024, to regain compliance by filing the Form 10-K. The NYSE may grant an additional six-month extension at its discretion, though it reserves the right to initiate delisting proceedings if circumstances warrant.
While the company expects to file the Form 10-K within the initial six-month period, there is no guarantee of meeting this timeline.
Gencor Industries (NYSE American: GENC) reported its Q3 fiscal 2024 results. Net revenues decreased to $25.55 million from $27.88 million in Q3 2023. Gross profit margins fell to 23.9% from 26.9%. Operating income decreased to $1.99 million from $3.45 million. However, net other income increased to $1.33 million from $0.72 million. Net income for Q3 2024 was $2.56 million ($0.17 per share), compared to $3.21 million ($0.22 per share) in Q3 2023.
For the nine months ended June 30, 2024, Gencor reported net revenues of $92.25 million and net income of $13.11 million ($0.89 per share), up from $84.20 million and $11.56 million ($0.79 per share) in the same period last year. The company's backlog reached $46.6 million, a 67% increase from the previous year. Gencor maintains a strong financial position with $116.59 million in cash and marketable securities and no debt.
Gencor Industries, Inc. reported a strong second quarter fiscal 2024 with a 33.4% increase in net revenues to $40.7 million compared to the same quarter last year. Gross profit margins increased to 30.3% from 29.8%. Operating income rose 37.0% to $7.1 million, and net income increased by 27.7% to $6.2 million. The company had no outstanding debt, $117.1 million in cash and marketable securities, and a backlog of $50.4 million. Gencor's President highlighted strong results and optimism from highway contractors, positioning the company well for future growth.
Gencor Industries, Inc. reported a 28.4% increase in net revenues, reaching $25,825,000 for Q1 FY 2023, up from $20,106,000 in Q1 FY 2022, driven by higher sales in equipment and parts. Gross margins improved to 22.5% from 18.4% due to better production efficiencies. Operating income rose to $2,119,000, a significant turnaround from a loss of $(1,043,000) a year prior. Net income also saw an upswing, totaling $3,476,000, or $0.24 per share, compared to a loss of $(274,000) in the previous year. As of December 31, 2022, the company's cash and marketable securities stood at $97.7 million.
Gencor Industries (GENC) reported a 15.5% increase in Q4 2022 net revenue, reaching $23.1 million compared to $20 million in Q4 2021. Gross profit margins improved to 21.5%, up from 17.2% a year earlier, despite rising labor and material costs. The company achieved operating income of $1.2 million, bouncing back from a loss of $0.7 million in Q4 2021. For the fiscal year, net revenue increased by 21.3% to $103.5 million, while net income stood at $0.5 million, a recovery from a net loss of $0.4 million in the prior year. Cash and marketable securities decreased to $98.9 million.
Gencor Industries reported net revenues of $29.6 million for Q3 2022, up from $24.9 million in Q3 2021. Despite increased sales, gross margins declined to 19.2% from 22.5% year-over-year due to higher manufacturing costs. Operating income rose to $2.2 million from $1.2 million amidst reduced expenses. However, the company faced a net loss of $1.0 million compared to $2.3 million profit last year, mainly due to significant investment losses in a challenging economic context. Cash and marketable securities totaled $110.6 million.
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