Gencor Releases Third Quarter Fiscal 2024 Results
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 (NYSE American: GENC) ha riportato i risultati del terzo trimestre fiscale 2024. I ricavi netti sono diminuiti a 25,55 milioni di dollari rispetto ai 27,88 milioni di dollari del terzo trimestre 2023. I margini di profitto lordo sono scesi al 23,9% dal 26,9%. Il reddito operativo è diminuito a 1,99 milioni di dollari dai 3,45 milioni di dollari. Tuttavia, il reddito netto da altre fonti è aumentato a 1,33 milioni di dollari rispetto ai 0,72 milioni di dollari. Il reddito netto per il terzo trimestre 2024 è stato di 2,56 milioni di dollari (0,17 dollari per azione), rispetto ai 3,21 milioni di dollari (0,22 dollari per azione) del terzo trimestre 2023.
Per i nove mesi terminati il 30 giugno 2024, Gencor ha riportato ricavi netti di 92,25 milioni di dollari e un reddito netto di 13,11 milioni di dollari (0,89 dollari per azione), in aumento rispetto agli 84,20 milioni di dollari e 11,56 milioni di dollari (0,79 dollari per azione) nello stesso periodo dell'anno scorso. L'ordine di lavoro si è attestato a 46,6 milioni di dollari, con un aumento del 67% rispetto all'anno precedente. Gencor mantiene una posizione finanziaria solida con 116,59 milioni di dollari in contante e titoli negoziabili e senza debiti.
Gencor Industries (NYSE American: GENC) reportó sus resultados del tercer trimestre fiscal 2024. Los ingresos netos disminuyeron a 25.55 millones de dólares desde 27.88 millones de dólares en el tercer trimestre de 2023. Los márgenes de utilidad bruta cayeron al 23.9% desde el 26.9%. El ingreso operativo disminuyó a 1.99 millones de dólares desde 3.45 millones de dólares. Sin embargo, el ingreso neto de otras fuentes aumentó a 1.33 millones de dólares desde 0.72 millones de dólares. El ingreso neto para el tercer trimestre de 2024 fue de 2.56 millones de dólares (0.17 dólares por acción), en comparación con 3.21 millones de dólares (0.22 dólares por acción) en el tercer trimestre de 2023.
Para los nueve meses que terminaron el 30 de junio de 2024, Gencor reportó ingresos netos de 92.25 millones de dólares y un ingreso neto de 13.11 millones de dólares (0.89 dólares por acción), un aumento desde 84.20 millones de dólares y 11.56 millones de dólares (0.79 dólares por acción) en el mismo período del año pasado. La cartera de pedidos alcanzó 46.6 millones de dólares, un aumento del 67% en comparación con el año anterior. Gencor mantiene una sólida posición financiera con 116.59 millones de dólares en efectivo y valores negociables y sin deudas.
겐코어 인더스트리스(NYSE American: GENC)는 2024 회계년도 3분기 실적을 발표했습니다. 순매출이 감소했습니다 3분기 2,788만 달러에서 2,555만 달러로 줄었습니다. 총 이익률이 하락했습니다 26.9%에서 23.9%로 내려갔습니다. 영업 이익이 감소했습니다 345만 달러에서 199만 달러로 떨어졌습니다. 그러나, 순기타 수입이 증가했습니다 72만 달러에서 133만 달러로 오른 것입니다. 2024년 3분기의 순이익은 256만 달러였습니다 (주당 0.17달러), 2023년 3분기의 321만 달러 (주당 0.22달러)와 비교됩니다.
2024년 6월 30일로 종료된 9개월 동안, 겐코어는 순매출이 9225만 달러와 순이익이 1311만 달러였습니다 (주당 0.89달러), 작년 같은 기간의 8420만 달러와 1156만 달러 (주당 0.79달러)에서 증가했습니다. 회사의 미수금이 4660만 달러에 도달했습니다, 이는 작년보다 67% 증가한 것입니다. 겐코어는 현금 및 유가증권 1억 1659만 달러 보유하며 부채가 없습니다.
Gencor Industries (NYSE American: GENC) a publié ses résultats pour le troisième trimestre de l'exercice 2024. Les revenus nets ont diminué à 25,55 millions de dollars contre 27,88 millions de dollars au troisième trimestre 2023. Les marges bénéficiaires brut ont chuté de 26,9 % à 23,9 %. Le revenu opérationnel a baissé à 1,99 million de dollars contre 3,45 millions de dollars. Cependant, le revenu net d'autres sources a augmenté à 1,33 million de dollars contre 0,72 million de dollars. Le revenu net pour le troisième trimestre 2024 était de 2,56 millions de dollars (0,17 dollar par action), contre 3,21 millions de dollars (0,22 dollar par action) au troisième trimestre 2023.
Pour les neuf mois terminant le 30 juin 2024, Gencor a rapporté des revenus nets de 92,25 millions de dollars et un revenu net de 13,11 millions de dollars (0,89 dollar par action), en hausse par rapport à 84,20 millions de dollars et 11,56 millions de dollars (0,79 dollar par action) au cours de la même période de l'année précédente. Le carnet de commandes a atteint 46,6 millions de dollars, soit une augmentation de 67 % par rapport à l'année précédente. Gencor maintient une solide position financière avec 116,59 millions de dollars en liquidités et valeurs mobilières et sans dettes.
Gencor Industries (NYSE American: GENC) veröffentlichte die Ergebnisse für das dritte Quartal des Geschäftsjahres 2024. Die Nettoumsätze sind gesunken von 27,88 Millionen US-Dollar im dritten Quartal 2023 auf 25,55 Millionen US-Dollar. Die Bruttogewinnmargen sanken von 26,9% auf 23,9%. Der Betriebsgewinn verringerte sich von 3,45 Millionen US-Dollar auf 1,99 Millionen US-Dollar. Allerdings stieg das Nettodiversifikations-Einkommen von 0,72 Millionen US-Dollar auf 1,33 Millionen US-Dollar. Der Nettogewinn für das dritte Quartal 2024 betrug 2,56 Millionen US-Dollar (0,17 US-Dollar pro Aktie), im Vergleich zu 3,21 Millionen US-Dollar (0,22 US-Dollar pro Aktie) im dritten Quartal 2023.
Für die neun Monate bis zum 30. Juni 2024 berichtete Gencor von Nettoumsätzen von 92,25 Millionen US-Dollar und einem Nettogewinn von 13,11 Millionen US-Dollar (0,89 US-Dollar pro Aktie), ein Anstieg von 84,20 Millionen US-Dollar und 11,56 Millionen US-Dollar (0,79 US-Dollar pro Aktie) im gleichen Zeitraum des Vorjahres. Der Auftragsbestand belief sich auf 46,6 Millionen US-Dollar, was einem Anstieg von 67% gegenüber dem Vorjahr entspricht. Gencor hat eine starke finanzielle Position mit 116,59 Millionen US-Dollar in Bargeld und handelbaren Wertpapieren und keinen Schulden.
- Backlog increased 67% year-over-year to $46.6 million, a historic high for this time of year
- Nine-month net revenues increased to $92.25 million from $84.20 million in the prior year
- Nine-month net income rose 13% to $13.11 million from $11.56 million year-over-year
- Cash and marketable securities increased to $116.59 million from $101.28 million at fiscal year-end
- Company remains debt-free with strong net working capital of $178.97 million
- Q3 net revenues decreased 8.3% year-over-year to $25.55 million
- Q3 gross profit margins declined to 23.9% from 26.9% in the prior year
- Q3 operating income fell 42.3% to $1.99 million from $3.45 million year-over-year
- Q3 net income decreased 20.4% to $2.56 million from $3.21 million in the prior year
- SG&A expenses increased slightly to $3.29 million from $3.21 million year-over-year
Insights
Gencor's Q3 FY2024 results show mixed performance. While quarterly revenue decreased
Gross profit margins declined to
The
The 67% increase in backlog to a historic high of
However, the dip in quarterly revenues and gross profit margins highlights potential short-term challenges in production efficiency and timing of order fulfillment. The company's focus on cost management and productivity improvement will be important in addressing these issues.
The strong cash position of
ORLANDO, Fla., Aug. 09, 2024 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenues for the quarter ended June 30, 2024 decreased
As a percent of sales, gross profit margins decreased to
Product engineering and development expenses decreased by
Operating income decreased from
For the quarter ended June 30, 2024, the Company had net other income of
The effective income tax rate for the quarters ended June 30, 2024 and June 30, 2023 was
Net income for the quarter ended June 30, 2024 was
For the nine months ended June 30, 2024 the Company had net revenues of
At June 30, 2024, the Company had
The Company’s backlog was
Marc Elliott, Gencor’s President, commented, “Third quarter fiscal 2024 revenues dipped from the prior year, primarily due to timing of revenue recognition on orders nearing completion. This is positively reflected in our elevated backlog of
Our performance over the first nine months has been strong, with increased revenue and a
Gencor Industries, Inc. is a diversified heavy machinery manufacturer for the production of highway construction materials and equipment and environmental control machinery and equipment used in a variety of applications.
| GENCOR INDUSTRIES, INC. Condensed Consolidated Income Statements (Unaudited) | |||||||||||
| For the Quarters Ended June 30, | For the Nine Months Ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net revenue | $ | 25,551,000 | $ | 27,877,000 | $ | 92,245,000 | $ | 84,204,000 | |||
| Cost of goods sold | 19,444,000 | 20,365,000 | 66,282,000 | 61,780,000 | |||||||
| Gross profit | 6,107,000 | 7,512,000 | 25,963,000 | 22,424,000 | |||||||
| Operating expenses: | |||||||||||
| Product engineering and development | 824,000 | 845,000 | 2,518,000 | 2,616,000 | |||||||
| Selling, general and administrative | 3,290,000 | 3,214,000 | 10,997,000 | 9,075,000 | |||||||
| Total operating expenses | 4,114,000 | 4,059,000 | 13,515,000 | 11,691,000 | |||||||
| Operating income | 1,993,000 | 3,453,000 | 12,448,000 | 10,733,000 | |||||||
| Other income (expense), net: | |||||||||||
| Interest and dividend income, net of fees | 966,000 | 673,000 | 2,485,000 | 1,731,000 | |||||||
| Net realized and unrealized gains on marketable securities, net | 363,000 | 46,000 | 2,087,000 | 2,700,000 | |||||||
| Total other income (expense), net | 1,329,000 | 719,000 | 4,572,000 | 4,431,000 | |||||||
| Income before income tax expense | 3,322,000 | 4,172,000 | 17,020,000 | 15,164,000 | |||||||
| Income tax expense | 764,000 | 960,000 | 3,914,000 | 3,603,000 | |||||||
| Net income | $ | 2,558,000 | $ | 3,212,000 | $ | 13,106,000 | $ | 11,561,000 | |||
| Net income per common share - basic and diluted | $ | 0.17 | $ | 0.22 | $ | 0.89 | $ | 0.79 | |||
| GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets (Unaudited) | |||||
| ASSETS | June 30, 2024 | September 30, 2023 | |||
| Current assets: | |||||
| Cash and cash equivalents | $ | 28,780,000 | $ | 17,031,000 | |
| Marketable securities at fair value (cost of | 87,805,000 | 84,252,000 | |||
| Accounts receivable, less allowance for credit losses of June 30, 2024 and | 2,923,000 | 2,467,000 | |||
| Costs and estimated earnings in excess of billings | 2,700,000 | 1,508,000 | |||
| Inventories, net | 63,232,000 | 71,527,000 | |||
| Prepaid expenses and other current assets | 531,000 | 2,169,000 | |||
| Total current assets | 185,971,000 | 178,954,000 | |||
| Property and equipment, net | 12,038,000 | 13,246,000 | |||
| Deferred and other income taxes | 3,273,000 | 3,167,000 | |||
| Other long-term assets | 473,000 | 381,000 | |||
| Total Assets | $ | 201,755,000 | $ | 195,748,000 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 2,346,000 | $ | 3,269,000 | |
| Customer deposits | 2,560,000 | 6,815,000 | |||
| Accrued expenses | 1,740,000 | 3,753,000 | |||
| Current operating lease liabilities | 359,000 | 328,000 | |||
| Total current liabilities | 7,005,000 | 14,165,000 | |||
| Non-current operating lease liabilities | 61,000 | - | |||
| Total liabilities | 7,066,000 | 14,165,000 | |||
| Commitments and contingencies | |||||
| Shareholders’ equity: | |||||
| Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | - | - | |||
| Common stock, par value $.10 per share; 15,000,000 shares authorized; | |||||
| 12,338,845 shares issued and outstanding at June 30, 2024 and September 30, 2023 | 1,234,000 | 1,234,000 | |||
| Class B Stock, par value $.10 per share; 6,000,000 shares authorized; | |||||
| 2,318,857 shares issued and outstanding at June 30, 2024 and September 30, 2023 | 232,000 | 232,000 | |||
| Capital in excess of par value | 12,590,000 | 12,590,000 | |||
| Retained earnings | 180,633,000 | 167,527,000 | |||
| Total shareholders’ equity | 194,689,000 | 181,583,000 | |||
| Total Liabilities and Shareholders’ Equity | $ | 201,755,000 | $ | 195,748,000 | |
Caution Concerning Forward Looking Statements - This press release and our other communications and statements may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements about the Company’s beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. Actual results may differ materially depending on a variety of important factors, including the financial condition of the Company’s customers, changes in the economic and competitive environments and demand for the Company’s products. In addition, the impact of the invasion by Russia into Ukraine and the conflict between Israel and Hamas, as well as actions taken by other countries, including the U.S., in response to such conflicts, could result in a disruption in our supply chain and higher costs of our products. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements.
For information concerning these factors and related matters, see the following sections of the Company’s Annual Report on Form 10-K for the year ended September 30, 2023: (a) Part I, Item 1A, “Risk Factors” and (b) Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. However, other factors besides those referenced could adversely affect the Company’s results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this press release. The Company does not undertake to update any forward-looking statements, except as required by law.
Unless the context otherwise indicates, all references in this press release to the “Company,” “Gencor,” “we,” “us,” or “our,” or similar words are to Gencor Industries, Inc. and its subsidiaries.
FAQ
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