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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, Inc. (NASDAQ: GENC) announced its transfer of stock listing from NASDAQ to the NYSE American. Trading on NASDAQ will conclude on July 29, 2022, with the new listing effective August 1, 2022, while maintaining the ticker symbol ‘GENC’. The company specializes in manufacturing heavy machinery for highway construction and environmental control.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $30.7 million for Q2 2022, a significant increase of 43.6% compared to $21.4 million in Q2 2021. Despite this revenue growth, gross margins declined to 20.2% from 28.8% year-over-year due to rising manufacturing costs. Net income fell to $0.4 million ($0.03 per diluted share) from $2.3 million ($0.16 per diluted share). The company held $117.1 million in cash and marketable securities while maintaining a backlog of $44.9 million.
Gencor Industries (Nasdaq: GENC) reported net revenues of $20.1 million for Q1 FY2022, up from $19.0 million in Q1 FY2021, largely driven by increased parts sales. The gross margin improved to 18.4% compared to 15.7% the previous year. However, the company experienced a net loss of $0.3 million or $(0.02) per share, a drop from net income of $1.6 million or $0.11 per share in 2020. Operating losses decreased slightly while operating expenses rose due to higher development costs. Gencor's backlog increased significantly to $58.0 million.
Gencor Industries, Inc. (NASDAQ: GENC) reported a 91.7% increase in net revenue for Q4 2021, reaching $20.0 million, up from $10.5 million last year. This surge is attributed to enhanced orders prior to the $1.2 trillion Infrastructure Investment and Jobs Act. The company reported a net loss of $0.4 million, a slight improvement from $0.6 million loss in Q4 2020. While gross profit margins slightly declined due to increased costs, Gencor's backlog rose to $53.0 million, indicating robust demand for its products.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $24.9 million for Q3 2021, up from $22.9 million in Q3 2020. However, gross margins decreased to 22.5% from 23.5% due to higher manufacturing costs. Net income fell from $4.3 million ($0.29 per share) in Q3 2020 to $2.3 million ($0.16 per share) in Q3 2021. Operating income declined to $1.2 million from $2.0 million year-over-year. Cash and marketable securities stood at $122.9 million, and backlog increased to $28.5 million.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $21.4 million for Q2 2021, down from $26.0 million in Q2 2020. Gross margins improved to 28.8% compared to 28.2% the previous year. Operating income decreased from $4.1 million to $1.2 million, impacted by costs related to the Blaw-Knox acquisition. However, non-operating income rose to $1.6 million from a loss of $4.9 million. Net income for Q2 2021 was $2.3 million ($0.16 per diluted share), a turnaround from a net loss of $(0.7 million) the previous year. Backlog increased to $42.6 million.
Gencor Industries (GENC) reported net revenues of $19.0 million for the quarter ended December 31, 2020, up from $18.0 million the prior year. However, gross margins plummeted to 15.7% from 24.0%, driven by unabsorbed costs linked to the Blaw-Knox paver product line, which had no revenues during the quarter. Operating income fell to (1.06 million), while net income decreased to $1.6 million or $0.11 per share. The company ended the quarter with $116 million in cash and marketable securities, maintaining a backlog of $32.1 million.
Gencor Industries (GENC) reported a 27.8% decrease in net revenue for Q4 2020, totaling $10.5 million, down from $14.5 million in Q4 2019. The decline was attributed to reduced orders following the FAST Act's impending expiration, although a one-year extension has since been approved. The gross profit margin declined to 18.3% from 19.6%. For the fiscal year, net income was $5.5 million ($0.38/share), down from $10.2 million ($0.70/share) in the prior year. The company increased cash and marketable securities to $125.1 million.
Gencor Industries (GENC) reported net revenues of $22.9 million for the quarter ending June 30, 2020, an increase from $18.8 million in the previous year. Net income rose to $4.3 million ($0.29 per diluted share), compared to $2.4 million ($0.17 per diluted share) in Q2 2019. Although gross margins decreased to 23.5% from 25.2% due to more revenue from lower-margin plant and equipment sales, operating income surged by 44.1% to $2.0 million. The company's cash and marketable securities totalled $124.2 million at June 30, 2020, with no debt outstanding.
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