Gencor Industres Stock Price, News & Analysis

Gencor Industries (NYSE: GENC) has released preliminary unaudited financial results, reporting anticipated revenue of approximately $113 million for the fiscal year ended September 30, 2024, up from $105.1 million in the previous year.

The company's financial position shows strength with approximately $130 million in cash and marketable securities as of December 31, 2024, an increase from $115 million at September 30, 2024, maintaining zero short-term or long-term debt. The company's backlog stood at approximately $51 million as of December 31, 2024.

Gencor has filed Form 12b-25 with the SEC regarding delays in completing both its Annual Report on Form 10-K for the year ended September 30, 2024, and its Quarterly Report on Form 10-Q for the period ended December 31, 2024. The company notes these results are preliminary and subject to change pending audit completion.

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.