Gencor Releases First Quarter Fiscal 2025 Results
Gencor Industries (NYSE American: GENC) reported strong financial results for Q1 fiscal 2025. The company achieved net revenue of $31.4 million, marking a 20.7% increase from $26.0 million in the same quarter last year. The growth was primarily driven by higher contract equipment sales.
Despite increased revenues, gross profit margins slightly decreased to 27.6% from 29.0% year-over-year. Operating income rose to $4.6 million, up from $3.4 million, while net income decreased to $3.8 million ($0.26 per share) from $4.3 million ($0.30 per share) due to investment losses.
The company maintains a strong financial position with $130.1 million in cash and marketable securities and zero debt. The backlog stood at $54.4 million, compared to $61.3 million in the previous year.
Gencor Industries (NYSE American: GENC) ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 2025. L'azienda ha raggiunto un fatturato netto di 31,4 milioni di dollari, registrando un aumento del 20,7% rispetto ai 26,0 milioni di dollari dello stesso trimestre dell'anno precedente. La crescita è stata principalmente guidata da un incremento nelle vendite di attrezzature a contratto.
Nonostante l'aumento dei ricavi, il margine di profitto lordo è leggermente diminuito, passando dal 29,0% al 27,6% su base annua. L'utile operativo è salito a 4,6 milioni di dollari, rispetto ai 3,4 milioni precedenti, mentre l'utile netto è sceso a 3,8 milioni di dollari (0,26 dollari per azione) da 4,3 milioni (0,30 dollari per azione) a causa di perdite sugli investimenti.
L'azienda mantiene una solida posizione finanziaria con 130,1 milioni di dollari in liquidità e titoli negoziabili e nessun debito. Il portafoglio ordini si attestava a 54,4 milioni di dollari, rispetto ai 61,3 milioni dell'anno precedente.
Gencor Industries (NYSE American: GENC) reportó sólidos resultados financieros para el primer trimestre del año fiscal 2025. La compañía alcanzó unos ingresos netos de 31,4 millones de dólares, lo que representa un incremento del 20,7% respecto a los 26,0 millones de dólares del mismo trimestre del año anterior. El crecimiento se debió principalmente a un aumento en las ventas de equipos por contrato.
A pesar del aumento en los ingresos, el margen bruto disminuyó ligeramente, pasando de 29,0% a 27,6% interanual. El ingreso operativo subió a 4,6 millones de dólares, desde 3,4 millones, mientras que el ingreso neto bajó a 3,8 millones de dólares (0,26 dólares por acción) desde 4,3 millones (0,30 dólares por acción) debido a pérdidas en inversiones.
La empresa mantiene una sólida posición financiera con 130,1 millones de dólares en efectivo y valores negociables y cero deuda. La cartera de pedidos se situó en 54,4 millones de dólares, frente a 61,3 millones del año anterior.
Gencor Industries (NYSE American: GENC)는 2025 회계연도 1분기에 강력한 재무 실적을 보고했습니다. 회사는 3,140만 달러의 순매출을 기록하며 전년 동기 대비 20.7% 증가한 2,600만 달러에서 성장했습니다. 이 성장은 주로 계약 장비 판매 증가에 힘입은 것입니다.
매출 증가에도 불구하고, 총이익률은 전년 대비 29.0%에서 27.6%로 소폭 감소했습니다. 영업이익은 460만 달러로 340만 달러에서 증가했으나, 순이익은 투자 손실로 인해 380만 달러(주당 0.26달러)로 430만 달러(주당 0.30달러)에서 감소했습니다.
회사는 1억 3,010만 달러의 현금 및 시장성 증권과 무부채의 강력한 재무 상태를 유지하고 있습니다. 수주 잔고는 5,440만 달러로 전년도의 6,130만 달러에 비해 감소했습니다.
Gencor Industries (NYSE American : GENC) a annoncé de solides résultats financiers pour le premier trimestre de l'exercice 2025. La société a réalisé un chiffre d'affaires net de 31,4 millions de dollars, soit une augmentation de 20,7 % par rapport à 26,0 millions de dollars au même trimestre de l'année précédente. Cette croissance a été principalement portée par une hausse des ventes d'équipements sous contrat.
Malgré l'augmentation des revenus, la marge brute a légèrement diminué, passant de 29,0 % à 27,6 % sur un an. Le résultat d'exploitation a augmenté à 4,6 millions de dollars, contre 3,4 millions, tandis que le bénéfice net a diminué à 3,8 millions de dollars (0,26 dollar par action) contre 4,3 millions (0,30 dollar par action) en raison de pertes sur investissements.
L'entreprise conserve une solide position financière avec 130,1 millions de dollars en liquidités et titres négociables et aucune dette. Le carnet de commandes s'élevait à 54,4 millions de dollars, contre 61,3 millions l'année précédente.
Gencor Industries (NYSE American: GENC) meldete starke Finanzergebnisse für das erste Quartal des Geschäftsjahres 2025. Das Unternehmen erzielte einen Nettoerlös von 31,4 Millionen US-Dollar, was einer Steigerung von 20,7 % gegenüber 26,0 Millionen US-Dollar im gleichen Quartal des Vorjahres entspricht. Das Wachstum wurde hauptsächlich durch höhere Vertragsausrüstungsverkäufe getrieben.
Trotz gestiegener Umsätze sanken die Bruttogewinnmargen leicht von 29,0 % auf 27,6 % im Jahresvergleich. Das Betriebsergebnis stieg auf 4,6 Millionen US-Dollar von 3,4 Millionen, während der Nettogewinn aufgrund von Investitionsverlusten auf 3,8 Millionen US-Dollar (0,26 US-Dollar pro Aktie) von 4,3 Millionen (0,30 US-Dollar pro Aktie) sank.
Das Unternehmen hält eine starke Finanzlage mit 130,1 Millionen US-Dollar in bar und marktgängigen Wertpapieren sowie keinerlei Schulden. Der Auftragsbestand lag bei 54,4 Millionen US-Dollar im Vergleich zu 61,3 Millionen im Vorjahr.
- None.
- Gross profit margins declined to 27.6% from 29.0%
- Net income decreased 11.8% to $3.8 million
- Backlog reduced to $54.4 million from $61.3 million year-over-year
- Investment losses of $455,000 compared to gains of $1.5 million last year
- Higher effective tax rate of 26.0% vs 23.0% in previous year
Insights
Gencor's Q1 shows 20.7% revenue growth but declining EPS amid investment market challenges and backlog reduction.
Gencor Industries has delivered mixed Q1 FY2025 results that warrant careful analysis. The company achieved impressive revenue growth of 20.7% year-over-year, reaching
Gross margins declined slightly to
The operational picture shows strengthening fundamentals with operating income increasing by
The concerning element lies in the investment portfolio performance. The
Balance sheet metrics remain exceptionally strong with
The
ORLANDO, Fla., July 25, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the quarter ended December 31, 2024 of
Product engineering and development expenses decreased
The Company had operating income of
For the quarter ended December 31, 2024, the Company had net other income of
The effective income tax rates for the quarters ended December 31, 2024 and December 31, 2023 were
At December 31, 2024, the Company had
The Company’s backlog was
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 For the Quarters Ended December 31, 2024 and 2023 (Unaudited) | ||||||
| 2024 | 2023 | |||||
| Net revenue | $ | 31,416,000 | $ | 26,018,000 | ||
| Cost of goods sold | 22,748,000 | 18,484,000 | ||||
| Gross profit | 8,668,000 | 7,534,000 | ||||
| Operating expenses: | ||||||
| Product engineering and development | 677,000 | 801,000 | ||||
| Selling, general and administrative | 3,367,000 | 3,350,000 | ||||
| Total operating expenses | 4,044,000 | 4,151,000 | ||||
| Operating income | 4,624,000 | 3,383,000 | ||||
| Other income, net: | ||||||
| Interest and dividend income, net of fees | 989,000 | 716,000 | ||||
| Realized and unrealized gains (losses) on marketable securities, net | (455,000 | ) | 1,519,000 | |||
| Total other income, net | 534,000 | 2,235,000 | ||||
| Income before income tax expense | 5,158,000 | 5,618,000 | ||||
| Income tax expense | 1,341,000 | 1,292,000 | ||||
| Net income | $ | 3,817,000 | $ | 4,326,000 | ||
| Net income per common share – basic and diluted | $ | 0.26 | $ | 0.30 | ||
| GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets | ||||||
| ASSETS | December 31, 2024 (Unaudited) | September 30, 2024 | ||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 39,972,000 | $ | 25,482,000 | ||
| Marketable securities at fair value (cost of 2024 and | 90,133,000 | 89,927,000 | ||||
| Accounts receivable, less allowance for credit losses of December 31, 2024 and | 3,596,000 | 1,980,000 | ||||
| Contract assets | 7,921,000 | 9,339,000 | ||||
| Inventories, net | 59,668,000 | 63,762,000 | ||||
| Prepaid expenses | 1,825,000 | 2,352,000 | ||||
| Total current assets | 203,115,000 | 192,842,000 | ||||
| Property and equipment, net | 11,169,000 | 11,472,000 | ||||
| Deferred income taxes | 3,572,000 | 3,424,000 | ||||
| Other long-term assets | 294,000 | 383,000 | ||||
| Total Assets | $ | 218,150,000 | $ | 208,121,000 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 3,720,000 | $ | 2,001,000 | ||
| Customer deposits | 7,407,000 | 5,018,000 | ||||
| Contract liabilities | 2,157,000 | - | ||||
| Accrued expenses | 3,136,000 | 3,255,000 | ||||
| Current operating lease liabilities | 241,000 | 330,000 | ||||
| Total current liabilities | 16,661,000 | 10,604,000 | ||||
| Unrecognized tax benefits | 1,531,000 | 1,376,000 | ||||
| Total liabilities | 18,192,000 | 11,980,000 | ||||
| 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 December 31, 2024 and September 30, 2024 | 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 December 31, 2024 and September 30, 2024 | 232,000 | 232,000 | ||||
| Capital in excess of par value | 12,590,000 | 12,590,000 | ||||
| Retained earnings | 185,902,000 | 182,085,000 | ||||
| Total shareholders’ equity | 199,958,000 | 196,141,000 | ||||
| Total Liabilities and Shareholders’ Equity | $ | 218,150,000 | $ | 208,121,000 | ||
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. The Company’s actual results may differ materially from those set forth in the Company’s forward-looking statements depending on a variety of important factors, including the financial condition of the Company’s customers, changes in the economic and competitive environments, demand for the Company’s products and the timing and consequences of the delays in the Company’s regaining compliance with its SEC filing obligations. In addition, the impact of (i) the U.S. government’s recent tariff announcements, (ii) the invasion by Russia into Ukraine, and (iii) the conflict between Israel and Hamas, including hostilities involving Iran, as well as actions taken by other countries, including the U.S., in response to such tariff announcements and 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, 2024: (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.
| Contact: | Eric Mellen, Chief Financial Officer |
| 407-290-6000 |
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