Gencor Releases Fourth Quarter and Fiscal Year 2024 Results
Rhea-AI Summary
Gencor Industries (NYSE American: GENC) reported its Q4 and fiscal year 2024 results. Q4 revenue remained steady at $20.9 million, though quarterly net income decreased to $1.5 million from $3.1 million year-over-year. For FY2024, revenue increased 7.7% to $113.2 million, while net income slightly decreased to $14.6 million ($0.99 per share) from $14.7 million.
The company maintained a strong financial position with $115.4 million in cash and marketable securities, up $14.1 million from 2023. Working capital improved to $182.2 million, with no debt. The company's backlog stood at $56.2 million as of December 1, 2024, slightly down from $57.8 million year-over-year.
Positive
- Revenue growth of 7.7% year-over-year to $113.2 million
- Strong cash position with $115.4 million in cash and marketable securities, up $14.1 million
- Working capital increased to $182.2 million from $164.8 million
- Company maintains zero debt
- Interest and dividend income increased to $3.4 million from $2.1 million
Negative
- Q4 net income declined 51.6% to $1.5 million from $3.1 million
- Q4 gross profit margin decreased to 25.6% from 31.7%
- SG&A expenses increased by $2.2 million to $14.3 million
- Backlog slightly decreased to $56.2 million from $57.8 million
- Effective tax rate increased to 29.8% from 21.9%
News Market Reaction
On the day this news was published, GENC gained 3.79%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, Fla., June 27, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the fourth quarter ended September 30, 2024 of
Operating income for the quarter ended September 30, 2024 decreased to
Net revenue for the year ended September 30, 2024 increased
Product engineering and development expense in fiscal 2024 decreased
Fiscal 2024 had operating income of
For the year ended September 30, 2024, the Company had net other income of
The effective income tax rate for fiscal 2024 was
Net income for the year ended September 30, 2024 was
At September 30, 2024, the Company had
The Company’s backlog was
Marc Elliott, Gencor’s President, stated, “Our fourth quarter revenues remained solid and in step with our prior year although we experienced some softening of margins late in the year as a result of a more competitive marketplace, especially in aftermarket sales.
Our
Looking forward we remain optimistic for fiscal 2025 as we continue to focus on our mission of market growth while delivering high quality products and services to our customers.”
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. Consolidated Income Statements For the Years Ended September 30, 2024 and 2023 (Unaudited) | |||||
| 2024 | 2023 | ||||
| Net revenue | |||||
| Cost of goods sold | 81,839,000 | 76,038,000 | |||
| Gross profit | 31,327,000 | 29,037,000 | |||
| Operating expenses: | |||||
| Product engineering and development | 3,313,000 | 3,458,000 | |||
| Selling, general and administrative | 14,327,000 | 12,154,000 | |||
| Total operating expenses | 17,640,000 | 15,612,000 | |||
| Operating income | 13,687,000 | 13,425,000 | |||
| Other income (expense), net: | |||||
| Interest and dividend income, net of fees | 3,435,000 | 2,108,000 | |||
| Realized and unrealized gains (losses) on marketable securities, net | 3,621,000 | 3,243,000 | |||
| Other | (13,000 | ) | - | ||
| 7,043,000 | 5,351,000 | ||||
| Income before income tax expense | 20,730,000 | 18,776,000 | |||
| Income tax expense | 6,172,000 | 4,110,000 | |||
| Net income | |||||
| Net income per common share – basic and diluted | |||||
| GENCOR INDUSTRIES, INC. Consolidated Balance Sheets As of September 30, 2024 and 2023 (Unaudited) | |||||
| ASSETS | 2024 | 2023 | |||
| Current assets: | |||||
| Cash and cash equivalents | |||||
| Marketable securities at fair value (cost of and | 89,927,000 | 84,252,000 | |||
| Accounts receivable, less allowance for credit losses of September 30, 2024 and | 1,980,000 | 2,467,000 | |||
| Contract assets | 9,339,000 | 1,508,000 | |||
| Inventories, net | 63,762,000 | 71,527,000 | |||
| Prepaid expenses | 2,352,000 | 2,169,000 | |||
| Total current assets | 192,842,000 | 178,954,000 | |||
| Property and equipment, net | 11,472,000 | 13,246,000 | |||
| Deferred and other income taxes | 3,424,000 | 3,343,000 | |||
| Other long-term assets | 383,000 | 381,000 | |||
| Total Assets | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | |||||
| Customer deposits | 5,018,000 | 6,815,000 | |||
| Accrued expenses | 3,255,000 | 3,753,000 | |||
| Current operating lease liabilities | 330,000 | 328,000 | |||
| Total current liabilities | 10,604,000 | 14,165,000 | |||
| Unrecognized tax benefits | 1,376,000 | 176,000 | |||
| Total liabilities | 11,980,000 | 14,341,000 | |||
| 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 September 30, 2024 and 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 September 30, 2024 and 2023 | 232,000 | 232,000 | |||
| Capital in excess of par value | 12,590,000 | 12,590,000 | |||
| Retained earnings | 182,085,000 | 167,527,000 | |||
| Total shareholders’ equity | 196,141,000 | 181,583,000 | |||
| Total Liabilities and Shareholders’ Equity | |||||
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, including hostilities involving Iran, 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, 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
FAQ
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