Gencor Releases Fourth Quarter and Fiscal Year 2024 Results
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.
Gencor Industries (NYSE American: GENC) ha comunicato i risultati del quarto trimestre e dell'anno fiscale 2024. I ricavi del quarto trimestre sono rimasti stabili a 20,9 milioni di dollari, anche se l'utile netto trimestrale è diminuito a 1,5 milioni di dollari rispetto ai 3,1 milioni dell'anno precedente. Per l'anno fiscale 2024, i ricavi sono aumentati del 7,7% raggiungendo 113,2 milioni di dollari, mentre l'utile netto è leggermente diminuito a 14,6 milioni di dollari (0,99 dollari per azione) rispetto ai 14,7 milioni dell'anno precedente.
L'azienda ha mantenuto una solida posizione finanziaria con 115,4 milioni di dollari in liquidità e titoli negoziabili, in aumento di 14,1 milioni rispetto al 2023. Il capitale circolante è migliorato a 182,2 milioni di dollari, senza alcun debito. Il portafoglio ordini al 1° dicembre 2024 era pari a 56,2 milioni di dollari, leggermente inferiore ai 57,8 milioni dell'anno precedente.
Gencor Industries (NYSE American: GENC) reportó sus resultados del cuarto trimestre y del año fiscal 2024. Los ingresos del cuarto trimestre se mantuvieron estables en 20,9 millones de dólares, aunque el ingreso neto trimestral disminuyó a 1,5 millones de dólares desde 3,1 millones en el mismo periodo del año anterior. Para el año fiscal 2024, los ingresos aumentaron un 7,7% hasta 113,2 millones de dólares, mientras que el ingreso neto disminuyó ligeramente a 14,6 millones de dólares (0,99 dólares por acción) desde 14,7 millones.
La compañía mantuvo una posición financiera sólida con 115,4 millones de dólares en efectivo y valores negociables, un aumento de 14,1 millones respecto a 2023. El capital de trabajo mejoró a 182,2 millones de dólares, sin deuda. La cartera de pedidos al 1 de diciembre de 2024 se situó en 56,2 millones de dólares, ligeramente por debajo de los 57,8 millones del año anterior.
Gencor Industries (NYSE American: GENC)는 2024년 4분기 및 회계연도 실적을 발표했습니다. 4분기 매출은 2090만 달러로 안정적이었으나 분기 순이익은 전년 동기 대비 150만 달러로 감소했습니다(이전 310만 달러). 2024 회계연도 매출은 7.7% 증가한 1억 1320만 달러를 기록했으며, 순이익은 약간 감소하여 1460만 달러(주당 0.99달러)로 전년의 1470만 달러에서 소폭 줄었습니다.
회사는 1억 1540만 달러의 현금 및 시장성 증권을 보유하며 강력한 재무 상태를 유지했으며, 이는 2023년 대비 1410만 달러 증가한 수치입니다. 운전자본은 1억 8220만 달러로 개선되었으며 부채는 없습니다. 2024년 12월 1일 기준 수주 잔고는 5620만 달러로 전년 동기 5780만 달러보다 약간 감소했습니다.
Gencor Industries (NYSE American : GENC) a publié ses résultats du quatrième trimestre et de l'exercice 2024. Le chiffre d'affaires du quatrième trimestre est resté stable à 20,9 millions de dollars, bien que le bénéfice net trimestriel ait diminué à 1,5 million de dollars contre 3,1 millions l'année précédente. Pour l'exercice 2024, le chiffre d'affaires a augmenté de 7,7% pour atteindre 113,2 millions de dollars, tandis que le bénéfice net a légèrement diminué à 14,6 millions de dollars (0,99 dollar par action) contre 14,7 millions.
L'entreprise a maintenu une position financière solide avec 115,4 millions de dollars en liquidités et titres négociables, en hausse de 14,1 millions par rapport à 2023. Le fonds de roulement s'est amélioré à 182,2 millions de dollars, sans dettes. Le carnet de commandes s'élevait à 56,2 millions de dollars au 1er décembre 2024, légèrement en baisse par rapport à 57,8 millions un an plus tôt.
Gencor Industries (NYSE American: GENC) veröffentlichte seine Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024. Der Umsatz im vierten Quartal blieb mit 20,9 Millionen US-Dollar stabil, während der Quartalsnettogewinn von 3,1 Millionen auf 1,5 Millionen US-Dollar im Jahresvergleich sank. Für das Geschäftsjahr 2024 stieg der Umsatz um 7,7% auf 113,2 Millionen US-Dollar, während der Nettogewinn leicht auf 14,6 Millionen US-Dollar (entspricht 0,99 US-Dollar pro Aktie) von 14,7 Millionen zurückging.
Das Unternehmen behielt eine starke finanzielle Position mit 115,4 Millionen US-Dollar an liquiden Mitteln und marktfähigen Wertpapieren, was einem Anstieg von 14,1 Millionen gegenüber 2023 entspricht. Das Working Capital verbesserte sich auf 182,2 Millionen US-Dollar, und es besteht keine Verschuldung. Der Auftragsbestand lag zum 1. Dezember 2024 bei 56,2 Millionen US-Dollar, leicht unter den 57,8 Millionen im Vorjahr.
- 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
- 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%
Insights
Gencor shows modest revenue growth but declining margins amid competitive pressures; strong cash position offsets operational challenges.
Gencor's fiscal 2024 results present a mixed financial picture with some concerning operational trends. The company achieved 7.7% year-over-year revenue growth to
Operating income for Q4 decreased
The company's balance sheet remains exceptionally strong with
The backlog of
The effective tax rate increased substantially to
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
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