Gencor Releases Third Quarter Fiscal 2026 Results
Rhea-AI Summary
Gencor (NYSE American: GENC) reported third quarter fiscal 2026 net revenue of $33.8 million, up from $27.0 million a year earlier, driven mainly by higher contract equipment revenues and freight. Gross margin rose to 27.9% from 26.5%, while product engineering and SG&A expenses declined for the quarter.
Operating income increased to $5.8 million from $3.1 million, lifting operating margin to 17.2%. Net other income fell to about $1.4 million from $2.0 million as gains on marketable securities decreased. Net income grew 48.5% to $5.7 million, or $0.39 per share, versus $3.8 million, or $0.26 per share.
For the nine months ended June 30, 2026, net revenue was $91.2 million compared with $96.6 million, reflecting earlier order timing. Net income was $13.0 million versus $13.7 million. Gencor reported $164.2 million in cash and marketable securities, no debt, net working capital of $211.3 million, and a record $79.2 million backlog at June 30, 2026.
Positive
- Quarter revenue up to $33.8M from $27.0M YoY
- Operating income up 85% to $5.8M; margin 17.2% vs 11.6%
- Net income up 48.5% to $5.7M; EPS $0.39 vs $0.26
- Gross margin improved 140 bps to 27.9%
- Record backlog of $79.2M vs $26.2M a year earlier
- Cash and marketable securities $164.2M; no short- or long-term debt
Negative
- Nine-month net revenue down 5.6% to $91.2M from $96.6M
- Nine-month net income down to $13.0M from $13.7M; EPS $0.89 vs $0.94
- Quarter other income decreased to about $1.4M from $2.0M on lower securities gains
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 12 | 2Q26 earnings report | Negative | -0.9% | Revenue and net income declined despite improved gross margin and higher backlog. |
| Jun 01 | Listing compliance notice | Negative | +5.2% | NYSE delinquency notice raised listing uncertainty; shares gained over the following 24 hours. |
| May 12 | Earnings release withdrawal | Negative | -3.9% | Company retracted preliminary results and advised investors not to rely on them. |
| May 08 | 2Q26 earnings report | Negative | +2.5% | Revenue and net income fell while margins, cash, and backlog improved. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical earnings-related releases were mixed, with two aligned declines and two positive divergences.
Key Terms
marketable securities financial
contract assets financial
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ORLANDO, Fla., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the quarter ended June 30, 2026 of
Product engineering and development expenses decreased
Operating income increased
For the quarter ended June 30, 2026, the Company had net other income of
The Company’s effective income tax rate was reduced to
Net income for the quarter ended June 30, 2026 increased
Net revenue for the nine months ended June 30, 2026 and 2025 were
At June 30, 2026, the Company had
The Company’s backlog was
Marc Elliott, Gencor’s President and Chairman of the Board, commented, “Gencor’s third quarter revenue and profits exceeded our expectations, reflecting our strong manufacturing execution and effective cost management of our overall Operations. Our showing at the recent Conexpo-Con/Agg, coupled with the continued industry momentum, contributed to our record
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 (Unaudited) | |||||||||||
| For the Quarters Ended June 30, | For the Nine Months Ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Net revenue | $ | 33,805,000 | $ | 26,986,000 | $ | 91,180,000 | $ | 96,606,000 | |||
| Cost of goods sold | 24,371,000 | 19,843,000 | 64,284,000 | 69,442,000 | |||||||
| Gross profit | 9,434,000 | 7,143,000 | 26,896,000 | 27,164,000 | |||||||
| Operating expenses: | |||||||||||
| Product engineering and development | 680,000 | 741,000 | 2,067,000 | 2,099,000 | |||||||
| Selling, general and administrative | 2,952,000 | 3,265,000 | 11,692,000 | 10,824,000 | |||||||
| Total operating expenses | 3,632,000 | 4,006,000 | 13,759,000 | 12,923,000 | |||||||
| Operating income | 5,802,000 | 3,137,000 | 13,137,000 | 14,241,000 | |||||||
| Other income, net: | |||||||||||
| Interest and dividend income, net of fees | 1,176,000 | 1,142,000 | 3,464,000 | 3,289,000 | |||||||
| Net realized and unrealized gains on marketable securities | 241,000 | 894,000 | 439,000 | 1,037,000 | |||||||
| Total other income, net | 1,417,000 | 2,036,000 | 3,903,000 | 4,326,000 | |||||||
| Income before income tax expense | 7,219,000 | 5,173,000 | 17,040,000 | 18,567,000 | |||||||
| Income tax expense | 1,536,000 | 1,345,000 | 4,075,000 | 4,827,000 | |||||||
| Net income | $ | 5,683,000 | $ | 3,828,000 | $ | 12,965,000 | $ | 13,740,000 | |||
| Net income per common share – basic and diluted | $ | 0.39 | $ | 0.26 | $ | 0.89 | $ | 0.94 | |||
| See accompanying Notes to Condensed Consolidated Financial Statements | |||||||||||
| GENCOR INDUSTRIES, INC. Condensed Consolidated Balance Sheets | |||
| June 30, 2026 (Unaudited) | September 30, 2025 | ||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 26,258,000 | 26,587,000 | |
| Marketable securities at fair value (cost of | 137,911,000 | 109,714,000 | |
| Accounts receivable, less allowance for credit losses of ( | 2,795,000 | 3,130,000 | |
| Contract assets | 6,397,000 | 12,208,000 | |
| Inventories, net | 46,985,000 | 53,503,000 | |
| Prepaid expenses and other current assets | 2,562,000 | 1,399,000 | |
| Total current assets | 222,908,000 | 206,541,000 | |
| Property and equipment, net | 11,220,000 | 11,079,000 | |
| Deferred income taxes | 4,740,000 | 4,584,000 | |
| Other long-term assets | 116,000 | 392,000 | |
| Total Assets | 238,984,000 | 222,596,000 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | 3,607,000 | 1,842,000 | |
| Customer deposits | 3,028,000 | 3,889,000 | |
| Contract liabilities | 2,825,000 | ||
| Accrued expenses | 2,110,000 | 2,741,000 | |
| Current operating lease liabilities | 63,000 | 339,000 | |
| Total current liabilities | 11,633,000 | 8,811,000 | |
| Unrecognized tax benefits | 2,582,000 | 1,983,000 | |
| Total liabilities | 14,215,000 | 10,794,000 | |
| 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 June 30, 2026 and September 30, 2025 | 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 June 30, 2026 and September 30, 2025 | 232,000 | 232,000 | |
| Capital in excess of par value | 12,590,000 | 12,590,000 | |
| Retained earnings | 210,713,000 | 197,746,000 | |
| Total shareholders’ equity | 224,769,000 | 211,802,000 | |
| Total Liabilities and Shareholders’ Equity | 238,984,000 | 222,596,000 | |
| See accompanying Notes to Condensed Consolidated Financial Statements | |||
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, and demand for the Company’s products. In addition, the impact of (i) the United States (“U.S.”) government’s tariff announcements, (ii) the ongoing conflicts and/or tensions involving Russia, Ukraine, Israel, Iran, the U.S., and various other countries, and (iii) any actions taken by the U.S. or other countries in response to such tariff announcements, conflicts and/or tensions, 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, 2025: (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: | Raymond Cole, Interim Chief Financial Officer |
| 407-290-6000 |
