Welcome to our dedicated page for Gencor Industres news (Ticker: GENC), a resource for investors and traders seeking the latest updates and insights on Gencor Industres stock.
News and filings for Gencor Industries, Inc. (NYSE American: GENC) focus on its role as 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. The company’s disclosures emphasize a single reporting segment related to equipment for the highway construction industry, with principal core products that include asphalt pavers, hot mix asphalt plants, combustion systems, and fluid heat transfer systems.
On this page, readers can review company-issued press releases and related SEC-referenced announcements that cover topics such as quarterly and annual financial results, operating performance, and capital structure details described in earnings releases. Gencor’s news has included updates on net revenue, gross profit margins, operating income, and other income items, as well as commentary from management on factors affecting results, such as competition in the marketplace and changes in product engineering and development expenses and selling, general and administrative expenses.
Company news has also addressed matters related to NYSE American listing compliance, including notifications from NYSE Regulation about delayed SEC filings, extensions granted to file delinquent reports, and subsequent confirmation that the company regained compliance after filing its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Governance-related news includes information about the annual meeting of stockholders, election of directors, ratification of the independent registered public accounting firm, and board leadership changes described in Form 8-K filings, such as the announced retirement of the Executive Chairman and the appointment of a new Chairman.
Investors and researchers can use this news feed to follow Gencor’s reported financial performance, corporate governance developments, and regulatory communications as disclosed in company press releases and associated SEC filings.
Gencor Industries, Inc. (NASDAQ: GENC) announced its transfer of stock listing from NASDAQ to the NYSE American. Trading on NASDAQ will conclude on July 29, 2022, with the new listing effective August 1, 2022, while maintaining the ticker symbol ‘GENC’. The company specializes in manufacturing heavy machinery for highway construction and environmental control.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $30.7 million for Q2 2022, a significant increase of 43.6% compared to $21.4 million in Q2 2021. Despite this revenue growth, gross margins declined to 20.2% from 28.8% year-over-year due to rising manufacturing costs. Net income fell to $0.4 million ($0.03 per diluted share) from $2.3 million ($0.16 per diluted share). The company held $117.1 million in cash and marketable securities while maintaining a backlog of $44.9 million.
Gencor Industries (Nasdaq: GENC) reported net revenues of $20.1 million for Q1 FY2022, up from $19.0 million in Q1 FY2021, largely driven by increased parts sales. The gross margin improved to 18.4% compared to 15.7% the previous year. However, the company experienced a net loss of $0.3 million or $(0.02) per share, a drop from net income of $1.6 million or $0.11 per share in 2020. Operating losses decreased slightly while operating expenses rose due to higher development costs. Gencor's backlog increased significantly to $58.0 million.
Gencor Industries, Inc. (NASDAQ: GENC) reported a 91.7% increase in net revenue for Q4 2021, reaching $20.0 million, up from $10.5 million last year. This surge is attributed to enhanced orders prior to the $1.2 trillion Infrastructure Investment and Jobs Act. The company reported a net loss of $0.4 million, a slight improvement from $0.6 million loss in Q4 2020. While gross profit margins slightly declined due to increased costs, Gencor's backlog rose to $53.0 million, indicating robust demand for its products.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $24.9 million for Q3 2021, up from $22.9 million in Q3 2020. However, gross margins decreased to 22.5% from 23.5% due to higher manufacturing costs. Net income fell from $4.3 million ($0.29 per share) in Q3 2020 to $2.3 million ($0.16 per share) in Q3 2021. Operating income declined to $1.2 million from $2.0 million year-over-year. Cash and marketable securities stood at $122.9 million, and backlog increased to $28.5 million.
Gencor Industries, Inc. (Nasdaq: GENC) reported net revenues of $21.4 million for Q2 2021, down from $26.0 million in Q2 2020. Gross margins improved to 28.8% compared to 28.2% the previous year. Operating income decreased from $4.1 million to $1.2 million, impacted by costs related to the Blaw-Knox acquisition. However, non-operating income rose to $1.6 million from a loss of $4.9 million. Net income for Q2 2021 was $2.3 million ($0.16 per diluted share), a turnaround from a net loss of $(0.7 million) the previous year. Backlog increased to $42.6 million.
Gencor Industries (GENC) reported net revenues of $19.0 million for the quarter ended December 31, 2020, up from $18.0 million the prior year. However, gross margins plummeted to 15.7% from 24.0%, driven by unabsorbed costs linked to the Blaw-Knox paver product line, which had no revenues during the quarter. Operating income fell to (1.06 million), while net income decreased to $1.6 million or $0.11 per share. The company ended the quarter with $116 million in cash and marketable securities, maintaining a backlog of $32.1 million.
Gencor Industries (GENC) reported a 27.8% decrease in net revenue for Q4 2020, totaling $10.5 million, down from $14.5 million in Q4 2019. The decline was attributed to reduced orders following the FAST Act's impending expiration, although a one-year extension has since been approved. The gross profit margin declined to 18.3% from 19.6%. For the fiscal year, net income was $5.5 million ($0.38/share), down from $10.2 million ($0.70/share) in the prior year. The company increased cash and marketable securities to $125.1 million.
Gencor Industries (GENC) reported net revenues of $22.9 million for the quarter ending June 30, 2020, an increase from $18.8 million in the previous year. Net income rose to $4.3 million ($0.29 per diluted share), compared to $2.4 million ($0.17 per diluted share) in Q2 2019. Although gross margins decreased to 23.5% from 25.2% due to more revenue from lower-margin plant and equipment sales, operating income surged by 44.1% to $2.0 million. The company's cash and marketable securities totalled $124.2 million at June 30, 2020, with no debt outstanding.
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