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Gencor Industries, Inc. reports recurring developments tied to its highway-construction equipment business and related environmental control equipment. Company updates focus on contract equipment sales, parts and components demand, gross margin trends, manufacturing overhead absorption, product engineering and development expense, and selling, general and administrative costs.
Gencor manufactures heavy machinery used in the production of highway construction materials, including hot mix asphalt plants, asphalt pavers, combustion systems, and fluid heat transfer systems. News also includes annual and quarterly earnings releases, order and shipment timing, infrastructure-spending demand factors, and governance changes involving the board and executive leadership.
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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