ORLANDO, Fla., July 25, 2025 (GLOBE NEWSWIRE) — Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE:GENC) announced today net revenue for the quarter ended December 31, 2024 of $31,416,000 increased 20.7% over net revenue for the quarter ended December 31, 2023 of $26,018,000. Revenue from contract equipment sales recognized over time increased significantly and was slightly offset by a decrease in parts sales. As a percent of sales, gross profit margins were 27.6% in the quarter ended December 31, 2024, compared to 29.0% in the quarter ended December 31, 2023 due to a smaller contribution of parts sales to total sales in the quarter ended December 31, 2024.
Product engineering and development expenses decreased $124,000 to $677,000 for the quarter ended December 31, 2024, as compared to $801,000 for the quarter ended December 31, 2023, due to lower headcount. Selling, general and administrative (“SG&A”) expenses increased slightly to $3,367,000 for the quarter ended December 31, 2024, compared to $3,350,000 for the quarter ended December 31, 2023.
The Company had operating income of $4,624,000 for the quarter ended December 31, 2024 as compared to $3,383,000 for the quarter ended December 31, 2023. The increased operating income was due primarily to higher net revenues for the quarter ended December 31, 2024.
For the quarter ended December 31, 2024, the Company had net other income of $534,000 compared to $2,235,000 for the quarter ended December 31, 2023. Higher yields negatively impacted the value of our bond holdings. Included in net other income for the quarter ended December 31, 2024 were net realized and unrealized losses on marketable securities of ($455,000) compared to net realized and unrealized gains of $1,519,000 for the quarter ended December 31, 2023.
The effective income tax rates for the quarters ended December 31, 2024 and December 31, 2023 were 26.0% and 23.0%, respectively. Net income for the quarter ended December 31, 2024 was $3,817,000, or $0.26 per basic and diluted common share, compared to net income of $4,326,000, or $0.30 per basic and diluted common share for the quarter ended December 31, 2023.
At December 31, 2024, the Company had $130.1 million of cash and cash equivalents and marketable securities compared to $115.4 million at September 30, 2024. Net working capital was $186.5 million at December 31, 2024 compared to $182.2 million at September 30, 2024. The Company had no short-term or long-term debt outstanding at December 31, 2024.
The Company’s backlog was $54.4 million at December 31, 2024 compared to $61.3 million at December 31, 2023.
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 For the Quarters Ended December 31, 2024 and 2023 (Unaudited) |
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| 2024 | 2023 | |||||
| Net revenue | $ | 31,416,000 | $ | 26,018,000 | ||
| Cost of goods sold | 22,748,000 | 18,484,000 | ||||
| Gross profit | 8,668,000 | 7,534,000 | ||||
| Operating expenses: | ||||||
| Product engineering and development | 677,000 | 801,000 | ||||
| Selling, general and administrative | 3,367,000 | 3,350,000 | ||||
| Total operating expenses | 4,044,000 | 4,151,000 | ||||
| Operating income | 4,624,000 | 3,383,000 | ||||
| Other income, net: | ||||||
| Interest and dividend income, net of fees | 989,000 | 716,000 | ||||
| Realized and unrealized gains (losses) on marketable securities, net | (455,000 | ) | 1,519,000 | |||
| Total other income, net | 534,000 | |||||