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Gencor Industries, Inc. (GENC) reported net revenues of $20.92 million for the fourth quarter ended September 30, 2024, a slight increase from $20.87 million year-over-year. For fiscal 2024, the company’s net revenues reached $113.2 million, representing a 7.7% growth compared to $105.1 million in fiscal 2023. However, net income decreased by 0.7% to $14.6 million, equating to $0.99 per share, from $14.7 million, or $1.00 per share, the previous year.
In the fourth quarter, operating income fell to $1.2 million from $2.7 million, with gross profit margins dropping to 25.6% from 31.7%. The rise in selling, general, and administrative expenses by 17.9% to $14.3 million contributed to this decline. Gencor’s cash and marketable securities increased to $115.4 million, up from $101.3 million in fiscal 2023, while the company remained debt-free.
Management noted a strong backlog supporting fiscal 2025, driven by a 34.1% increase in long-term equipment sales, totaling $45.8 million. Despite a challenging market environment, President Marc Elliott expressed optimism about future growth opportunities linked to government infrastructure spending.
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