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Gencor Releases Third Quarter Fiscal 2025 Results

1. GENC reported a 5.6% revenue increase to $26.986M for Q3 2025. 2. Gross profit margins improved to 26.5%, up from 23.9% year-over-year. 3. Operating income rose significantly to $3.137M, driven by higher revenues. 4. Cash and equivalents rose to $136M, indicating strong liquidity. 5. Backlog dropped to $26.2M, down from $46.6M, signaling potential revenue concerns.

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Why Bullish?

Positive revenue and margin growth typically augurs well for stock performance. Historically, improved margins have driven stock prices higher, as seen in Q3 2024.

How important is it?

Recent earnings announcements often lead to significant price movements in GENC, indicating a solid performance link.

Why Short Term?

Immediate financial performance tends to influence stock prices quickly; GENC's latest results are likely to attract short-term investor interest.

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CATDECMI
ORLANDO, Fla., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue increased 5.6% for the quarter ended June 30, 2025 to $26,986,000 from $25,551,000 for the quarter ended June 30, 2024. Revenue from contract equipment sales recognized at a point in time and parts revenues increased in the quarter ended June 30, 2025. As a percent of sales, gross profit margins were 26.5% in the quarter ended June 30, 2025, compared to 23.9% in the quarter ended June 30, 2024 due to improved production activities. Product engineering and development expenses decreased $83,000 to $741,000 for the quarter ended June 30, 2025, as compared to $824,000 for the quarter ended June 30, 2024, due to reduced headcount. Selling, general and administrative (“SG&A”) expenses were relatively unchanged at $3,265,000 for the quarter ended June 30, 2025, compared to $3,290,000 for the quarter ended June 30, 2024. The Company had operating income of $3,137,000 for the quarter ended June 30, 2025 as compared to $1,993,000 for the quarter ended June 30, 2024. The increase in operating income was due primarily to higher revenues and improved gross margins in the quarter ended June 30, 2025. For the quarter ended June 30, 2025, the Company had net other income of $2,036,000 compared to $1,329,000 for the quarter ended June 30, 2024. Included in net other income for the quarter ended June 30, 2025 were net realized and unrealized gains on marketable securities of $894,000 compared to $363,000 for the quarter ended June 30, 2024. The effective income tax rates for the quarters ended June 30, 2025 and June 30, 2024 were 26.0% and 23.0%, respectively. Net income for the quarter ended June 30, 2025 was $3,828,000, or $0.26 per basic and diluted common share, compared to net income of $2,558,000, or $0.17 per basic and diluted common share for the quarter ended June 30, 2024. For the nine months ended June 30, 2025 the Company had net revenue of $96,606,000 and net income of $13,740,000, or $0.94 per basic and diluted common share, compared to net revenue of $92,245,000 and net income of $13,106,000 or $0.89 per basic and diluted common share for the nine months ended June 30, 2024. At June 30, 2025, the Company had $136.0 million of cash and cash equivalents and marketable securities compared to $115.4 million at September 30, 2024. Net working capital was $197.1 million at June 30, 2025 compared to $182.2 million at September 30, 2024. The Company had no short-term or long-term debt outstanding at June 30, 2025. The Company’s backlog was $26.2 million at June 30, 2025 compared to $46.6 million at June 30, 2024. Marc Elliott, Gencor’s President, commented, “Our third quarter brought improved results over the prior year both in terms of revenue and profits. The overall performance of our first nine months was also solid with approximately 5% increase in revenue and 14% more operating income over the prior year. As we work toward our fiscal year-end, we expect to continue to track with our stable growth strategy and focus on top-line growth and operational efficiency.” Gencor is a leading manufacturer of heavy machinery used in the production of highway construction equipment and materials and environmental control equipment. GENCOR INDUSTRIES, INC.Condensed Consolidated Income Statements (Unaudited)  For the Quarters Ended June 30, For the Nine Months Ended June 30,  2025 2024 2025 2024              Net revenue$26,986,000 $25,551,000 $96,606,000 $92,245,000 Cost of goods sold 19,843,000  19,444,000  69,442,000  66,282,000 Gross profit 7,143,000  6,107,000  27,164,000  25,963,000              Operating expenses:            Product engineering and development 741,000  824,000  2,099,000  2,518,000 Selling, general and administrative 3,265,000  3,290,000  10,824,000  10,997,000 Total operating expenses 4,006,000  4,114,000  12,923,000  13,515,000              Operating income 3,137,000  1,993,000  14,241,000  12,448,000              Other income (expense), net:            Interest and dividend income, net of fees 1,142,000  966,000  3,289,000  2,485,000 Net realized and unrealized gains on marketable   securities 894,000  363,000  1,037,000  2,087,000 Total other income (expense), net 2,036,000  1,329,000  4,326,000  4,572,000              Income before income tax expense 5,173,000  3,322,000  18,567,000  17,020,000 Income tax expense 1,345,000  764,000  4,827,000  3,914,000 Net income$3,828,000 $2,558,000 $13,740,000 $13,106,000              Net income per common share - basic and diluted$0.26 $0.17 $0.94 $0.89   GENCOR INDUSTRIES, INC.Condensed Consolidated Balance Sheets ASSETSJune 30, 2025(Unaudited) September 30,2024 Current assets:      Cash and cash equivalents$27,874,000 $25,482,000 Marketable securities at fair value (cost of $106,365,000 at June 30, 2025 and    $88,777,000 at September 30, 2024) 108,097,000  89,927,000 Accounts receivable, less allowance for credit losses of $480,000 at   June 30, 2025 and $390,000 at September 30, 2024 3,157,000  1,980,000 Contract assets 12,226,000  9,339,000 Inventories, net 52,872,000  63,762,000 Prepaid expenses and other current assets 1,106,000  2,352,000       Total current assets 205,332,000  192,842,000        Property and equipment, net 10,641,000  11,472,000 Deferred income taxes 3,698,000  3,424,000 Other long-term assets 485,000  383,000       Total Assets$220,156,000 $208,121,000        LIABILITIES AND SHAREHOLDERS’ EQUITY      Current liabilities:      Accounts payable$2,539,000 $2,001,000 Customer deposits 2,427,000  5,018,000 Accrued expenses 2,944,000  3,255,000 Current operating lease liabilities 369,000  330,000       Total current liabilities 8,279,000  10,604,000 Unrecognized tax benefits 1,933,000  1,376,000 Non-current operating lease liabilities 63,000  -       Total liabilities 10,275,000  11,980,000 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, 2025 and   September 30, 2024 1,234,000  1,234,000 Class B common stock, par value $.10 per share; 6,000,000 shares authorized;   2,318,857 shares issued and outstanding at June 30, 2025 and   September 30, 2024 232,000  232,000 Capital in excess of par value 12,590,000  12,590,000 Retained earnings 195,825,000  182,085,000       Total shareholders’ equity 209,881,000  196,141,000 Total Liabilities and Shareholders’ Equity$220,156,000 $208,121,000   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 U.S. government’s recent tariff announcements, (ii) the invasion by Russia into Ukraine, and (iii) the conflict between Israel and Hamas, including hostilities involving Iran, as well as actions taken by other countries, including the U.S., in response to such tariff announcements and conflicts, 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, 2024: (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:Eric Mellen, Chief Financial Officer 407-290-6000

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