Business
Gencor Releases Fourth Quarter and Fiscal Year 2024 Results
ORLANDO, Fla., June 27, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the fourth quarter ended September 30, 2024 of $20.9 was relatively unchanged from the quarter ended September 30, 2023. Gross profit as a percentage of net revenue was 25.6% for the quarter ended September 30, 2024, compared to 31.7% for the quarter ended September 30, 2023. The higher gross profit margin in fiscal 2023 was due to increased p
About this update from Gencor Industries, Inc.
[{"type":"text","content":"ORLANDO, Fla., June 27, 2025 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the fourth quarter ended September 30, 2024 of $20.9 was relatively unchanged from the quarter ended September 30, 2023. Gross profit as a percentage of net revenue was 25.6% for the quarter ended September 30, 2024, compared to 31.7% for the quarter ended September 30, 2023. The higher gross profit margin in fiscal 2023 was due to increased parts sales at higher margins, absorption, and closing out of certain equipment sales recognized over time.","length":606,"tagName":"p"},{"type":"text","content":"Operating income for the quarter ended September 30, 2024 decreased to $1.2 million compared to $2.7 million for the quarter ended September 30, 2023 due primarily to the reduced gross profit margin. The Company had net non-operating income of $2.5 million for the quarter ended September 30, 2024 compared to $0.9 million for the quarter ended September 30, 2023. The Company’s income tax expense was $2.3 million for the quarter ended September 30, 2024 compared to $0.5 million for the quarter ended September 30, 2023. Net income for the quarter ended September 30, 2024 was $1.5 million compared to $3.1 million for the quarter ended September 30, 2023.","length":658,"tagName":"p"},{"type":"text","content":"Net revenue for the year ended September 30, 2024 increased 7.7% to $113.2 million from $105.1 million for the year ended September 30, 2023. Gross profit margin was 27.7% in fiscal 2024 compared to 27.6% in fiscal 2023. In the fourth quarter of fiscal 2023, gross profit margin was positively impacted on closing out of certain equipment sales recognized over time.","length":366,"tagName":"p"},{"type":"text","content":"Product engineering and development expense in fiscal 2024 decreased $145,000 to $3,313,000 from $3,458,000 in fiscal 2023 on reduced headcount. Selling, general and administrative (“SG&A”) expenses in fiscal 2024 increased $2,173,000 to $14,327,000 from $12,154,000 in fiscal 2023. The increase in SG&A expenses was primarily due to increased trade show expenses, professional fees, and sales commissions on higher net revenue.","length":436,"tagName":"p"},{"type":"text","content":"Fiscal 2024 had operating income of $13,687,000 versus $13,425,000 in fiscal 202...