Gencor Q3 net income down 46% to $2.3M on higher costs from Blaw-Knox acquisition; backlog surges to $28.5M

GENCOR INDUSTRIES INC

2021-Q3 EPS reported $0.42 vs consensus $0.84 ▼ miss (-50.0%)

Net revenue $24.9M (+8.6% YoY); net income $2.3M vs $4.3M; diluted EPS $0.16 down from $0.29.
Operating income fell to $1.2M from $2.0M due to Blaw-Knox acquisition costs (paver line).
Backlog $28.5M at June 30, 2021 vs $11.7M a year ago; CEO expects FAST Act renewal and infra funding.
Cash & marketable securities $122.9M; no debt; working capital $155.9M.
Gross margin 22.5% vs 23.5% due to higher steel/OEM part costs; partially offset by parts sales.

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