Gencor Q1 net income $4.3M ($0.30/sh) vs $3.5M ($0.24/sh); gross margin improves to 29%

GENCOR INDUSTRIES INC

2024-Q1 EPS reported $0.30 revenue$26,018,000

Net revenue $26.0M flat YoY; gross margin up to 29.0% (was 22.5%) on better manufacturing efficiencies.
Operating income jumped 59% to $3.4M; net income $4.3M ($0.30 diluted) vs $3.5M ($0.24).
Backlog grew 44% YoY to $61.3M, one of largest in company history; quoting activity steady.
Cash and marketable securities $104.8M; no debt; net working capital $169.8M.
Net interest/dividend income up to $716k from $493k due to higher rates and fixed-income shift.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

GENCOR INDUSTRIES INC reported Q1 fiscal 2024 results: revenue $26,018,000, net income $4,326,000, EPS $0.30.

Period: Q1 fiscal 2024
Revenue: $26,018,000
Net income: $4,326,000
EPS: $0.30
Result: reported results

Exact text from the filing

Gencor Industries, Inc. (the "Company" or "Gencor") (NYSE American: GENC) announced today net revenues for the quarter ended December 31, 2023 of $26,018,000 increased slightly over net revenues for the quarter ended December 31, 2022 of $25,825,000.

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Source: SEC EDGAR

accession 0001193125-24-025277

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