Gencor reports FY2024 revenue up 7.7% to $113.2M; EPS $0.99 vs $1.00; backlog $56.2M

GENCOR INDUSTRIES INC

Full year net revenue $113.2M, up 7.7% from $105.1M; net income $14.6M ($0.99 diluted EPS) vs $14.7M ($1.00).
Q4 revenue flat at $20.9M; gross margin fell to 25.6% from 31.7%; operating income halved to $1.2M from $2.7M.
Backlog $56.2M at Dec 1, 2024 vs $57.8M a year earlier; cash & securities $115.4M, no debt.
SG&A rose $2.2M to $14.3M on trade show and professional fees; effective tax rate increased to 29.8% from 21.9%.
Net other income $7.0M, up $1.7M, driven by higher interest income ($3.4M) and portfolio gains ($3.6M).

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