Gencor Industries reports Q1 EPS 24c vs. (2c) last year

Reports Q1 revenue $25.8M vs. $20.1M last year. Marc Elliott, Gencor’s President, commented, "Our first quarter revenues grew approximately 28% year to year and 12% sequentially from the fourth quarter of fiscal 2022. I am pleased to see Gencor starting off the fiscal year with significant top-line growth and a solid backlog. Our vigorous quoting activity and keen interest in Gencor products portend a good second quarter, as we prepare to close new business in the coming weeks. Our first quarter gross margins also improved to 22.5% due to stabilization of our material prices and price realization, but were offset by higher wages. Erratic supply chain issues continue to impact our manufacturing processes, but we remain vigilant in minimizing the disruption to our customers. We are looking forward to exhibiting at the ConExpo-Con/Agg show in March and expect a healthy reception for our latest product innovations. I am proud of the hard work and dedication of our Gencor employees that delivered these solid results, and continue to identify opportunities to improve our performance."