Gencor Industries(US:GENC)2024-05-10 12:00Financial Performance - Net revenues increased by 33.4% to $40,676,000 for the quarter ended March 31, 2024, compared to $30,501,000 for the same quarter in 2023[1] - Operating income rose by 37.0% to $7,072,000 for the quarter ended March 31, 2024, compared to $5,161,000 for the same quarter in 2023[3] - Net income increased by 27.7% to $6,222,000, or $0.42 per share, for the quarter ended March 31, 2024, up from $4,873,000, or $0.33 per share, in the prior year[5] Profitability Metrics - Gross profit margins improved to 30.3% for the quarter ended March 31, 2024, up from 29.8% in the prior year, due to better absorption on increased production and favorable price realization[1] - The effective income tax rate decreased to 23.0% for the quarter ended March 31, 2024, down from 24.1% in the prior year[5] Backlog and Assets - The Company reported a backlog of $50.4 million at March 31, 2024, which is 34.8% higher than the $37.4 million backlog at March 31, 2023[8] - Total assets increased to $206,042,000 at March 31, 2024, compared to $195,748,000 at September 30, 2023[14] Cash and Investments - Cash and marketable securities totaled $117,107,000 at March 31, 2024, an increase from $101,283,000 at September 30, 2023[7] - Interest and dividend income, net of fees, rose to $803,000 for the quarter ended March 31, 2024, compared to $565,000 in the same quarter of 2023[4] Expenses - Selling, general and administrative expenses increased by $1,295,000 to $4,357,000 for the quarter ended March 31, 2024, primarily due to higher trade show expenses and commissions[2]