Gencor Industries, Inc. announced its first-quarter fiscal 2025 results, reporting a net revenue increase of 20.7% to $31.416 million for the quarter ended December 31, 2024, compared to $26.018 million for the same period in 2023. This rise was driven by significant growth in revenue from contract equipment sales recognized over time, despite a decrease in parts sales. Gross profit margins declined to 27.6% from 29.0% due to the decreased contribution of parts sales. Operating income for the quarter rose to $4.624 million from $3.383 million in the previous year, attributed to higher net revenues. However, net other income decreased to $534,000 from $2.235 million in the prior year, impacted by higher yields affecting the value of bond holdings. Product engineering and development expenses fell to $677,000 from $801,000, primarily due to lower headcount, while selling, general, and administrative expenses saw a slight increase to $3.367 million from $3.350 million. The company's backlog stood at $54.4 million as of December 31, 2024, down from $61.3 million the previous year. Gencor Industries, a diversified heavy machinery manufacturer, continues to operate with no short-term or long-term debt as of the end of the quarter. No specific outlook or guidance was provided in the report.
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