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ORLANDO - Gencor Industries Inc. (NYSE American: GENC), a manufacturing company, has announced unaudited preliminary financial results for its fiscal year ending September 30, 2024, and the quarter ending December 31, 2024. The company reported an anticipated revenue of approximately $113 million for the fiscal year, marking an increase from $105.1 million the previous year, representing a 5.44% growth. With a market capitalization of $176.48 million and a P/E ratio of 11, InvestingPro analysis suggests the stock is currently undervalued compared to its Fair Value.
The preliminary data suggests that Gencor’s financial position remains strong, with around $130 million in cash and marketable securities as of December 31, 2024, an increase from approximately $115 million at the end of the fiscal year. Notably, the company maintains a debt-free status, reporting no short-term or long-term debt obligations. InvestingPro data confirms this robust financial health with an exceptional current ratio of 26.55 and an overall financial health rating of "GREAT." Two key InvestingPro Tips highlight that Gencor holds more cash than debt and its liquid assets exceed short-term obligations, with 5 additional exclusive tips available to subscribers.
Gencor also disclosed a backlog of orders amounting to approximately $51 million at the end of the fourth quarter. This figure is indicative of the company’s future revenue potential and provides insight into the demand for its products.
These results are provisional and subject to change pending the completion of the year-end audit. The company’s independent registered public accounting firm has not yet audited the figures, and the final results may differ from those currently reported. Gencor has filed Form 12b-25 with the Securities and Exchange Commission, indicating a delay in the completion of its audit for both the annual and quarterly reports. For deeper insights into Gencor’s financial health and valuation metrics, investors can access comprehensive analysis and real-time updates through InvestingPro’s advanced analytics platform.
Investors are cautioned against placing undue reliance on these preliminary estimates, as they are forward-looking statements that involve risks and uncertainties. Factors that could influence the final audited results include the company’s customers’ financial condition, economic and competitive landscape changes, and product demand. Additionally, external factors such as the ongoing conflict in Ukraine and the Israel-Hamas situation could disrupt the supply chain and affect product costs.
Gencor’s press release includes forward-looking statements, which reflect management’s current views and are subject to various risks, including potential adjustments to the financial figures upon audit completion. The company has committed to updating any forward-looking statements as required by law.
This report is based on a press release statement from Gencor Industries Inc. and presents the company’s preliminary financial results for the specified periods.
In other recent news, Gencor Industries Inc. has announced a change in its independent accounting firm, appointing Berkowitz Pollack Brant Advisors + CPAs (BPB) as its new auditor. This decision was made by the Board of Directors upon the Audit Committee’s recommendation and followed the dismissal of Forvis Mazars, LLP. The change comes amid Gencor Industries’ acknowledgment of material weaknesses in its internal control over financial reporting for the fiscal year ended September 30, 2024. These weaknesses were related to information technology general controls and the period-end close process, among others. Additionally, Gencor Industries is facing noncompliance issues with the NYSE American’s listing standards due to its failure to file its annual report on time. The company received a delinquency notification from NYSE Regulation for not submitting its Form 10-K by the December 31, 2024 deadline. Gencor has been granted a six-month grace period to file the overdue report and regain compliance, with the possibility of an extension. Despite these challenges, the company’s stock continues to be listed and traded on the NYSE American.
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