Gencor Industries, Inc. - Company Overview

Business Description

• Core Operations: Gencor Industries, Inc. is a leading manufacturer of heavy machinery used in highway construction, asphalt production, and environmental control. Its primary products include:

  • Asphalt plants
  • Asphalt pavers (sold under the Blaw-Knox brand)
  • Combustion systems
  • Fluid heat transfer systems

• Manufacturing Locations: The company operates three manufacturing facilities within the United States.

• Product Technologies & Development:

  • Pioneered industry-standard technologies such as counter-flow drum mix technology, which recaptures and burns emissions for cleaner, more efficient asphalt production.
  • Developed and patented continuous process asphalt production methods.
  • Focuses on energy-efficient and environmentally friendly equipment via ongoing product engineering.

• Sales Channels: Products are sold primarily in North America through company sales representatives and independent dealers and agents.

Customer Base & Market

• The company primarily serves highway construction firms, with demand driven by:

  • Federal, state, and local government highway funding
  • Replacement and upgrade of existing asphalt plants
  • Trends towards larger, more efficient plants

• Customer Concentration: During fiscal year 2024, one customer accounted for 11.3% of net revenue, and in fiscal 2023, a different customer represented 14.8% of net revenue.

Employees & Workforce

• Total Employees (as of September 30, 2024): 323 full-time employees
• The workforce includes a unionized group at the Marquette, Iowa facility, covered by a collective bargaining agreement. No other employees are unionized.

Financial Highlights

• Annual Revenue (Fiscal Year Ended September 30, 2024): $113.2 million
• Revenue Change from 2023: Increased by 7.7% from $105.1 million in 2023
• Net Income (2024): $14.56 million
• Income Comparison: Slight decrease of $0.11 million from $14.67 million in 2023
• Gross Profit Margin (2024): 27.7%
• Operating Income (2024): $13.7 million
• Net Other Income (2024): $7.0 million, including:
  • Interest and dividend income: $3.4 million
  • Gains on marketable securities: $3.6 million

Market Presence

• Market Valuation: As of the latest fiscal quarter (June 25, 2025), the company's total market value of common and non-voting equity held by non-affiliates is approximately $160.2 million.
• Shares Outstanding: 12,338,845 shares of common stock and 2,318,857 shares of Class B stock (as of June 25, 2025).

Additional Details

• The company emphasizes product innovation, environmentally friendly processes, and extensive technical development.
• Revenue is seasonal, with higher sales between October and February, aligning with industry demand cycles.
• The company's products contribute to infrastructure development, heavily influenced by government highway spending programs like the IIJ Act, which provides significant federal funding for highway projects until September 30, 2026.