Gencor releases fourth quarter and fiscal year 2021 results

Orlando, fla., dec. 17, 2021 (globe newswire) -- gencor industries, inc., (nasdaq: genc) announced today net revenue for the fourth quarter of 2021 increased 91.7% to $20.0 million compared to $10.5 million for the quarter ended september 30, 2020. the increase in net revenues reflected improved orders from prior year in anticipation of a new, broad infrastructure bill to replace the fast act, which after two temporary extensions, would have expired on december 3, 2021. on november 15, 2021, president biden signed into law a five-year, $1.2 trillion infrastructure bill, the infrastructure investment and jobs act, including $550 billion in new spending and reauthorization of $650 billion in previously allocated funds. this provides $110 billion for the nation's highways, bridges and roads. gross profit as a percentage of net revenue were 17.2% for the quarter ended september 30, 2021, a decrease from 18.3% for the quarter ended september 30, 2020. gross profit margins were negatively impacted by unabsorbed manufacturing labor and overhead expenses. in addition, increases in labor rates and steel and oem parts prices contributed to the lower overall gross margins during the quarter ended september 30, 2021.
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