Gencor Industries, Inc., together with its subsidiaries, designs, manufactures, and sells heavy machinery used in the production of highway construction materials and environmental control equipment. The company offers hot-mix asphalt plants to produce asphalt paving materials; related asphalt plant equipment, including hot-mix storage silos, fabric filtration systems, cold feed bins, and other plant components; and a range of mobile batch plants. It also provides combustion systems that transform solid, liquid, or gaseous fuels into usable energy, or burn multiple fuels in asphalt and aggregate drying industries; and combustion systems for rotary dryers, kilns, fume and liquid incinerators, and fuel heaters, as well as industrial incinerators. In addition, the company offers thermal fluid heat transfer systems that transfer heat for storage, heating, and pumping viscous materials, such as asphalt, chemicals, heavy oils, etc. in various industrial and petrochemical applications; specialty storage tanks for various industrial uses; and asphalt pavers under the Blaw-Knox brand. Gencor Industries, Inc. sells its products primarily to the highway construction industry through its sales representatives, and independent dealers and agents worldwide. The company was formerly known as Mechtron International Corporation and changed its name to Gencor Industries, Inc. in 1987. Gencor Industries, Inc. was founded in 1894 and is based in Orlando, Florida.
AI Generated Analysis | Feedback
Here are 1-2 brief analogies to describe Gencor Industries (GENC):
- The Caterpillar of asphalt plants and highway construction equipment.
- Like Komatsu, but specialized in machinery for producing asphalt and building roads.
AI Generated Analysis | Feedback
- Asphalt Plants: Equipment used for the production of asphalt pavement mixtures for road construction.
- Combustion Systems: Industrial burners and heating systems designed for various material processing applications.
- Concrete Plants: Equipment for producing concrete, including batch plants and related components.
- Soil Remediation Plants: Systems designed for the thermal treatment and remediation of contaminated soils.
AI Generated Analysis | Feedback
Gencor Industries (GENC) sells primarily to other companies in the construction and materials production sectors. According to their latest annual report (10-K filing for the fiscal year ended September 30, 2023), no single customer accounted for more than 10% of their consolidated net sales in fiscal 2023, 2022, or 2021. Therefore, no specific major customer companies are individually identified by name in their public filings.
However, Gencor Industries serves the following categories of business customers:
- Road construction contractors
- Aggregate producers
AI Generated Analysis | Feedback
John E. Elliott, Chief Executive Officer
John Elliott serves as the Chief Executive Officer of Gencor Industries Inc. He previously held positions as Vice President and Board Member at Gencor Industries Inc..
Eric E. Mellen, Chief Financial Officer and Treasurer
Eric Mellen is the Chief Financial Officer and Treasurer at Gencor Industries Inc. Prior to this role, he was the Director of Corporate Development at Gencor Industries Inc. He has also worked at Pricewaterhousecoopers and IBM Corp..
Emanuel J. Elliott, Executive Chairman
Emanuel J. Elliott is the Executive Chairman of Gencor Industries, Inc. He is also identified as a founder of the company.
Marc G. Elliott, President and Director
Marc G. Elliott holds the titles of President and Director at Gencor Industries, Inc.
Dennis Bryan Hunt, Senior Vice President-Sales
Dennis Bryan Hunt serves as the Senior Vice President-Sales for Gencor Industries Inc.
AI Generated Analysis | Feedback
Gencor Industries (symbol: GENC) manufactures heavy machinery primarily for the highway construction industry, with key products including asphalt plants, asphalt pavers, combustion systems, fluid heat transfer systems, soil remediation plants, and aggregate drying and screening equipment.
- Asphalt Plants: The global market size for asphalt mixing plants was estimated at approximately USD 5.21 billion in 2023. In North America, the asphalt mixing plant market generated approximately USD 1.269 billion in equipment revenue in 2024.
- Asphalt Pavers: null
- Combustion Systems and Fluid Heat Transfer Systems: null
- Soil Remediation Plants: null
- Aggregate Equipment (including drying and screening equipment): The global aggregate equipment market size was projected at USD 5.2 billion in 2023. For North America, the aggregate equipment market size was valued at around USD 1.1 billion in 2023.
AI Generated Analysis | Feedback
Expected Drivers of Future Revenue Growth for Gencor Industries (GENC)
Over the next 2-3 years, Gencor Industries (GENC) is expected to see revenue growth driven by several key factors within the highway construction and materials industry. These drivers are largely influenced by government infrastructure spending, the ongoing need for equipment upgrades, and Gencor's commitment to technological advancements.
Here are 3-5 expected drivers of future revenue growth:
* Increased Highway Construction Funding: Demand for Gencor's heavy machinery, which is primarily used by highway construction firms, is significantly influenced by federal, state, and local government highway funding. The company's products contribute to infrastructure development, and demand is heavily influenced by government highway spending programs like the IIJ Act, which provides substantial federal funding for highway projects until September 30, 2026. This sustained governmental investment in infrastructure is expected to translate into continued demand for Gencor's asphalt plants, pavers, and related equipment.
* Replacement and Upgrade Cycle of Existing Asphalt Plants: A significant driver of revenue is the continuous need for highway construction firms to replace and upgrade their existing asphalt plants. As older equipment reaches the end of its lifecycle or becomes less efficient, companies will seek out modern, more productive solutions, which Gencor aims to provide.
* Demand for Larger, More Efficient, and Environmentally Friendly Equipment: There is an industry trend towards larger and more efficient asphalt plants. Gencor emphasizes product innovation, environmentally friendly processes, and extensive technical development, having pioneered industry-standard technologies such as counter-flow drum mix technology, which recaptures and burns emissions for cleaner, more efficient asphalt production. This focus on energy-efficient and environmentally conscious equipment aligns with market demands and is expected to drive sales as customers seek to improve operational efficiency and comply with environmental regulations.
* Growth in Parts and Service Revenue: Recent financial updates have indicated increased revenues from parts sales. As Gencor's installed base of equipment continues to operate, the recurring demand for spare parts, maintenance, and technical support is anticipated to be a consistent and growing contributor to the company's overall revenue.
* Leveraging the Blaw-Knox Paver Business: The acquisition of the Blaw-Knox paver business and associated assets in 2020 expanded Gencor's product offerings to include highway class asphalt pavers. As the company integrates and further develops this well-recognized brand, the sales of these pavers are expected to contribute to revenue growth by offering a more comprehensive solution to highway construction customers.
AI Generated Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Gencor Industries made no share repurchases during fiscal years 2023 and 2024.
Share Issuance
- The company did not issue any securities during fiscal years 2023 and 2024 that were not already registered under the Exchange Act.
- Common shares outstanding were 14.66 million as of September 30, 2024.
Outbound Investments
- On October 1, 2020, Gencor acquired the Blaw-Knox paver business and associated assets from Volvo Construction Equipment North America, LLC, expanding its product offerings to include highway class asphalt pavers.
- As of August 2025, the company's CEO has expressed interest in pursuing acquisition opportunities, leveraging Gencor's debt-free and cash-rich balance sheet.
Capital Expenditures
- Capital expenditures were approximately $1.60 million in fiscal year 2024, $2.66 million in fiscal year 2023, and $4.52 million in fiscal year 2022.
- For the six months ended March 31, 2024, capital expenditures amounted to $378,000, primarily focused on building improvements and handling equipment.
- Capital expenditures for the years ended September 30, 2023, and September 30, 2022, totaling $2.746 million and $4.516 million respectively, were primarily directed towards manufacturing processing and finishing equipment.
