Gencor Industries rises on upbeat Q2 earnings

Gencor Industries

13/05/2022 15:19

** Shares of industrial machinery maker  GENC.O  up ~3.4% at
$9.87 in early trade
    ** Co reports net revenue of $30.7 mln vs $21.4 mln last
year  urn:newsml:reuters.com:*:nGNX4DFrFd
    ** GENC said even as labor, supply chain and freight
challenges persist, it still expects "solid" revenues in FY22 
    ** "We continue to see strong interest across all our
product lines" - President Marc Elliott 
    ** However, Q2 gross margins compressed to 20.2% compared
with 28.8% a year earlier  
    ** Co said it continued to experience higher manufacturing
costs associated with wages, steel and OEM parts pricing during
the quarter 
    ** Including session's gain, shares down ~14.5% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))