Gencor Industries (GENC) trades weaker Friday after the company reported that for Q2, earnings and revenue declined year over year, saying the domestic highway construction industry remains cautious on the shortfall in Federal funding of the Highway Trust Fund.
Shares are down 1.72% at $10.30 in late-morning action, with a 52-week range of $6.89 – $11.62.
The company, which manufactures heavy machinery used in the production of highway construction materials, reported Q1 net income of $1.9 million or $0.20 per share, compared with the prior-year period’s $3 million or $0.31 per share. Revenue was $14.5 million, down 18% from $17.7 million in the same quarter last year.
No analyst estimates were available for comparison.
The company noted that the increased sales volume that it experienced in the Q1 did not carry over into the current quarter.
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