Gencor Industries, Inc. (GENC) has reported an 109.51 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $3.42 million, or $0.23 a share in the quarter, compared with $1.63 million, or $0.11 a share for the same period last year.

Revenue during the quarter went up marginally by 2.03 percent to $22.53 million from $22.08 million in the previous year period. Gross margin for the quarter expanded 491 basis points over the previous year period to 29.55 percent. Total expenses were 81.98 percent of quarterly revenues, down from 86.99 percent for the same period last year. This has led to an improvement of 502 basis points in operating margin to 18.02 percent.

Operating income for the quarter was $4.06 million, compared with $2.87 million in the previous year period.

John E. Elliott, Gencor’s chief executive officer, commented, "We are pleased with the company’s continued strong performance. We have been expanding our manufacturing production to meet the increasing demand for our equipment, without sacrificing operating income. The Company will continue to increase production and efficiency at both of its facilities and augment its workforce over the next few quarters by investing in technology which will enhance production in a number of areas."

Cash conversion cycle (CCC) has decreased to 41 days for the quarter from 81 days for the last year period. Days sales outstanding were almost stable at 13 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 41 days for the quarter compared with 79 days for the previous year period. At the same time, days payable outstanding went up to 14 days for the quarter from 12 for the same period last year.