Yeah GENC Q1 was a dud. Perfect candidate for a late Friday earnings release ha. I wasn't expecting too much with the seasonality, but thought revenues would be higher with the large backlog. Wouldn't have mattered much anyway in this brutal market where few stocks are being rewarded.
No rush but I'll likely add a few more GENC ahead of the fiscal Q2 report. Next 2 quarters are their seasonally strongest. Backlog of $58M is way up from $32.1M a year ago. The infrastructure bill should give them a nice tailwind for years. Excellent balance sheet with $8/share in cash & securities. Hopefully rising rates will give them a better return on their cash. Like SCX, GENC's main raw material is steel. And steel prices have cratered in recent months...should give margins a lift at some point.
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