Generac Holdings Inc. reports news on its energy technology and power products business, including generators, energy storage systems, energy management devices and outdoor power equipment for residential, commercial, data center, telecom, rental and industrial markets.
Recurring developments include earnings and segment updates for Residential and Commercial & Industrial, product launches such as diesel generators and DR Power outdoor equipment, storm-readiness initiatives tied to backup power, and distributed energy resource collaborations for resiliency, demand response and grid capacity. Company updates also cover investor presentations, manufacturing-industry governance participation, and market demand for home standby, portable and mission-critical power solutions.
Generac Power Systems (NYSE: GNRC) announced the creation of Generac Grid Services, focusing on providing energy solutions to utilities and energy markets. Bud Vos, former president of Enbala Power Networks, will lead this new group. This initiative aims to deliver economic and environmental value by utilizing Generac's diverse energy products, including home standby generators and storage systems. The formation builds on the October 2020 acquisition of Enbala Power Networks, enhancing Generac's capabilities in distributed energy solutions.
Generac Holdings (NYSE: GNRC) announced its acquisition of Off Grid Energy Ltd, a UK-based designer and manufacturer of industrial-grade mobile energy storage systems. This strategic purchase aims to enhance Generac's portfolio in energy storage solutions, catering to various sectors, including construction and EV charging. CEO Aaron Jagdfeld emphasized the synergy between Off Grid Energy's offerings and Generac's advanced generator technology, positioning the company for accelerated growth in the distributed energy market. Financial terms of the deal were not disclosed.
Generac Holdings Inc. (NYSE: GNRC) announced the acquisition of Apricity Code Corporation, an engineering firm from Bend, Oregon, specializing in energy-related product design. This strategic acquisition aims to enhance Generac's energy technology portfolio and expedite market entry for its Clean Energy and Grid Services solutions. Apricity's expertise includes developing a smart water heater disconnect switch utilized in demand response programs. Financial terms of the deal were not disclosed.
Generac Power Systems (NYSE: GNRC) announced its home standby and commercial generators, along with PWRcell solar + battery storage systems, are now Smart Grid Ready. This upgrade allows customers to sell power back to the grid, enhancing energy cost savings. Through the Enbala Concerto platform, these systems become distributed energy resources (DERs) that can help stabilize the grid and create virtual power plants. Existing customers will receive a firmware update to access these new capabilities, ensuring a seamless integration of energy assets.
Generac Power Systems has expanded its operations by purchasing a new 75,000 square-foot Customer Contact Center in Pewaukee, Wisconsin, to accommodate its growing workforce of approximately 300 employees. The investment exceeds $8 million for the purchase and renovation, officially closing on July 29, 2021. This expansion comes as Generac experiences heightened demand for backup power solutions due to an aging grid and extreme weather conditions. The company's global headquarters in Waukesha remains its primary site for corporate and R&D activities.
Generac Holdings (NYSE: GNRC) reported record financial results for Q2 2021, with net sales reaching $920 million, a 68% increase compared to Q2 2020. Residential product sales grew by 76% to $600 million, while Commercial & Industrial sales rose 64% to $254 million. Net income was $127 million ($2.01 per share), up from $66 million ($1.02 per share) in the prior year. Adjusted EBITDA hit $218 million, or 23.7% of net sales. The company also made strategic acquisitions, including Deep Sea Electronics and Chilicon Power, and forecasts a net sales growth of 47-50% for 2021.
Generac Holdings Inc. (NYSE: GNRC) announced it will release its second quarter 2021 financial results on July 28, 2021. A conference call scheduled for 10:00 a.m. EDT will discuss the earnings highlights. Investors can access the call via phone or through a live webcast on the Generac website. A replay of the call will be available shortly after its conclusion. Established in 1959, Generac is a leading manufacturer of energy technology solutions and power products for residential, commercial, and industrial markets.
Generac Holdings Inc. (NYSE: GNRC) announced on July 6, 2021, its acquisition of Chilicon Power, LLC, a firm specializing in microinverter technology for the solar market. This strategic move enhances Generac's position in the residential energy sector and broadens its addressable market. The acquisition closed on July 2, 2021, although financial terms weren't disclosed. The integration of Chilicon's technology aims to offer better power production and lower installation costs, thereby providing greater flexibility for installers and users. This partnership is expected to significantly expand Generac's product offerings in the clean energy market.
On June 1, 2021, Generac Holdings Inc. (NYSE: GNRC) announced the acquisition of Deep Sea Electronics, a specialized controls designer and manufacturer. This strategic move aims to enhance Generac's engineering capabilities and accelerate innovation in energy technology solutions. Deep Sea Electronics, based in the UK, offers a robust suite of products for power generation, which will aid Generac’s expansion into microgrid applications. The acquisition is expected to bolster Generac's position in the evolving electrical grid, potentially driving revenue growth and operational efficiency.
The press release from Generac Power Systems, dated May 10, 2021, highlights the forecast of an above-average hurricane season, with estimates of 16-20 named storms. The company emphasizes the importance of early preparation for homeowners to mitigate potential power outages due to this season and aging infrastructure. Generac offers various solutions, such as home standby generators and portable generators, alongside customer support services. The press release also mentions the impact of power outages on emergency services and the company's contributions to preparedness.