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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 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.
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Generac Holdings Inc. (NYSE: GNRC) reported a remarkable 70% increase in net sales, reaching $807 million for the first quarter of 2021, compared to $476 million in Q1 2020. Residential product sales surged 110% to $542 million, while Commercial & Industrial (C&I) sales rose 18% to $202 million. Net income attributable to the company was $149 million or $2.33/share. Adjusted EBITDA also set a record at $214 million, representing 26.5% of net sales. The company raised its full-year net sales guidance to 40-45% growth, driven by strong demand for home standby generators and energy storage systems.
Generac Holdings Inc. (NYSE: GNRC) plans to release its first quarter 2021 financial results on April 29, 2021, before market opening. A conference call will be held at 10:00 a.m. EDT to discuss the earnings highlights. Access to the call is available via phone or by webcast on Generac's website. The earnings report will provide insights into the company's performance in the residential, light commercial, and industrial markets. A replay of the call will be accessible for seven days post-event.
Generac Power Systems (NYSE: GNRC) highlights the increasing need for power security as forecasters predict an active 2021 hurricane season. Weather experts anticipate 17 named storms with 8 hurricanes, which is above historical averages. The company urges homeowners in affected regions to prepare, emphasizing the importance of backup power solutions amid an aging electrical grid. Generac provides resources for home preparedness and offers standby generators and solar energy systems tailored to individual energy needs. More information is available on their website.