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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.
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Generac Holdings Inc. (NYSE: GNRC) reported record financial results for Q4 2020, with net sales rising 29% to $761 million. Residential product sales surged 55% to $499 million, while C&I sales fell 9% to $199 million. Net income soared to $125 million, or $1.97 per share, compared to $70 million in Q4 2019. For the full year, net sales grew 13% to $2.5 billion, with net income reaching a record $351 million. Looking ahead, Generac anticipates 25-30% revenue growth in 2021, driven by strong residential demand and a recovering C&I market.
Generac Power Systems plans to establish a new manufacturing and distribution facility in Trenton, South Carolina, to meet rising demand for home standby generators.
This facility will create approximately 450 jobs over the next two years and enhance the company's operational capacity in the southeast United States.
The 421,000-square-foot facility is expected to be operational by the third quarter and is strategically located to better serve customers in the region.
Generac Holdings Inc. (NYSE: GNRC) will announce its fourth quarter and full year 2020 financial results on February 11, 2021, before the market opens. A conference call to discuss these results is scheduled for 10:00 a.m. EST on the same day. Investors can access the call via phone or through a live webcast on Generac’s website. A replay will be available afterward, both online and via telephone for seven days. Generac, established in 1959, is a prominent designer and manufacturer of energy technology solutions and power products, operating in residential and commercial markets.
Generac Power Systems has announced the formation of a new business unit called Energy Technology (ET) as part of its "Powering Our Future" strategy. This ET organization will consolidate all of Generac's energy storage and management operations, including its recent acquisitions of Pika Energy, Neurio Technologies, and Enbala Power Networks. Key executive appointments include Russ Minick as president of ET, Patrick Forsythe as Chief Technical Officer, and Steve Goran as Chief Strategy Officer. These moves are aimed at accelerating Generac's growth in the energy management market.
Generac Power Systems has announced a long-term partnership with Milwaukee World Festival, including title sponsorship of a major stage at Summerfest, scheduled to enhance the festival experience with state-of-the-art improvements. The Generac Power Stage will feature four video screens, improved ADA seating, security upgrades, and theatrical lighting, all aimed at enriching audience engagement. Furthermore, Generac will sponsor Military Appreciation Day, offering free admission to active military personnel and veterans. This partnership emphasizes Generac's role in supporting community events and enhancing its visibility in Milwaukee.
Generac Holdings Inc. (GNRC) reported a strong third quarter in 2020, with net sales at $701 million, a 17% increase from $601 million in Q3 2019. Residential product sales surged by 37% to $459 million, while C&I product sales declined by 18% to $176 million. Net income rose to $115 million ($1.82 per share) from $76 million ($1.18 per share) year-over-year. The company raised its full-year revenue growth guidance to 10-12%, up from 5-8%. Gross profit margin improved to 39.4%. This success is attributed to increased demand for home standby generators amid rising power outages, driven by extreme weather conditions.
Generac Holdings Inc. (NYSE: GNRC) announced that it will release its third-quarter financial results on October 28, 2020, before the market opens. A conference call is scheduled for 10:00 a.m. EDT on the same day to discuss the earnings highlights. Interested participants can join the call by dialing the provided numbers or accessing it via a live webcast on Generac's website. A replay of the call will also be available afterward.
Generac Holdings Inc. (NYSE: GNRC) has announced its acquisition of Enbala Power Networks Inc., enhancing its position in the virtual power plant and smart grid services markets. This strategic move allows Generac to become a significant grid services provider, leveraging Enbala's Concerto™ platform to optimize distributed energy resources (DERs). The acquisition is expected to close within thirty days, with terms undisclosed. CEO Aaron Jagdfeld emphasized the synergy between the two companies in driving the transition towards a more decentralized and resilient electrical grid.
Generac Power Systems (NYSE: GNRC) has partnered with Baker Electric Home Energy to enhance residential solar and storage solutions in the U.S. This collaboration aims to expand the adoption of Generac’s PWRcell system, facilitating energy reliability amidst increasing Public Safety Power Shutoffs. Baker, a leading solar installer in Southern California, brings significant market expertise to the partnership. Generac's PWRcell, launched in 2019, is touted as the most powerful energy storage system available for homeowners, now complemented by Baker’s installation capabilities.