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 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.
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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.