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 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.
Generac Power Systems (NYSE: GNRC) emphasizes the importance of backup power during National Preparedness Month, highlighting the increasing frequency of power outages due to natural disasters. This year, as homes serve multiple functions, backup power devices like portable generators, home standby generators, and solar-storage systems are more crucial than ever. Portable generators are affordable yet limited, while home standby generators offer comprehensive power during outages. Solar + storage systems are gaining traction for their efficiency. Generac's innovations ensure safety and convenience for homeowners.
Generac Holdings has acquired Mean Green Products, a leading manufacturer of battery-powered turf care equipment. The acquisition, finalized on September 1, supports Generac's strategy to enhance its battery-powered product lineup. Mean Green’s innovative, zero-emission mowers align with Generac's goals of offering clean, efficient equipment. This strategic move reflects Generac's commitment to leading in the electrification of outdoor power tools, capitalizing on the advancements in battery technology. Terms of the deal were not disclosed.
BayWa r.e. Solar Systems LLC has partnered with Generac Power Systems (NYSE: GNRC) to enhance its distribution offerings with the PWRcell battery system and integrated energy storage solutions. This collaboration aims to meet consumer demand for solar-plus-storage solutions, leveraging Generac's installer training program to ensure quality installations. The PWRcell portfolio expansion includes features like whole-home load management and high-capacity modular batteries. A webinar on this partnership will occur on September 3, 2020.
Generac Power Systems (NYSE: GNRC) has announced a strategic partnership with Momentum Solar, aimed at enhancing solar and storage solutions for U.S. homeowners. This collaboration allows Momentum, the largest private residential solar installer in the U.S., to utilize Generac’s advanced technology, including the PWRcell energy storage system. Notably, the new EX lithium-ion battery module offers increased capacity and improved thermal performance. Generac aims to accelerate the adoption of affordable clean energy, reinforcing its position in the solar market.
Generac Power Systems (NYSE: GNRC) has launched innovations in its PWRcell product line, offering the first end-to-end solar and storage system capable of providing comprehensive backup power for homes. Key features include the PWRcell Automatic Transfer Switch (ATS) for managing whole-home power, higher-capacity batteries up to 18 kWh, and a new outdoor-rated battery cabinet. These advancements aim to simplify installation and enhance energy management, providing homeowners with reliable power during outages. The new offerings are set to make a significant impact on the solar and storage market.
Generac Power Systems has launched a new 24kW Guardian home standby generator, offering 24% more power in a 70% smaller footprint than traditional models. This innovation could save homeowners up to $8,000 on purchase and installation, coupled with energy monitoring technology that may reduce electricity bills by up to 20%, offsetting the generator's cost over time. Equipped with advanced features like the PWRview Automatic Transfer Switch and MobileLink remote monitoring, the new Guardian aims to enhance energy management and provide reliable backup power for households.