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 (GNRC) announced it will release its second quarter financial results on July 30, 2020, before market opening. A conference call to discuss these results will take place at 9:00 a.m. EDT on the same day. Investors can access the call via phone or through a live webcast on Generac’s website. A telephonic replay will be available for seven days after the call. Generac is a leading provider of energy technology solutions, serving residential, commercial, and industrial markets globally.
Virtual Peaker and Generac have entered a licensing agreement to integrate Generac's PWRcell energy storage systems with Virtual Peaker's cloud-based platform. This partnership enables the PWRcell systems to participate in utility grid services programs, helping customers optimize solar power storage and reduce costs. They are already involved in Green Mountain Power's BYOD program and a pilot program with Portland General Electric. This collaboration aims to enhance energy management and support the transition to residential clean energy.
Generac has launched PWRzone, a revolutionary solar system design that enhances installation efficiency by utilizing fewer components than traditional systems. This innovation addresses high failure rates and low efficiency issues faced by solar installers. PWRzone's design allows for customizable sub-arrays, enabling quicker installations with fewer connection points, reducing errors. The system reportedly increases available solar energy while optimizing shade management, supported by a recent MPPT shade study. This initiative reflects Generac's commitment to simplifying solar energy solutions for homeowners and installers.
Generac Holdings reported a 1.2% increase in net sales for Q1 2020, reaching $475.9 million, compared to $470.4 million in Q1 2019. Notably, residential product sales surged by 18.3% to $257.6 million, while commercial & industrial sales fell by 17.7% to $172.1 million. The net income amounted to $44.5 million, translating to $0.68 per share, a slight decline from the previous year's $0.76. Adjusted EBITDA was $86 million, at 18.1% of net sales, down from 18.5%. The company has $573 million in liquidity and revised its full-year outlook, expecting a 5-10% decline in sales due to COVID-19 impacts, particularly in C&I products, but resilient residential demand is anticipated.