Generac Hldgs Inc Stock Price, News & Analysis

Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and power products, has announced the release date for its second quarter 2024 financial results. The company will unveil its earnings before the market opens on Wednesday, July 31, 2024. Following the release, Generac management will host a conference call at 10:00 a.m. EST to discuss the highlights of the earnings report.

Investors and interested parties can access the conference call through a registration link provided by the company. Additionally, the call will be webcast simultaneously on Generac's website under the Investor Relations section. For those unable to attend the live event, a replay of the webcast will be made available on the company's website following the call.

Generac Power Systems (NYSE: GNRC) has launched its first electric vehicle (EV) charger, a level 2 charger designed for homes and businesses. This move expands Generac's energy management portfolio and aligns with the growing U.S. EV market, projected to reach over 11% market share in 2024. The Wi-Fi and Bluetooth-enabled charger offers remote monitoring and management through the Generac EV Charging app, features five charging modes, and comes with a three-year warranty. It's up to 8X faster than a L1 charger and allows power-sharing between multiple chargers on the same circuit. The product is available through Generac certified dealers, Amazon, and other retailers nationwide.

Generac Power Systems (NYSE: GNRC) has announced the acquisition of PowerPlay Battery Energy Storage Systems, a division of SunGrid Solutions. This strategic move aims to enhance Generac's offerings in the commercial and industrial (C&I) battery energy storage systems market. PowerPlay specializes in turnkey Battery Energy Storage Systems (BESS) for C&I projects up to 7 MWh. The acquisition will help Generac provide a more comprehensive range of resilient, efficient, and sustainable energy solutions to its customers. The transaction, which closed on June 26, 2024, will see PowerPlay continue operations in Cambridge, Canada, serving as a dedicated R&D facility for Generac's C&I BESS solutions. Financial terms of the deal were not disclosed. SunGrid will continue its EPC operations across North America, focusing on utility-scale projects.

Smart home leader ecobee has released a new update to its eco+ Community Energy Savings feature, aimed at protecting customers from power outages during extreme weather events. When the North American Electric Reliability (NERC) issues an Emergency Event Alert (EEA), customers will receive alerts and automated temperature adjustments through their ecobee Smart Thermostat and mobile app. These adjustments help ensure grid stability by reducing energy demand, with changes of only 1-4 degrees lasting no more than four hours. Customers can opt out of these changes if desired. The update is part of ecobee's commitment to sustainability, offering a solution that saves up to 26% on annual heating and cooling costs while reducing waste and emissions. This feature reflects ecobee and Generac's shared vision of a sustainable energy future.

Smart home leader ecobee has launched an updated grid resiliency program to prevent power outages caused by extreme weather. The new feature, available to customers in select utility territories across the US and Canada, sends alerts to ecobee Smart Thermostats and mobile apps during Emergency Event Alerts (EEAs). Customers receive automated temperature adjustments to reduce grid strain during extreme weather, with the option to opt out. The update builds on a successful 2022 pilot with San Diego Gas & Electric, which saw a 60% participation rate. The program aims to increase grid stability amid rising weather-related threats.

Mean Green, a subsidiary of Generac Power Systems (NYSE: GNRC), has unveiled the EVO 96, the world's largest electric zero-turn mower. The innovative 96-inch deck is ideal for large properties like golf courses and parks, featuring mulching capabilities and electronic folding wings for easier transport. The mower includes a 44kWh battery, allowing up to 8 hours of continuous operation, and a patented Heavy-duty Impulse Drive System™ for enhanced performance. The EVO 96 is supported by a 5-year battery and mower warranty and is available now at Mean Green dealers nationwide.

Generac Power Systems announced that Shree Dandekar will lead Corporate Engineering and Product Management, replacing Patrick Forsythe. Dandekar brings 30 years of experience in technology-based products. Generac is a leading energy technology company providing power products and solutions.

Generac Power Systems urges Americans to prepare for power outages early due to the predicted active hurricane season in 2024. This year, Colorado State University forecasts the Atlantic hurricane season to be the strongest in recent years with 23 named storms, eleven potentially becoming hurricanes, and five reaching major hurricane strength. A recent survey conducted by Generac and The Harris Poll reveals that many Americans are not adequately prepared for widespread power outages, posing risks to safety and comfort.

Generac Holdings Inc. (NYSE: GNRC) reported strong first quarter 2024 results with net sales of $889 million, a 2% increase in residential product sales, and a 2% decrease in commercial & Industrial product sales. The company saw net income of $26 million, adjusted net income of $53 million, and adjusted EBITDA of $127 million. Cash flow from operations was $112 million, and free cash flow was $85 million. Generac maintained its full-year 2024 outlook with 3 to 7% net sales growth and expected net income margin of 6.0 to 7.0%. The company continues to focus on operational execution and cash flow generation.