Generac Holdings Inc., founded in 1959, is a leading global designer and manufacturer of energy technology solutions, specializing in backup power generation and energy management systems. The company operates primarily in the residential, light commercial, and industrial markets.
As of the third quarter of 2024, Generac reported net sales of $1.17 billion, a 10% increase compared to $1.07 billion in the same period of 2023. The growth was driven by a significant rise in residential product sales, which increased approximately 28% to $723 million.
In the commercial and industrial segment, sales decreased by approximately 15% to $328 million, down from $385 million in the prior year. The overall net income attributable to Generac for Q3 2024 was $114 million, or $1.89 per share, compared to $60 million, or $0.97 per share, in Q3 2023.
In Q3 2024, Generac''s gross profit margin improved to 40.2% from 35.1% in the previous year, attributed to a favorable sales mix and lower input costs. Operating expenses rose by 12% to $303.6 million, mainly due to increased employee costs and marketing expenses, but were offset by a significant reduction in legal provisions compared to the prior year.
Generac has updated its net sales growth guidance for the full year 2024 to 5% to 9%, an increase from the previous range of 4% to 8%. The company''s focus remains on enhancing residential product sales while addressing the anticipated softness in the commercial and industrial markets.
During Q3 2024, Generac repurchased 690,711 shares for approximately $102 million, with $347 million remaining under its current repurchase program. As of September 30, 2024, the company''s total assets were valued at $5.19 billion, with total liabilities at $2.77 billion.
As of 2024, Generac Holdings Inc. (GNRC) has a diverse ownership structure, including institutional and individual shareholders. The following table outlines the major shareholders and their respective ownership percentages:
Insider ownership is significant, with key executives and board members holding approximately 5.0% of the total shares. This ownership aligns the interests of management with those of shareholders, fostering a culture of accountability and performance.
As of September 30, 2024, Generac Holdings Inc. has shown a robust stock performance, with a share price of approximately $190.00. The company''s market capitalization is around $14 billion.
In the third quarter of 2024, Generac repurchased 690,711 shares of its common stock for approximately $102 million. This indicates a strong commitment to returning value to shareholders. There remains approximately $347 million under the current repurchase program as of September 30, 2024.
For the third quarter of 2024, Generac reported:
Generac''s outlook for 2024 has been revised, with expectations of net sales growth between 5% to 9% compared to the previous year. The adjusted EBITDA margin is projected to be between 17.5% to 18.5%.
Generac Holdings Inc. is a leading global designer and manufacturer of energy technology solutions. The company focuses on providing power generation equipment, energy storage systems, and energy management solutions aimed at residential, light commercial, and industrial markets. Founded in 1959, Generac has been instrumental in introducing affordable backup generators and automatic home standby generators.
As of 2024, Generac''s mission is to lead the evolution towards more resilient, efficient, and sustainable energy solutions. The company aims to enhance the reliability of power supply across various sectors, particularly in light of increasing electrical grid vulnerabilities.
In the third quarter of 2024, Generac reported net sales of $1.17 billion, reflecting a 10% increase from $1.07 billion in the prior year. Residential product sales surged approximately 28% to $723 million, while Commercial & Industrial (C&I) product sales decreased by 15% to $328 million.
Generac is strategically positioned to capitalize on the increasing demand for backup power solutions. The company has updated its full-year 2024 sales growth guidance to 5-9%, up from the previous 4-8% range. This revision reflects the heightened demand for residential products, spurred by increased power outage activities and growing awareness of grid vulnerabilities.
During the third quarter of 2024, Generac''s cash flow from operations was $212 million, a significant increase from $140 million in the prior year. The company repurchased 690,711 shares for approximately $102 million, with about $347 million remaining under its current repurchase program.
Generac anticipates a net income margin of approximately 7.0% to 8.0% for the full year 2024. The adjusted EBITDA margin is expected to be around 17.5% to 18.5%, reflecting improved operational efficiency and market conditions favorable to its product offerings.
The company continues to focus on innovation and expansion within the energy technology sector, aiming to provide sustainable solutions that address the evolving energy landscape.
Generac Holdings Inc. is a leading designer and manufacturer of energy technology solutions and power products, primarily focused on backup power generation systems. In 2024, the company reported net sales of $1.17 billion during the third quarter, a 10% increase compared to $1.07 billion in the prior year. This growth was primarily driven by a 28% increase in residential product sales, amounting to $723 million from $565 million the previous year.
Generac''s financial performance in 2024 reflects significant improvements in profitability and operational efficiency. The net income attributable to the company for Q3 2024 was $114 million, or $1.89 per share, compared to $60 million or $0.97 per share in Q3 2023. Adjusted net income for the same period was $136 million, or $2.25 per share.
Generac operates in two primary market segments: Residential and Commercial & Industrial (C&I). The residential segment has shown robust growth, while the C&I segment experienced a decline in sales, down 15% to $328 million from $385 million in the previous year.
Generac''s gross profit margin improved to 40.2% in Q3 2024 compared to 35.1% in the same period of 2023. This increase was attributed to a favorable sales mix and lower input costs. Operating expenses rose by 12% to $303.6 million, driven by increased employee costs and marketing expenses.
In Q3 2024, Generac''s cash flow from operations reached $212 million, up from $140 million in Q3 2023. The company repurchased 690,711 shares of its common stock for approximately $102 million, with $347 million remaining in the repurchase program as of September 30, 2024.
As of September 30, 2024, Generac reported total assets of $5.19 billion and total liabilities of $2.77 billion, resulting in stockholders'' equity of $2.41 billion. The company maintains a strong liquidity position with cash and equivalents amounting to $214 million.
Generac Holdings Inc. generates revenue primarily through the sale of power generation equipment and energy technology solutions. In the third quarter of 2024, the company reported total net sales of $1.17 billion, compared to $1.07 billion in the same quarter of 2023, reflecting a growth of approximately 10%.
Generac''s product categories include:
In Q3 2024, Generac''s adjusted EBITDA was $232 million, representing 19.8% of net sales, up from 17.6% in Q3 2023. The improvement in profitability is attributed to a favorable sales mix and lower input costs.
Net income for Q3 2024 was reported at $114 million, or $1.89 per share, compared to $60 million, or $0.97 per share, in the prior year. This significant increase is indicative of Generac''s strong financial health and operational efficiency.
Cash flow from operations in Q3 2024 was $212 million, up from $140 million in Q3 2023. Free cash flow also increased to $184 million compared to $117 million in the previous year, highlighting the company''s strong cash generation capabilities.
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