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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.
Generac Power Systems (NYSE: GNRC) has released its 2023 Environmental, Social, and Governance (ESG) report, showcasing its commitment to sustainable energy solutions. The report highlights the company's ESG strategy and progress on key initiatives, emphasizing sustainability and efficiency. Generac continues to integrate ESG principles into its strategic planning, making it a top priority for the upcoming year.