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Generac Holdings Inc. (NYSE: GNRC) is a leading energy technology company that has been designing and manufacturing power generation equipment since its founding in 1959. Headquartered in Waukesha, Wisconsin, Generac is recognized globally for providing reliable and affordable power solutions to both the residential and commercial sectors.
Generac's product offerings are extensive and tailored to meet diverse power needs. The company is renowned for its home standby generators, which have become a household staple. Generac was the pioneer in creating the first affordable home standby generators and the first engine developed specifically for generator use. This innovation has positioned Generac as a dominant player in the market, selling more home standby generators than all its competitors combined.
Beyond residential solutions, Generac has also made significant strides in the commercial sector. The company introduced a cost-effective product line that caters to small and mid-sized businesses, revolutionizing the market with versatile and dependable power solutions.
Generac’s product portfolio includes:
- Standby Generators: Reliable power solutions for home and business continuity during outages.
- Portable Generators: Versatile and mobile power sources for various applications.
- Clean Energy Products: Innovative solutions that include energy storage systems and smart energy management devices.
- RV Generators: Specialized power solutions for recreational vehicles.
- Commercial and Industrial Generators: Heavy-duty power systems for industrial applications.
Generac's core philosophy is to ensure customer peace of mind by delivering superior products and a top-notch ownership experience. The company is dedicated to maintaining its market leadership through continuous growth and innovation in power generation technology.
Recent news highlights the company's ongoing achievements and initiatives:
- January 31, 2024: Generac announced its fourth quarter and full-year 2023 financial results, showcasing record free cash flow generation and strong margin expansion.
- April 17, 2024: Plans to release first quarter 2024 financial results, with a focus on strong operational execution and margin expansion.
- May 13, 2024: Leadership changes with Shree Dandekar becoming the head of Corporate Engineering and Product Management.
- May 20, 2024: Introduction of the EVO 96, the world's largest electric zero-turn mower, by Mean Green, a Generac company.
Generac's commitment to innovation and sustainable energy solutions positions it at the forefront of the energy technology industry.
Generac Grid Services has been selected by Southern California Edison as a provider for the Power Flex program, which enhances the value of residential solar and battery systems. Participating homeowners can earn incentives by dispatching stored clean energy during grid shortages. The initiative utilizes Generac's Concerto DERMS platform to manage energy flows efficiently. This development reflects the growing trend of homeowners investing in solar and storage solutions for resilience against power outages.
Generac Holdings Inc. has completed its acquisition of ecobee Inc., a leader in sustainable smart home solutions, enhancing its energy technology offerings. Announced on November 1, 2021, this strategic acquisition aims to create an integrated home energy ecosystem that benefits homeowners by reducing energy costs and assists grid operators in balancing supply and demand efficiently. With ecobee's innovative products, Generac seeks to expand its market presence and promote sustainable energy solutions.
Generac Holdings Inc. reported a record revenue of $943 million for Q3 2021, up 34% from the previous year. Residential sales rose by 33% while Commercial & Industrial (C&I) sales increased by 47%. The net income for the quarter was $132 million, equating to $1.93 per share. While gross profit margin fell to 35.6%, the company projects 47-50% net sales growth for 2021 despite supply chain challenges. Recent acquisitions, including ecobee, are expected to enhance Generac's energy technology offerings. A conference call on Nov 2 will detail these results.
Generac Holdings Inc. (NYSE: GNRC) has announced an agreement to acquire ecobee Inc., a leader in sustainable smart home solutions, for up to $770 million. This deal includes $200 million in cash and $450 million in GNRC stock, with potential additional shares based on performance targets. The acquisition aims to integrate ecobee's smart thermostats into Generac's energy technology portfolio, enhancing energy efficiency and supporting grid operators. The deal is expected to close in Q4 2021, subject to regulatory approval.
Generac Power Systems (NYSE: GNRC) is significantly expanding its manufacturing and distribution facility in Trenton, South Carolina, with a completion target set for Q3 2022. The expansion will add 200,000 square feet, enhancing the facility's size by nearly 50%. This growth aims to accommodate increasing demand for Generac's home standby generators, driven by aging infrastructure and rising power outages. The investment reflects Generac's commitment to supporting regional distribution capabilities and meeting consumer needs for reliable power solutions.
Generac Power Systems (NYSE: GNRC) has launched the Guardian® 26kW Home Standby Generator, the most powerful air-cooled generator for residential use. Offering 26 kilowatts of peak power, it provides 28% more starting power than competitors while occupying 68% less space than traditional liquid-cooled options. Homeowners can save up to $8,000 on purchase and installation. The generator is also Smart Grid Ready, allowing participation in grid programs to offset energy costs. This innovative product continues Generac's commitment to accessible, sustainable energy solutions.
Generac Holdings Inc. (NYSE: GNRC) announced it will release its third quarter 2021 financial results on November 2, 2021, before market open. A conference call is scheduled for 10:00 a.m. EDT to discuss the earnings highlights. The call can be accessed via phone or through a simultaneous webcast on Generac's website. A replay will be available shortly after the call and for seven days thereafter. Founded in 1959, Generac is a leader in energy technology, providing backup systems and solar solutions aimed at revolutionizing the electrical grid.
Generac Mobile has launched the new GLT LED light tower, which features enhanced runtimes, integrated fuel containment, and improved serviceability. The GLT offers up to 20% longer runtimes compared to previous models and is designed for both mobile and stationary use. It boasts over 200 hours of runtime, 48 US gallons of fuel capacity, and a 1000-hour service interval. With four 320W LED fixtures, the GLT provides maximum lighting efficiency while consuming less power. It is set to be available for quoting in Q1 2022.
Generac Mobile has launched the MBE30 Energy Storage System, a portable power supply designed to work with diesel generators. This hybrid system reduces fuel consumption, lowers emissions, and operates quietly, meeting nighttime noise restrictions. The MBE30 can store energy for efficient use and automatically activates the generator as needed. Available with lead-acid or Li-Ion battery technology, it will be released in 2022. The product enhances Generac's reputation as an innovator in the energy sector while offering economic benefits and improved performance for users.
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