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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 Holdings Inc. (NYSE: GNRC) announced on July 6, 2021, its acquisition of Chilicon Power, LLC, a firm specializing in microinverter technology for the solar market. This strategic move enhances Generac's position in the residential energy sector and broadens its addressable market. The acquisition closed on July 2, 2021, although financial terms weren't disclosed. The integration of Chilicon's technology aims to offer better power production and lower installation costs, thereby providing greater flexibility for installers and users. This partnership is expected to significantly expand Generac's product offerings in the clean energy market.
On June 1, 2021, Generac Holdings Inc. (NYSE: GNRC) announced the acquisition of Deep Sea Electronics, a specialized controls designer and manufacturer. This strategic move aims to enhance Generac's engineering capabilities and accelerate innovation in energy technology solutions. Deep Sea Electronics, based in the UK, offers a robust suite of products for power generation, which will aid Generac’s expansion into microgrid applications. The acquisition is expected to bolster Generac's position in the evolving electrical grid, potentially driving revenue growth and operational efficiency.
The press release from Generac Power Systems, dated May 10, 2021, highlights the forecast of an above-average hurricane season, with estimates of 16-20 named storms. The company emphasizes the importance of early preparation for homeowners to mitigate potential power outages due to this season and aging infrastructure. Generac offers various solutions, such as home standby generators and portable generators, alongside customer support services. The press release also mentions the impact of power outages on emergency services and the company's contributions to preparedness.
Generac Holdings Inc. (NYSE: GNRC) reported a remarkable 70% increase in net sales, reaching $807 million for the first quarter of 2021, compared to $476 million in Q1 2020. Residential product sales surged 110% to $542 million, while Commercial & Industrial (C&I) sales rose 18% to $202 million. Net income attributable to the company was $149 million or $2.33/share. Adjusted EBITDA also set a record at $214 million, representing 26.5% of net sales. The company raised its full-year net sales guidance to 40-45% growth, driven by strong demand for home standby generators and energy storage systems.
Generac Holdings Inc. (NYSE: GNRC) plans to release its first quarter 2021 financial results on April 29, 2021, before market opening. A conference call will be held at 10:00 a.m. EDT to discuss the earnings highlights. Access to the call is available via phone or by webcast on Generac's website. The earnings report will provide insights into the company's performance in the residential, light commercial, and industrial markets. A replay of the call will be accessible for seven days post-event.
Generac Power Systems (NYSE: GNRC) highlights the increasing need for power security as forecasters predict an active 2021 hurricane season. Weather experts anticipate 17 named storms with 8 hurricanes, which is above historical averages. The company urges homeowners in affected regions to prepare, emphasizing the importance of backup power solutions amid an aging electrical grid. Generac provides resources for home preparedness and offers standby generators and solar energy systems tailored to individual energy needs. More information is available on their website.
Generac Holdings Inc. (NYSE: GNRC) reported record financial results for Q4 2020, with net sales rising 29% to $761 million. Residential product sales surged 55% to $499 million, while C&I sales fell 9% to $199 million. Net income soared to $125 million, or $1.97 per share, compared to $70 million in Q4 2019. For the full year, net sales grew 13% to $2.5 billion, with net income reaching a record $351 million. Looking ahead, Generac anticipates 25-30% revenue growth in 2021, driven by strong residential demand and a recovering C&I market.
Generac Power Systems plans to establish a new manufacturing and distribution facility in Trenton, South Carolina, to meet rising demand for home standby generators.
This facility will create approximately 450 jobs over the next two years and enhance the company's operational capacity in the southeast United States.
The 421,000-square-foot facility is expected to be operational by the third quarter and is strategically located to better serve customers in the region.
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