GENERAC HOLDINGS INC - GNRC STOCK NEWS

Generac Holdings Inc. (NYSE: GNRC) reported strong Q2 2024 results, with significant margin expansion driving earnings growth. Key highlights include:

- Net sales of $998 million, slightly down from $1.00 billion in Q2 2023
- Residential product sales increased 8% to $538 million
- Net income of $59 million, or $0.97 per share, up from $45 million, or $0.70 per share in Q2 2023
- Adjusted EBITDA of $165 million, or 16.5% of net sales, up from 13.6% in Q2 2023
- Full-year 2024 outlook increased: net sales growth now expected at 4-8%, adjusted EBITDA margin at 17.0-18.0%

The improved outlook is attributed to recent power outages, including Hurricane Beryl, driving increased demand for home standby and portable generators.

Generac Power Systems (NYSE: GNRC) and the Metropolitan Builders Association of Greater Milwaukee will host Dr. Robert Dietz, Chief Economist of the National Association of Home Builders, on July 31, 2024. The event will be held at 11:30 am in Generac's Kern Auditorium in Waukesha, Wisconsin. Dr. Dietz will provide insights into the housing market for the second half of 2024 and early 2025, focusing on areas such as market conditions, job growth, and labor markets.

Topics will include the NAHB economic forecast, the impact of Federal Reserve monetary policy on housing, areas with high housing demand, builder supply-side issues, inflation data, and what is being built across the country. Dr. Dietz, an economist with experience testifying before Congress, brings a wealth of knowledge to the event.

Generac's EVP of Consumer Power, Kyle Raabe, emphasized the importance of builders to their business, while Kathy Raab, Executive Director of the Metropolitan Builders Association, highlighted the value of Dr. Dietz's insights for their members. Media representatives should RSVP to Jonathan Stern.

Generac Power Systems (NYSE: GNRC) has been awarded a grant of up to $200 million over five years from the U.S. Department of Energy (DOE) as part of the $1 billion Puerto Rico Energy Resilience Fund. The grant, under the Programa Acceso Solar, will facilitate the installation of residential solar and battery storage systems for disadvantaged Puerto Rican households, starting in August 2024.

The program aims to provide clean and resilient energy in low-income areas experiencing frequent power outages and to households with energy-dependent disabled residents. Generac will collaborate with local companies, including PathStone, Interstate Renewable Energy Council, FR-BLDM, Juapi Energy, and Palmetto, to support installations, workforce development, and community outreach.

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.