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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.
Rhea-AI Summary
Generac Holdings Inc. reported strong margin expansion and record free cash flow in Q4 2023, with net sales up 1% to $1.06 billion. Residential product sales increased 1%, while Commercial & Industrial product sales grew slightly. Adjusted net income was $126 million, a 11.5% increase from the previous year. Full-year 2023 saw a 12% decline in net sales to $4.02 billion, with Residential product sales down 29% and C&I product sales up 19%. Adjusted EBITDA margin for 2023 was 15.9%. The outlook for 2024 anticipates a return to net sales growth of 3-7%, driven by residential products. Adjusted EBITDA margin is expected to be 16.5-17.5%.
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Generac Power Systems, Inc. (GNRC) has received five accolades from the 2023 GOOD DESIGN Awards for innovative designs in the Building Materials category. The awarded products include Portable Power Stations, a Mobile Battery Light Tower, a Zero-Turn battery-powered mower, and the PWRmanager. These products offer clean, emission-free power solutions with user-centric designs and energy-efficient features.
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Generac Holdings Inc. (GNRC) plans to release its fourth quarter and full-year 2023 financial results on February 14, 2024. The company will hold a conference call to discuss the earnings release, which will be accessible via webcast and telephone. Generac is a global designer and manufacturer of energy technology solutions and power products.
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ecobee and parent company Generac Power Systems, Inc. (NYSE: GNRC) have announced the integration of ecobee smart thermostats with Generac 4G LTE Cellular Propane Tank Monitors. This integration allows homeowners to monitor fuel levels in the propane tank from the smart thermostat screen, providing real-time alerts when the tank is running low. The integration is available in all ecobee smart thermostat models released since 2014 and is compatible with all connected Generac Propane Tank Monitors for customers who are subscribed to tank monitoring in Mobile Link.
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Generac Power Systems, Inc. (GNRC) has made a minority investment in Wallbox (WBX), a global leader in smart electric vehicle (EV) charging and energy management solutions. The investment includes adding a Generac seat on Wallbox's board of directors and a global commercial agreement to provide Generac's residential and commercial customers with the next generation of energy management systems, including a bidirectional DC EV charger for the home. This strategic partnership aims to accelerate the development of energy ecosystems for businesses with public access and supports the joint vision of accelerating the energy transition through innovative and accessible energy solutions. As power consumption is projected to more than double by 2050 and the share of renewables in the power mix is projected to more than double in the next 20 years, the need for sophisticated technology that can manage energy generation, storage, and distribution between the current grid and next generation EVs is critical in order to accelerate the adoption of renewable energy.
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Generac Power Systems, Inc. has been selected by the U.S. Department of Energy to negotiate a proposal to provide solar PV and battery storage systems to up to 40,000 vulnerable households in Puerto Rico, with an investment of up to $440 million from the Puerto Rico Energy Resilience Fund. This initiative aims to increase energy resilience and decrease energy burden for low-income households while supporting clean energy jobs and helping Puerto Rico achieve its renewable energy goals.
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Generac Holdings Inc. reported financial results for Q3 2023, with net sales decreasing 2% to $1.07 billion. Residential product sales declined 15% while Commercial & Industrial product sales increased 24%. Net income attributable to the Company was $60 million, and adjusted net income was $102 million. Adjusted EBITDA was $189 million. Cash flow from operations was $140 million, and free cash flow was $117 million. The company repurchased 875,580 shares of its common stock for $100 million. Gross profit margin increased to 35.1%. The Company is maintaining its full-year 2023 net sales outlook for a decline of approximately -10 to -12%.
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Generac Grid Services has been selected for negotiations by the U.S. Department of Energy to receive a $50 Million grant. The funding will be used to enhance the U.S. power grid's ability to deliver affordable, clean energy to lower income homeowners in Massachusetts. Generac will install its suite of whole-home energy solutions, including wi-fi thermostats and batteries, and optimize the use of electric heat pumps. This project aims to improve reliability, minimize system overloads, and support Massachusetts' decarbonization goals.
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Smart home leader ecobee, a subsidiary of Generac Power Systems, has announced that its current line of products, including the Smart Doorbell Camera, is now available for purchase at all Best Buy retail locations across Canada. The company's products seamlessly blend intelligent and sustainable technology into the home, offering comfort, security, and reliability. The Smart Doorbell Camera can integrate with the Smart Thermostat Premium, allowing a live stream directly on the thermostat screen.
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Generac Holdings Inc. plans to release its Q3 2023 financial results on November 1, 2023.
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FAQ
What is the current stock price of GENERAC HOLDINGS (GNRC)?
The current stock price of GENERAC HOLDINGS (GNRC) is $156.26 as of December 20, 2024.
What is the market cap of GENERAC HOLDINGS (GNRC)?
The market cap of GENERAC HOLDINGS (GNRC) is approximately 9.3B.
What does Generac Holdings Inc. specialize in?
Generac specializes in designing and manufacturing power generation equipment, including standby generators, portable generators, clean energy products, and more for residential, commercial, and industrial applications.
When was Generac founded?
Generac was founded in 1959.
What are Generac's main products?
Generac's main products include standby generators, portable generators, clean energy products, RV generators, and commercial & industrial generators.
What recent financial performance has Generac reported?
Generac reported strong margin expansion and record free cash flow generation in its fourth quarter and full-year 2023 financial results.
Who is the new head of Corporate Engineering and Product Management at Generac?
Shree Dandekar has been appointed as the head of Corporate Engineering and Product Management at Generac as of May 13, 2024.
What is the EVO 96?
The EVO 96 is the world's largest electric zero-turn mower, introduced by Mean Green, a Generac company. It features a 96" deck and an available 44kWh battery for up to 8 hours of continuous mowing.
How does Generac ensure product quality and customer satisfaction?
Generac focuses on delivering superior products and a top-notch ownership experience to ensure customer peace of mind and satisfaction.
Where can investors find more information about Generac's financial results?
Investors can find more information about Generac's financial results on the company's website under the Investor Relations section.
How has Generac contributed to the power generation industry?
Generac has contributed to the power generation industry by pioneering affordable home standby generators and revolutionizing the commercial market with cost-effective power solutions for small and mid-sized businesses.
What is Generac's approach to sustainable energy solutions?
Generac is committed to leading the evolution to more resilient, efficient, and sustainable energy solutions through continuous innovation and expansion of its clean energy product offerings.
GENERAC HOLDINGS INC
NYSE:GNRC
GNRC Rankings
GNRC Stock Data
9.31B
58.48M
1.7%
89.57%
4.99%
Specialty Industrial Machinery
Motors & Generators
United States of America
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