GENERAC HOLDINGS INC - GNRC STOCK NEWS

Generac Power Systems (NYSE: GNRC) has launched its Power Outage Central tool, providing the public with free access to real-time utility power outage data across the United States. This interactive resource visualizes outage information, enabling users to compare utility providers and view local and regional data. The tool has gained popularity for assisting travelers, especially during the holiday season when winter storms pose additional risks for power outages.

Generac Power Systems (NYSE: GNRC) warns of increased power outage risks this winter due to harsh conditions and aging electrical grids, as NOAA's forecast predicts below-average temperatures and above-average precipitation in many regions. The president of Consumer Power, Kyle Raabe, emphasizes the need for homeowners to prepare, advocating for backup power solutions like portable and automatic generators. Generac encourages safety precautions, including keeping devices charged and having emergency supplies ready. Their Power Outage Central tool is highlighted for monitoring outages and tips.

Mean Green, a subsidiary of Generac Power Systems (NYSE: GNRC), has opened a new 100,000-square-foot facility in Hamilton, Ohio, to meet rising demand for electric mowers. The facility will manufacture a range of electric-powered mowers, including the NEMESIS zero-turn mower, capable of cutting up to five acres per charge. This expansion has created over 30 jobs, with plans for more hires by year-end. Generac's president highlighted the growth trend towards electric lawn care solutions, emphasizing the need for cleaner, efficient products in the market.

WATT Fuel Cell announces a significant investment from Generac Power Systems, enhancing its momentum toward the commercial launch of fuel cell technology for homeowners. Generac's executive will join WATT's board, underscoring a strategic partnership. Key advancements include ETL certification of WATT's 1500W Imperium Solid Oxide Fuel Cell System for compliance with North American safety standards and partnerships aimed at addressing clean energy needs. This investment is expected to bolster WATT's position in the residential energy market amidst rising energy costs and power grid challenges.

Generac Power Systems (NYSE: GNRC) has announced a minority equity investment in WATT Fuel Cell Corp, a developer of low-emission Solid Oxide Fuel Cell systems. The investment aims to enhance Generac's energy solutions with WATT's advanced fuel cell technology, integrating it into Generac's Home Energy Ecosystem.

This collaboration seeks to improve home energy resilience and independence, utilizing fuel cells alongside solar energy and storage solutions. The investment was finalized on November 23, 2022.

Generac Power Systems (NYSE: GNRC) announced a limited-time offer for ConEd customers in Westchester County, New York. Enrolling in the ecosave program provides a free ecobee3 lite thermostat (valued at $149.99) or $100 off the new Smart Thermostat Premium. This initiative aims to reduce rising energy costs, with estimates showing bills in the area may increase by 27% this winter. Ecobee's smart thermostats could help save customers up to 26% on annual heating and cooling costs.

Generac Power Systems (NYSE: GNRC) announces the passing of its founder, Robert D. Kern, at age 96 on November 8, 2022. Kern founded Generac in 1959, transforming it into a leader in energy technology and portable generators. After selling the company in 2006, he focused on philanthropy, while Generac became public in 2010. CEO Aaron Jagdfeld honored Kern’s visionary contributions, highlighting his impact on the company and community. Kern leaves behind a legacy of innovation, leadership, and charitable work through the Kern Family Foundation.

Generac reported a 15% increase in Q3 2022 net sales to $1.09 billion, driven by a 9% rise in residential product sales and a 20% increase in commercial & industrial product sales. However, net income fell to $58 million, or $0.83 per share, due to $55.3 million in pre-tax charges, including bad debt from a bankrupt clean energy customer. Adjusted EBITDA was $184 million (16.9% of sales), down from $209 million (22.2% a year ago). The company anticipates full-year sales growth of 22-24%, factoring in acquisition impacts and currency fluctuations.

Generac Holdings Inc. (GNRC) announced preliminary third quarter 2022 results, reporting a 15% increase in net sales to approximately $1.09 billion. However, net income fell to $58 million ($0.83 per share) from $132 million ($1.93 per share) due to $55 million in pre-tax charges, including warranty and bad debt expenses. The company revised its full-year net sales growth outlook to 22-24%, down from 36-40%. Key metrics for home standby products showed improvement, but order headwinds are expected to persist into 2023. Adjusted EBITDA margin guidance was also lowered to 18-19%.