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GENERAC HOLDINGS INC - GNRC STOCK NEWS

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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.

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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.

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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%.

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Generac Power Systems (NYSE: GNRC) announced the acquisition of Blue Pillar, a developer of industrial IoT platform solutions, to enhance its energy technology offerings. This acquisition, finalized on October 3, 2022, aims to integrate Blue Pillar's capabilities into Generac's power generation products, facilitating improved monitoring and control for distributed energy generation. The synergy between the two companies is expected to broaden Generac's service offerings and enhance customer connectivity solutions, ultimately reducing reliance on the power grid and optimizing energy consumption costs.

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Generac Power Systems (NYSE: GNRC) has partnered with EODev to distribute large-scale zero-emission hydrogen fuel cell generators, specifically the GEH2®, in North America. This agreement signifies a strategic move towards sustainable energy solutions in the industrial power sector. Generac has placed an initial order for the GEH2® units, enhancing its service capabilities with in-house support for installation and maintenance. The GEH2® offers a silent, emissions-free power solution, delivering up to 110 kVA, thus aligning with the growing demand for cleaner energy technologies.

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Generac Power Systems, Inc. (NYSE: GNRC) has launched its new line of portable battery products, introducing the GB1000 and GB2000 Portable Power Stations. These innovative power stations provide clean, emission-free power for various devices and are designed for indoor and outdoor use. The GB1000 offers a capacity of 1086 kWh, while the GB2000 has 2106 kWh capacity. Both models feature multiple charging options and fast recharging capabilities, reaching 80% in just 2.1 hours. Available through authorized dealers and retail partners, these stations aim to enhance consumer access to sustainable energy.

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DR Power Equipment, a subsidiary of Generac Power Systems (NYSE: GNRC), has launched the PILOT XT series Leaf and Lawn Vac. These innovative leaf collectors are designed with the EZ Bagger Leaf Collection System for standard disposable leaf bags, making them efficient for curbside pickup and composting. The series includes push- and self-propelled models, which come with features to streamline the bagging process, allowing users to replace bags quickly. Aimed at both suburban and rural customers, the PILOT XT models enhance leaf collection capabilities.

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Generac Grid Services (GNRC) has partnered with Pearlstone Energy to offer energy management solutions in the U.K. The collaboration utilizes the Concerto™ platform to reduce energy demand during peak periods, helping facilities save costs and support grid stability. This initiative marks the first phase of a multi-year plan aimed at unlocking value from the flexible capacity of commercial and industrial sites. Customers will benefit from participation in National Grid's flexibility initiatives, potentially avoiding high demand charges while contributing to net-zero goals.

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Generac Power Systems (NYSE: GNRC) has launched a pilot program with San Diego Gas & Electric to prevent power outages during extreme weather events. Eligible customers will receive notifications for minor temperature adjustments on their ecobee smart thermostats to help reduce energy demand. The partnership aims to enhance community resilience and promote energy conservation amidst increasing climate-related challenges. This innovative initiative follows a reported rise in weather-related disasters, highlighting the urgency of reliable energy management systems.

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Generac Grid Services, a subsidiary of Generac Power Systems (NYSE: GNRC), has been selected by Dominion Energy Virginia to implement its Concerto™ platform for managing distributed energy resources (DERs). This platform will enhance grid reliability and enable customers to participate in the PJM wholesale electricity market. The initiative is part of Dominion's Grid Transformation Plan, promoting renewable energy integration. By leveraging real-time data, the Concerto platform aims to optimize energy distribution and support a secure, modern electric grid.

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Generac Power Systems has appointed Norm Taffe as the new president of Energy Technology, effective August 25, 2022. Taffe brings over 30 years of clean energy technology experience and will lead strategies focused on solar and battery storage systems, energy monitoring, and grid services. Reporting to CEO Aaron Jagdfeld, he aims to develop a comprehensive energy ecosystem and align Generac's engineering efforts with the Energy Technology organization. This move supports Generac's goal of enhancing capabilities in the evolving energy technology landscape.

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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
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United States of America
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