Generac Q3 amps up
Generac Holdings Inc. (GNRC) reported third quarter record sales increases, giving a nod to the company’s record production levels; expanding energy tech; and strong home standby demand.
The Waukesha, Wis.-based energy technology firm reported net sales climbed 34% to a record $942.7 million from $701.4 million in the prior year third quarter. Generac reported net income of $132 million up from $113 million previous third quarter.
In third quarter segment highlights, Generac reported Residential product growth of 33% to $609 million as compared to $439 million last year.
The company said Commercial & Industrial (C&I) product sales increased 47% to $258 million as compared to $176 million in the prior year.
The Bottom Line: Generac sales moved up 34% to a record $943 million. The firm noted robust growth in home power products as well as strong international business.
What the CEO said: “We continued to experience exceptional demand during the third quarter leading to all-time record revenue and further increases in our backlog,” said Aaron Jagdfeld, president and CEO. “We again hit record production levels, in spite of the challenging supply chain environment that deteriorated during the third quarter.”
The CEO added “We head into 2022 with the continuation of robust home standby demand, an expanding energy technology solutions portfolio, and strong global demand for our C&I products.”
Company info: Click here to read the full third quarter financial report from Generac.