Generac surges ahead in Q2
The second quarter was good to Waukesha, Wis.-based Generac Holdings, as strong, broad-based demand helped generate strong second quarter results.
The company’s net sales increased 25.3% to $494.9 million, up from $394.9 million in the same quarter last year. The revenue included $4.o million contribution from the Selmec acquisition, which closed on June 1, 2018.
Core sales growth, which excludes both the favorable impact of acquisitions and foreign currency, was approximately 23%.
Net income jumped to $53.3 million, up from $25.3 million in the same quarter last year.
Based on its performance so far, the company raised its full-year net sales expectations. It is now looking for 13% to 14% over the prior year. Previously, expectations for growth fell in the 6% to 8% range.
“We continue to see robust demand across all of our end markets and geographies, with particular strength coming from residential products as power outages over the last twelve months have been well above the long-term average,” said Aaron Jagdfeld, president and CEO.
The CEO also expressed optimism over its investment in Selmac, “expanding our presence in the important Latin American backup power market,” he said.
In the U.S., sales increased 24.8% to $381.0 million as compared to $305.4 million in the prior-year quarter. The current-year quarter continued to experience strong growth in shipments of home standby and portable generators. Increased service part sales also contributed to the year-over-year growth, the company said.
The company’s net sales increased 25.3% to $494.9 million, up from $394.9 million in the same quarter last year. The revenue included $4.o million contribution from the Selmec acquisition, which closed on June 1, 2018.
Core sales growth, which excludes both the favorable impact of acquisitions and foreign currency, was approximately 23%.
Net income jumped to $53.3 million, up from $25.3 million in the same quarter last year.
Based on its performance so far, the company raised its full-year net sales expectations. It is now looking for 13% to 14% over the prior year. Previously, expectations for growth fell in the 6% to 8% range.
“We continue to see robust demand across all of our end markets and geographies, with particular strength coming from residential products as power outages over the last twelve months have been well above the long-term average,” said Aaron Jagdfeld, president and CEO.
The CEO also expressed optimism over its investment in Selmac, “expanding our presence in the important Latin American backup power market,” he said.
In the U.S., sales increased 24.8% to $381.0 million as compared to $305.4 million in the prior-year quarter. The current-year quarter continued to experience strong growth in shipments of home standby and portable generators. Increased service part sales also contributed to the year-over-year growth, the company said.