Financial Data and Key Metrics Changes - Overall net sales increased slightly to $889 million in Q1 2024 compared to $888 million in the prior year [44] - Residential product sales rose 2% to $429 million, driven by a mid-teens increase in home standby generator shipments, partially offset by a decline in portable generator shipments [19][29] - Adjusted EBITDA for the quarter was $127 million, or 14.3% of net sales, compared to $100 million, or 11.3% of net sales, in the prior year [46] - GAAP net income for Q1 2024 was $26 million, up from $12 million in Q1 2023 [22] - Free cash flow improved significantly to $85 million from negative $42 million in the same quarter last year [23] Business Line Data and Key Metrics Changes - Home standby shipments increased at a mid-teens rate, while activations declined modestly due to a softer outage environment [5][6] - Global C&I product sales decreased 2% year-over-year, primarily due to declines in domestic telecom and rental markets, but growth was seen in North American industrial distributor channels [13][29] - Residential Energy Technology Products, particularly ecobee, saw year-over-year sales growth despite a challenging retail environment [10] Market Data and Key Metrics Changes - International segment total sales decreased 14% to $187 million, primarily due to declines in intercompany shipments and lower shipments in certain European markets [21][40] - Strong growth in shipments to Latin American markets partially offset softness in other regions [16] Company Strategy and Development Direction - The company is focused on expanding its network of installers and enhancing operational efficiencies to drive future growth [8][33] - Investments are being made in energy technology solutions, including collaborations with Wallbox for EV charging solutions [12][36] - The company aims to leverage its position in natural gas generators to capture growth in energy storage markets [15] Management's Comments on Operating Environment and Future Outlook - Management reiterated the overall 2024 outlook for net sales and adjusted EBITDA margin, expecting a mid to high single-digit decline in C&I product sales compared to prior guidance of a 10% decline [24][25] - The company anticipates a significant year-over-year increase in home standby generator shipments as field inventory normalizes [50] - Management expressed confidence in the long-term growth potential driven by increasing demand for backup power due to rising power consumption forecasts and aging infrastructure [42][63] Other Important Information - The gross margin for Q1 2024 improved to 35.6% from 30.7% in the prior year, attributed to a favorable sales mix and improved production efficiencies [20] - The company expects capital expenditures to be approximately 3% of forecasted net sales for the year [56] Q&A Session Summary Question: Can you reconcile the increase in shipments with the decline in activations for home standby? - Management explained that activations were slower due to a weaker outage environment, but shipments increased as field inventory challenges were resolved [82][84] Question: What is the strategy regarding the surge in data center power demand? - Management noted that while the backup generator market for data centers is dominated by diesel, there is growing interest in natural gas solutions due to permitting challenges for diesel engines [88][90] Question: Can you provide insights on gross margin improvements? - Management highlighted that gross margins exceeded expectations due to earlier-than-anticipated improvements in input costs and operational efficiencies [121][122] Question: What is the outlook for energy technology revenue? - Management indicated that while near-term market dynamics are challenging, they remain optimistic about capturing incremental revenue as they launch new products later this year [115][117]

Generac Holdings (GNRC) reported $889.27 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 0.2%. EPS of $0.88 for the same period compares to $0.63 a year ago.The reported revenue represents a surprise of +0.43% over the Zacks Consensus Estimate of $885.51 million. With the consensus EPS estimate being $0.72, the EPS surprise was +22.22%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wal ...

Generac Holdings Inc (GNRC) reported first-quarter 2024 adjusted earnings per share (EPS) of 88 cents, which beat the Zacks Consensus Estimate of 72 cents. GNRC reported adjusted EPS of 63 cents in the prior-year period.Net sales came in at $889.3 million compared with $887.9 million in the prior-year quarter. The figure also topped the consensus estimate of $885.5 million. An increase in Residential product sales cushioned the top-line performance.  In the quarter under review, core sales growth (excluding ...

Generac Holdings (GNRC) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this generator maker would post earnings of $2.10 per share when it actually produced earnings of $2.07, delivering a surprise of -1.43%.Over the last four quarters, the ...

Exhibit 99.1 Generac Reports First Quarter 2024 Results WAUKESHA, WISCONSIN (May 1, 2024) – Generac Holdings Inc. (NYSE: GNRC) ("Generac" or the "Company"), a leading global designer and manufacturer of energy technology solutions and other power products, today reported financial results for its first quarter ended March 31, 2024 and provided an update on its outlook for the full-year 2024. First Quarter 2024 Highlights "First quarter results exceeded our expectations due to strong operating margins and ex ...

WAUKESHA, Wis., May 01, 2024 (GLOBE NEWSWIRE) -- Generac Holdings Inc. (NYSE:GNRC) ("Generac" or the "Company"), a leading global designer and manufacturer of energy technology solutions and other power products, today reported financial results for its first quarter ended March 31, 2024 and provided an update on its outlook for the full-year 2024. First Quarter 2024 Highlights Net sales increased to $889 million during the first quarter of 2024 as compared to $888 million in the prior-year first quarter. C ...

Generac Holdings Inc (GNRC) will report first-quarter 2024 results on May 1, before the opening bell.The Zacks Consensus Estimate for first-quarter revenues is pegged at $888.2 million, mostly on par with prior-year reported number. The Zacks Consensus Estimate for earnings is pegged at 81 cents per share, up 28.6% year over year.GNRC beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, delivering an average earnings surprise of 5.5%. In the past year, shares of the compa ...

In its upcoming report, Generac Holdings (GNRC) is predicted by Wall Street analysts to post quarterly earnings of $0.81 per share, reflecting an increase of 28.6% compared to the same period last year. Revenues are forecasted to be $888.19 million, representing no change year over year.The current level reflects a downward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial pr ...

WAUKESHA, Wis.,  April 29, 2024 /PRNewswire/ -- Generac Power Systems (NYSE: GNRC), a leading global designer, manufacturer and provider of energy technology solutions and other power products, today announced the issuance of the Company's Environmental, Social, and Governance (ESG) report for the year ending December 31, 2023. Generac's 2023 ESG report shares the Company's ongoing commitment to providing resilient, efficient and sustainable energy solutions. The report serves as a resource for stakeholders ...

J. Michael Jones Thesis For a seemingly simple business, shareholders of Generac (NYSE:GNRC) have been through quite the emotional roller coaster over the years. Since hitting all-time highs in 2021 of $505.80, shares have fallen over 80% from peak to trough, translating to a loss of over $25B in shareholder value. This pessimism can largely be attributed to concerns over the high-interest rate environment, excessive inventories, and the overall cyclical nature of the business. However, with several long-te ...