Generac Holdings Rallies on Record First Quarter Revenue
2022.05.04 21:11
By Sam Boughedda
Investing.com — Generac Holdlings Inc (NYSE:GNRC) shares jumped 10% after reported earnings on Wednesday that topped sales estimates.
Revenue reached a record $1.14 billion for the first quarter, increasing 41% from the prior year. According to the company, its record revenue could be pinned to a strong execution and an increased capacity.
Earnings per share also beat forecasts, coming in at $2.09 compared to $1.92 predicted by analysts. Meanwhile, residential product sales grew to $777 million, and commercial & industrial product sales increased 38% to $279 million.
“We continued to experience robust and broad-based growth during the first quarter, and strong execution pushed shipments to new records,” said Aaron Jagdfeld, president and CEO.
“We made better-than-expected progress towards our production targets, which helped drive our top line beyond expectations during the quarter despite the ongoing challenging operating environment.”
Furthermore, the energy tech manufacturer increased its full-year guidance, with net sales predicted to be approximately 36% to 40%. This is an increase from previous growth forecasts of 32% to 36%.
