Exhibit 99.1

 

Generac Reports First Quarter 2019 Results

Strong end market fundamentals drive increased 2019 outlook;

 

Recent acquisitions accelerate entry into rapidly developing energy management and storage market

 


WAUKESHA, WISCONSIN (May 2, 2019) – Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a leading global designer and manufacturer of power generation equipment and other power products, today reported financial results for its first quarter ended March 31, 2019.

 

First Quarter 2019 Highlights

 

Net sales increased 17.6% to $470.4 million during the first quarter of 2019 as compared to $400.1 million in the prior-year first quarter. Core sales growth, which excludes both the impact of acquisitions and foreign currency, was approximately 15%.

 

 

-

Residential product sales increased 14.4% to $217.8 million as compared to $190.5 million last year.

 

 

-

Commercial & Industrial (“C&I”) product sales increased 19.4% to $209.1 million as compared to $175.1 million in the prior year, with core sales growth of approximately 17%.

 

Net income attributable to the Company during the first quarter was $44.9 million, or $0.76 per share, as compared to $33.6 million, or $0.42 per share, for the same period of 2018.

 

Adjusted net income attributable to the Company, as defined in the accompanying reconciliation schedules, was $56.5 million, or $0.91 per share, as compared to $46.1 million, or $0.74 per share, in the first quarter of 2018.

 

Adjusted EBITDA before deducting for noncontrolling interests, as defined in the accompanying reconciliation schedules, was $87.1 million, or 18.5% of net sales, as compared to $71.8 million, or 17.9% of net sales, in the prior year.

 

Cash flow from operations was $14.6 million as compared to $29.0 million in the prior year quarter. Free cash flow, as defined in the accompanying reconciliation schedules, was $(0.6) million as compared to $23.3 million in the first quarter of 2018. Higher operating earnings in the current year quarter were more than offset by increased incentive compensation payments related to fiscal 2018 performance and higher levels of capital expenditures.

 

As previously announced on March 13, 2019, the Company closed on the acquisition of Neurio Technology. Founded in 2005 and headquartered in Vancouver, British Columbia, Neurio is a leading energy data company focused on monitoring technology and sophisticated analytics to optimize energy use within a home or business.  Neurio’s hardware and software solutions equip users with the intelligence to manage and control electrical loads, solar systems and batteries to optimize energy consumption and increase savings.

 

Also, as previously announced on April 29, 2019, the Company closed on the acquisition of Pika Energy. Founded in 2010 and located near Portland, Maine, Pika Energy develops and manufactures advanced power electronics, software and controls for smart energy storage and management. Pika’s innovative home energy storage solutions make them one of the leaders in the rapidly growing market for energy storage technology.

 

“Our outstanding first quarter results reflect continued end market strength as we entered 2019,” said Aaron Jagdfeld, President and Chief Executive Officer. “Both residential and C&I generator activity remained strong during the quarter with spending on backup power for telecom applications in particular coming in ahead of expectations as wireless carriers continue to invest in hardening their networks.”

 

Jagdfeld continued, “In addition to our impressive start to the year, with our recent acquisitions of Neurio and Pika, we have accelerated our entry into the global market for energy management and storage, which we believe to be a multi-billion dollar opportunity as this market matures. By combining Generac’s strong distribution, brand, and market creation capabilities with Neurio’s valuable energy monitoring technologies and Pika’s expertise in energy storage, we believe we are well positioned to offer a new, differentiated line of products and solutions to help homeowners and business owners reduce their overall energy costs.”

 

1

The following information was filed by Generac Holdings Inc. (GNRC) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Generac Holdings Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Generac Holdings Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account