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Generac Holdings Inc. (GNRC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Generac Holdings Inc.

CIK: 1474735 Ticker: GNRC
 

Exhibit 99.1

 

Generac Reports First Quarter 2020 Results

Overall net sales highlighted by strong growth in residential products; 2020 outlook updated for estimated impact from COVID-19


WAUKESHA, WISCONSIN (April 30, 2020) – 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, 2020 and provided an update on its outlook for the full year 2020.

 

First Quarter 2020 Highlights

 

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Net sales increased 1.2% to $475.9 million during the first quarter of 2020 as compared to $470.4 million in the prior-year first quarter. Core sales growth, which excludes both the impact of acquisitions and foreign currency, declined approximately 3%.

 

 

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Residential product sales increased 18.3% to $257.6 million as compared to $217.8 million last year, with core sales growth of approximately 9% when excluding the impact of the Neurio and Pika acquisitions.

 

 

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Commercial & Industrial (“C&I”) product sales decreased 17.7% to $172.1 million as compared to $209.1 million in the prior year, with core sales declining approximately 17%.

 

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Net income attributable to the Company during the first quarter was $44.5 million, or $0.68 per share, as compared to $44.9 million, or $0.76 per share, for the same period of 2019. See accompanying reconciliation schedules for related earnings per share calculations.

 

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Adjusted net income attributable to the Company, as defined in the accompanying reconciliation schedules, was $55.1 million, or $0.87 per share, as compared to $56.5 million, or $0.91 per share, in the first quarter of 2019.

 

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Adjusted EBITDA before deducting for noncontrolling interests, as defined in the accompanying reconciliation schedules, was $86.0 million, or 18.1% of net sales, as compared to $87.1 million, or 18.5% of net sales, in the prior year.

 

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As of March 31, 2020, the Company had $573 million of liquidity between $307 million of cash and equivalents and $266 million available under its ABL revolving credit facility, which matures in June 2023. Also, the Company has no financial covenants and no maturities on its term loan until December 2026.

 

“First quarter revenue met our expectations and EBITDA margins exceeded despite the challenges faced by the initial impact of the COVID-19 pandemic,” said Aaron Jagdfeld, President and Chief Executive Officer. “Home standby shipments continued the strength seen over the past several quarters, including robust demand in California. Shipments of the PWRcell energy storage system met our expectations in the first full quarter after its commercial launch in December, and were well received in the marketplace. This strong performance was mostly offset by lower domestic C&I product shipments to telecom and rental equipment customers, and continued weakness in international markets that accelerated following the onset of the COVID-19 pandemic. More importantly in this uncertain environment, Generac is in the fortunate position of having a strong balance sheet and liquidity position, giving us the flexibility to remain focused on providing innovative products and services that are essential to the safety and security of residential homes, businesses and critical infrastructure across the globe.”

 

1

The following information was filed by Generac Holdings Inc. (GNRC) on Thursday, April 30, 2020 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.

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Inside Generac Holdings Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals)
Note 1 - Description Of Business And Basis Of Presentation
Note 1 - Description Of Business And Basis Of Presentation (Details Textual)
Note 10 - Product Warranty Obligations
Note 10 - Product Warranty Obligations (Tables)
Note 10 - Product Warranty Obligations - Deferred Product Obligations (Details)
Note 10 - Product Warranty Obligations - Recognition Of Deferred Revenue Related To Extended Warranties (Details)
Note 10 - Product Warranty Obligations - Recognition Of Deferred Revenue Related To Extended Warranties 2 (Details)
Note 10 - Product Warranty Obligations - Reconciliation Of Product Warranty Liability (Details)
Note 10 - Product Warranty Obligations 1 (Details Textual)
Note 10 - Product Warranty Obligations 2 (Details Textual)
Note 11 - Contract Balances
Note 11 - Contract Balances (Details Textual)
Note 12 - Credit Agreements
Note 12 - Credit Agreements (Details Textual)
Note 12 - Credit Agreements (Tables)
Note 12 - Credit Agreements - Long-Term Borrowings (Details)
Note 12 - Credit Agreements - Short-Term Borrowings (Details)
Note 13 - Stock Repurchase Program
Note 13 - Stock Repurchase Program (Details Textual)
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share (Details Textual)
Note 14 - Earnings Per Share (Tables)
Note 14 - Earnings Per Share - Reconciliation Of Basic And Diluted Earnings Per Share (Details)
Note 15 - Income Taxes
Note 15 - Income Taxes (Details Textual)
Note 16 - Commitments And Contingencies
Note 16 - Commitments And Contingencies (Details Textual)
Note 17 - Subsequent Event
Note 17 - Subsequent Event (Details Textual)
Note 2 - Acquisitions
Note 2 - Acquisitions (Details Textual)
Note 3 - Redeemable Noncontrolling Interest
Note 3 - Redeemable Noncontrolling Interest (Details Textual)
Note 3 - Redeemable Noncontrolling Interest (Tables)
Note 3 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details)
Note 4 - Derivative Instruments And Hedging Activities
Note 4 - Derivative Instruments And Hedging Activities (Details Textual)
Note 4 - Derivative Instruments And Hedging Activities (Tables)
Note 4 - Derivative Instruments And Hedging Activities - Fair Value Of Derivatives (Details)
Note 5 - Fair Value Measurements
Note 5 - Fair Value Measurements (Details Textual)
Note 6 - Accumulated Other Comprehensive Loss
Note 6 - Accumulated Other Comprehensive Loss (Details Textual)
Note 6 - Accumulated Other Comprehensive Loss (Tables)
Note 6 - Accumulated Other Comprehensive Loss - Disclosure Of Changes In Accumulated Other Comprehensive Loss (Details)
Note 7 - Segment Reporting
Note 7 - Segment Reporting (Details Textual)
Note 7 - Segment Reporting (Tables)
Note 7 - Segment Reporting - Net Sales By Products And Services (Details)
Note 7 - Segment Reporting - Segment Information (Details)
Note 8 - Balance Sheet Details
Note 8 - Balance Sheet Details (Details Textual)
Note 8 - Balance Sheet Details (Tables)
Note 8 - Balance Sheet Details - Inventories (Details)
Note 8 - Balance Sheet Details - Property And Equipment (Details)
Note 9 - Allowance For Credit Losses
Note 9 - Allowance For Credit Losses (Details Textual)
Note 9 - Allowance For Credit Losses (Tables)
Note 9 - Allowance For Credit Losses - Summary Of Allowance For Doubtful Accounts (Details)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Generac Holdings Inc. provided additional information to their SEC Filing as exhibits

Ticker: GNRC
CIK: 1474735
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-20-009467
Submitted to the SEC: Tue May 05 2020 4:40:12 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Motors And Generators

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