Waukesha-based Generac Holdings Inc. today reported a 15.8 percent jump in first quarter revenue, driven by the contribution of recent acquisitions.
Generac’s first quarter revenue was $331.8 million, up from $286.5 million in the first quarter of 2016. The designer and manufacturer of generators and other engine powered products saw a large increase in international segment sales, but domestic segment sales were down slightly year-over-year.
First-quarter net income totaled $12.8 million, or 21 cents per share, up from $10.2 million, or 15 cents per share, in the first quarter of 2016.
Operating expenses increased to $78.6 million in the first quarter, up from $71.1 million in the same period a year ago. The company attributed the increase to additional recurring expenses associated with its recent acquisitions. Generac last year acquired Pramac, and this year acquired Motortech Holding GmbH & Co. KG.
“First quarter shipments were ahead of our expectations, with improved sales of commercial and industrial products leading the way during the quarter,” said Aaron Jagdfeld, president and chief executive officer. “In particular, demand trends for domestic mobile products were much stronger as compared to the prior-year levels as our rental equipment customers began to replace and upgrade their fleets during the quarter. Our international segment also experienced solid organic sales growth as the year started off on a positive note with in our European and Latin American markets.”
