Generac earnings down 39%

Waukesha-based Generac Holdings Inc. reported Thursday that it had second quarter net income of $9.3 million, down 39 percent from 2011 second quarter net income of $15.3 million.

But the company said a charge for refinancing costs contributed heavily to the lower net income for the quarter.
The company’s net sales were up 48.2 percent to $239.1 million for the quarter.
“Our second quarter results continue to demonstrate the progress we are making in executing our Powering Ahead strategic plan,” said Aaron Jagdfeld, president and chief executive officer. “Growth in shipments of home standby and portable generators were again strong during the second quarter. In particular, the market for our home standby generators continues to develop as more home owners discover the importance of having backup power. In our commercial and industrial products, Magnum continues to perform well as demand for mobile equipment is benefiting from a shift towards renting versus buying. In addition, while still a smaller portion of the overall C&I market, our leadership position in natural gas backup generators within North America has allowed us to benefit from the increased demand for these products.”

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