Waukesha-based Generac Holdings Inc. today reported third quarter net income of $36.5 million, or 52 cents per share, down from $47.1 million, or 67 cents per share, in the third quarter of 2013.
Revenue for the generator manufacturer was $352.3 million, down from $363.3 million in the same period a year ago.
Residential product sales were $183.7 million in the third quarter, down from $192.7 million in the third quarter of 2013, driven by a decrease in portable generator sales and a minor decrease in home standby generator shipments.
Commercial & Industrial sales were $146.4 million, down from $151.5 million a year ago, driven by a decline in shipments to telecom customers.
“Home standby generator sales improved at a solid rate as compared to the second quarter of 2014, as we continue to build awareness and expand our leadership position for this product category,” said Aaron Jagdfeld, president and chief executive officer. “Despite current market conditions where power outage severity has been well below normal, we believe the penetration opportunity that exists for home standby generators remains significant. Our C&I product sales continued to experience good momentum within the oil & gas market, while capital spending with certain telecom customers was lower in the quarter resulting in reduced shipments to this end market. On the acquisition front, we have been active in recent months by closing two transactions which broaden our residential engine powered tool product line and expand our C&I mobile products platform, while also increasing our exposure to the oil & gas market. We remain focused on our ‘Powering Ahead’ strategic plan by proactively executing on a number of growth initiatives to drive a new and higher baseline of demand for our products.”
