Last updated on August 4th, 2022 at 01:43 pm
Generac Power Systems continues to post strong gains in sales and profitability.
For the second quarter, the Town of Genesee-based maker of home standby generators and other energy technology products reported net income of $156.4 million, up 23.1% from a year ago and net sales of $1.3 billion, up 40.4% from the second quarter of 2021.
For the first half of the year, the company had net sales of $2.4 billion, up 40.5% from the first half of 2021, and net income of $270.2 million, down 2.1% from a year ago. The company’s first quarter net income was down 23.6%.
Generac today said it is maintaining its full-year 2022 net sales growth guidance range of approximately 36% to 40% growth compared to the prior year, which was at nearly $3.74 billion. A 36% increase would push its annual net sales to above $5 billion
Generac has been seeing strong demand for its residential home standby products in recent years as more people are spending a greater amount of time at home amid the COVID-19 pandemic. Additionally, high profile power outages in some parts of the country have helped fuel demand.
“We continued to experience robust growth during the second quarter as ongoing capacity expansion helped drive shipments to new records,” said Aaron Jagdfeld, president and CEO of Generac. “Given the positive underlying demand trends and elevated backlog, we are maintaining our sales growth … for the full-year 2022. The mega-trends supporting this demand remain as compelling as ever, and we believe our unique suite of energy technology solutions has Generac well-positioned to lead the evolution to a more resilient, efficient and sustainable energy future.”