Waukesha-based Generac Holdings Inc. reported fourth quarter net income of $48.5 million, or 69 cents per share, up from $28.3 million, or 41 cents per share, in the fourth quarter of 2012.
Fourth quarter revenue for the power generation equipment manufacturer was $376.2 million, up 10 percent from $342 million in the same period a year ago.
For the full year, net income was $174.5 million, or $2.51 per share, up from $93.2 million, or $1.35 per share, in 2012. Revenue was $1.5 billion, up from $1.2 billion a year ago.
Generac’s growth was driven by an increase in home standby generator sales and recent beneficial acquisitions. The company closed on its acquisition of Baldor Electric Co.’s Oshkosh generator business on November 1.
Portable generator sales were down because there were fewer major weather and power outage events.
“2013 was another great year for Generac that helped drive a third consecutive year of record revenues with a compounded annual growth rate of 36 percent since implementing our “powering ahead” strategy three years ago,” said Aaron Jagdfeld, president and chief executive officer. “Once again we experienced strong growth across all regions of the United States, as home standby generators further gain in popularity and the Generac brand is increasingly recognized as the leading name in backup power. The secular penetration themes that drive our business continue to play out for our residential and Commercial & Industrial products as we made significant progress on several initiatives to extend awareness for standby generators, leading to further growth. In addition to our organic growth, we executed on three important acquisitions that provide additional product breadth and global scale to our C&I business and improved balance to the overall company.”