Waukesha-based generator manufacturer Generac has raised its outlook for 2012 in light of strong financial results it expects for the third quarter.
Generac has seen rising demand for home standby and portable generators because of major power outage events and increased emphasis on marketing and sales for those lines.
Third quarter net sales are expected to be about $295 to $300 million, with net income of $21.4 to $25 million.
The third quarter boost means Generac has revised its 2012 outlook to reflect net sales increasing about 30 percent year over year. It previously prediceted 20 percent growth.
“We initiated our Powering Ahead strategic plan in 2010 that focused on growing the residential standby market, increasing our share of the commercial and industrial market, diversifying our demand, and expanding into new geographies. As a result of our team’s efforts, we have consistently exceeded our own performance goals associated with Powering Ahead and in fact reached many of those targets a year earlier than we had originally planned. We are currently resetting our goals for the next three years and we intend to share those updated growth rates in the near future when we finalize our long-term strategic plan,” said Aaron Jagdfeld, president and CEO.