Waukesha-based Generac Holdings Inc. reported second quarter net income of $54 million, or 77 cents per share, up from $28.3 million, or 40 cents per share, in the second quarter of 2013.
But adjusted net income at the generator manufacturer was $57.1 million, or 82 cents per share, down from $66.6 million, or 95 cents per share, in the same quarter last year.
Revenue was $362.6 million, up from $346.7 million in the same period a year ago.
Commercial and industrial sales for the second quarter were $163.5 million, up 22.5 percent from $133.4 million year-over-year. This was driven by acquisitions, oil & gas market demand and increased natural gas generator sales.
But sales of residential products were $179.6 million for the quarter, down from $196.6 million in the second quarter of 2013. But the second quarter of 2013 was positively impacted by $40 million in backlogged orders resulting from Superstorm Sandy. Excluding the one-time increase, the company’s residential product revenue increased about 15 percent from a year ago, which Generac attributed to strong home standby generator sales.
“Our second quarter results for residential products were seasonally higher as we saw shipments increase as compared to the first quarter of 2014 due to strength in home standby generators. We remain focused on a number of key initiatives to continue to grow the market, further building on our leadership position in this product category,” said Aaron Jagdfeld, president and chief executive officer. “C&I products continue to represent a growing portion of our sales as we have recently increased our exposure to new markets such as oil & gas, broadened our industrial product line, and strengthened our industrial distribution network to further diversify our business. We also continue to convert a significant amount of our earnings to free cash flow, providing us with the flexibility to drive our Powering Ahead strategic plan forward.”
