Generac Holdings Inc., a Waukesha-based designer and manufacturer of generators and other engine-powered products, reported third quarter net income of $47.1 million, or 67 cents per share, up from $25.5 million, or 37 cents per share, in the same period a year ago.
The company’s quarterly net sales increased 20.9 percent to $363.3 million from $300.6 million a year earlier.
“We experienced double-digit organic revenue growth again during the quarter as a result of increased spending from our national account customers and continued adoption of standby generators for both residential and commercial applications,” said Aaron Jagdfeld, president and chief executive officer of Generac. “We believe our expanded dealer base, targeted marketing efforts and continued roll-out of our PowerPlay in-home sales process are having an impact on extending the awareness and distribution of standby generators, which is leading to a new and higher baseline level of demand for these products. In addition, over the last 12 months, we have announced several acquisitions that provide us with immediate access to new global markets and new products, helping to further grow and diversify our business.”
Residential product sales for the third quarter of 2013 increased to $192.7 million from $191.0 million for the comparable period in 2012. Shipments of home standby generators were higher sequentially and over the prior year due to a combination of factors, including the additional awareness and adoption created by major power outages in recent years, the company’s expanded distribution, increased sales and marketing initiatives, overall strong operational execution and a more favorable environment for residential investment.