Waukesha-based Generac Holdings Inc. reported first quarter net income of $34.7 million, or 50 cents per share, down from $50.7 million, or 73 cents per share, for the same period of 2013.
The company’s quarterly net sales were $342.0 million, down from $399.6 million a year ago.
“We are pleased with our overall financial results for the quarter as they were in line with our expectations. Shipments of residential products during the first quarter were more typical of the seasonality we historically see in winter months, which was magnified in the current season with heavy snow and colder temperatures delaying installs of residential standby units, ” said Aaron Jagdfeld, president and chief executive officer of Generac. “Shipments of C&I products were again strong during the quarter as a result of continued organic growth and the contribution from recent acquisitions. Through a combination of our internal growth initiatives and M&A activity, we remain focused on driving a new and higher baseline of demand for our products, while also becoming a more diversified company with improved global scale.”