Generac Q1 2021 Earnings Report
Key Takeaways
Generac Holdings Inc. reported a record first quarter with net sales increasing by 70% to $807 million. The company's performance was driven by a surge in residential product demand and recovering commercial & industrial markets. As a result, the company substantially increased its full-year 2021 net sales guidance.
Net sales increased 70% to a record $807 million compared to the prior-year first quarter.
Residential product sales more than doubled, increasing 110% year-over-year.
Commercial & Industrial (C&I) product sales increased 18% year-over-year.
Cash flow from operations was $153 million, a record for the first quarter.
Generac
Generac
Generac Revenue by Segment
Generac Revenue by Geographic Location
Forward Guidance
The Company is increasing its full-year 2021 net sales guidance to now be approximately 40 to 45% growth compared to the prior year. Adjusted EBITDA margin is now expected to be approximately 24.5 to 25.5%.
Positive Outlook
- Acceleration in demand and backlog for home standby generators.
- Notable increase in portable generator shipments.
- Higher demand for PWRcell® energy storage systems.
- Broad based rebound in demand for C&I products.
- Significant pickup in activity from telecom national account customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income