Generac Q2 2024 Earnings Report
Key Takeaways
Generac Holdings Inc. reported net sales of $998 million, with residential product sales up 8% and commercial & industrial product sales down 10%. Net income was $59 million, or $0.97 per share, while adjusted net income was $82 million, or $1.35 per share. The company updated its full-year 2024 net sales growth guidance to 4 to 8% and adjusted EBITDA margin to 17.0 to 18.0%.
Net sales were $998 million, slightly down from $1.00 billion in the prior-year quarter.
Residential product sales increased by approximately 8% to $538 million.
Net income attributable to the Company was $59 million, or $0.97 per share, compared to $45 million, or $0.70 per share, for the same period of 2023.
Adjusted EBITDA was $165 million, or 16.5% of net sales, compared to $137 million, or 13.6% of net sales, in the prior year.
Generac
Generac
Generac Revenue by Segment
Generac Revenue by Geographic Location
Forward Guidance
The Company is updating its overall net sales growth guidance for the full-year 2024 to be 4 to 8% compared to the prior year on an as-reported basis, an increase from the previous guidance range of 3 to 7%. Adjusted EBITDA margin, before deducting for non-controlling interests, is now expected to be 17.0 to 18.0% as compared to the previous expectation of 16.5 to 17.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income