Generac Q3 2022 Earnings Report
Key Takeaways
Generac's third quarter 2022 results showed a 15% increase in net sales to $1.09 billion compared to the prior year. However, net income decreased to $58 million, or $0.83 per share, due to pre-tax charges of $55.3 million. Adjusted EBITDA was $184 million, or 16.9% of net sales.
Net sales increased 15% to $1.09 billion, with core sales growth of approximately 10%.
Residential product sales grew 9% to $664 million.
Commercial & Industrial product sales increased 20% to $311 million.
Net income attributable to the Company was $58 million, or $0.83 per share, impacted by $55.3 million in pre-tax charges.
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Forward Guidance
Generac expects full-year 2022 net sales growth to be approximately 22 to 24% as compared to the prior year, which includes approximately 5 to 7% net impact from acquisitions and foreign currency. Additionally, the Company expects net income margin, before deducting for non-controlling interests, to be approximately 9.0 to 10.0% for the full-year 2022. The corresponding adjusted EBITDA margin is expected to be approximately 18.0 to 19.0%.