Generac Holdings Inc. (NYSE: GNRC) reported today its financial results for Q1 2021, reporting US$807.43 million in revenue and US$148.99 million in net income. This quarter’s revenue is a notable 69.7% increase from last year’s US$475.92 million revenue figure while the net income more than tripled from last year’s US$44.46 million.
The company’s Q1 sales consist of US$692.74 million from its domestic segment, which grew from last year’s US$376.03 million; and US$114.70 million from its international segment, which increased from the year ago figure of US$99.89 million. The notable domestic sales growth can be attributed to the significant increase in demand for residential products, particularly home standby and portable generators. The company posited that this has been led by power outages in Texas during Q1 2021.
Generac’s net income for the quarter translates to US$2.38 per common share, a notable increase from the previous income per share at US$0.87.
Following this announcement, Generac also relayed that it is increasing its 2021 net sales guidance to approximately 40 – 45% growth year-on-year, a dramatic increase from the 25 – 30% guidance that the company previously provided. Net income margin is also expected to be at 16 – 17% for 2021, an increase from prior expectation of 15 – 16%.
The company ended Q1 2021 with US$744.81 million in cash and cash equivalents, representing 21.76% of its total assets.
You may see the full details of Generac’s Q1 2021 financial results here.
Generac Holdings Inc. last traded at $339.73 on the NYSE.
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