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Superstorm powers Generac projections

Nov. 7, 2012

The massive power outages on the east coast following superstorm Sandy have resulted in an increase in distribution at Generac Holdings Inc., headquartered in Genesee, and an even higher financial projection for the end of the year.

Following a year of strong numbers, net sales increased year-over-year by 25.6 percent to $300.6 million in the third quarter of 2012 as compared to $239.3 million in the third quarter of 2011.

Net sales for the third quarter of 2012 were in line with the high end of the company's previously announced expected range of $295 to $300 million as pre-released on Oct. 1.

Residential product sales increased 17.8 percent compared to the strong third quarter of 2011, in which year-over-year sales growth was 60.5 percent.

Commercial and industrial product sales increased 48.3 percent compared to the prior year third quarter.

As a result of the current major power outage activity, the company is raising its sales growth guidance for full-year 2012 to the low-40 percent range over the prior year, which represents an increase from the low-30 percent growth rate previously expected in the Oct. 1 business update. Diluted net income per common share for 2012 is now expected to be in the range of $1.21 to $1.27, with adjusted diluted net income per common share of $2.95 to $3, compared to the $2.65 to $2.70 per share range previously expected.

"The events of the last few days continue to demonstrate for home owners and business owners the importance of having a backup plan for their power needs. Automatic standby generators have emerged as a cost-effective and increasingly important part of those backup plans. As a result of the increased awareness these outage events provide, adoption rates for home standby and light commercial generators have accelerated over the last several years." said Aaron Jagdfeld, President and Chief Executive Officer after recent storm events.

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Weekend Happenings

Featured this week:  

Rotary Pancake Day: 7:30 a.m. Feb. 28, Waukesha County Expo Center, 1000 Northview Road, Waukesha. Fundraiser for the Waukesha Rotary Club is 7:30 a.m.-1 p.m. in the Expo Center Arena. Advance tickets at Waukesha State Bank, downtown location., $5-$7. $5 advance, $7 at the door; free for children 5 and younger. www.waukesharotary.org.

Ninth Annual Oconomowoc Rotary Wine & Brew Fest: 5 p.m. Feb. 28, Olympia Resort, 1350 Royale Mile Rd, Oconomowoc. Wine, food and beer. Features foods from the best of our local restaurants. Purchase tickets at $50 from an O-Town Rotarian, through Facebook, or in person at most area First Bank Financial Centre locations, Books & Company & Lorleberg True Value Hardware. See more at www.oconomowocrotary.org. $50.

Chili Tasting: 11 a.m. Feb. 28, The Garden Mart, W297 S9115 Highway 83, Mukwonago. Chili tasting from 11 a.m. to 2 p.m. Local vendors will be selling unique merchandise. Judging is open to the public and all proceeds from voting will be donated to the Mukwonago Food Pantry. Event is free. Call (262) 363-5252 for information.

Dr. Seuss Birthday Bash Literacy Event: 10 a.m. Feb. 28, Hartland North Elementary, 232 Church Street, Hartland. Families with children in 4-year old kindergarten through second grade are invited to a special event. The Cat in the Hat and the Lorax will celebrate with a big birthday cake for all of our guests along with lots of literacy activities based around Dr. Seuss books.

Updates to this calendar are made weekly Monday afternoon. 

 

All weekend happenings.