Superstorm powers Generac projections
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.
- City of Delafield to ponder appeal of gun club ruling, former mayor says don't waste tax money
- Delafield crash victim was a teacher at Kettle Moraine Preschool, active community volunteer
- Youth ambassadors bring China to Kettle Moraine High School
- Reel World, Feb. 10, 2016: No crowns for 'Caesar!'
- Delafield continues debating signs in shopping centers, multitenant facilities
- Tennyck takes on executive director role of Family Promise of Western Waukesha County
- Waukesha County residents warned about computer scams
- KM students chosen as Presidential Scholar Candidates
- Viral social media post causes traffic overflow at Lapham Peak event (3)
- Wales/Genesee's Morris steps down after 42 years fighting fires