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Generac Holdings Inc. (GNRC)

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277.61+5.28 (+1.94%)
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Previous Close272.33
Open270.47
Bid269.25 x 1100
Ask277.90 x 800
Day's Range269.55 - 278.64
52 Week Range75.50 - 278.64
Volume500,520
Avg. Volume823,655
Market Cap17.445B
Beta (5Y Monthly)0.91
PE Ratio (TTM)60.11
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJun. 10, 2013
1y Target EstN/A
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  • ACCESSWIRE

    Generac Holdings, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / October 28, 2020/ Generac Holdings, Inc.

  • Generac Reports Record Third Quarter 2020 Results
    GlobeNewswire

    Generac Reports Record Third Quarter 2020 Results

    All-time record results driven by unprecedented residential product demand; 2020 outlook further increased due to continued strength from key mega-trendsWAUKESHA, Wis., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a leading global designer and manufacturer of energy technology solutions and other power products, today reported financial results for its third quarter ended September 30, 2020 and provided an update on its outlook for the full year 2020.     Third Quarter 2020 Highlights * Net sales increased approximately 17% to $701 million during the third quarter of 2020 as compared to $601 million in the prior-year third quarter. Core sales growth, which excludes both the impact of acquisitions and foreign currency, increased approximately 16%. * Residential product sales increased 37% to $459 million as compared to $335 million last year. * Commercial & Industrial (“C&I”) product sales decreased 18% to $176 million as compared to $215 million in the prior year.   * Net income attributable to the Company during the third quarter was $115 million, or $1.82 per share, as compared to $76 million, or $1.18 per share, for the same period of 2019. * Adjusted net income attributable to the Company, as defined in the accompanying reconciliation schedules, was $133 million, or $2.08 per share, as compared to $90 million, or $1.43 per share, in the third quarter of 2019. * Adjusted EBITDA before deducting for noncontrolling interests, as defined in the accompanying reconciliation schedules, was $179 million, or 25.5% of net sales, as compared to $126 million, or 21.0% of net sales, in the prior year. * Cash flow from operations was $155 million as compared to $111 million in the prior year. Free cash flow, as defined in the accompanying reconciliation schedules, was $148 million as compared to $101 million for 2019. The increase was primarily due to higher sales volumes and resulting net income. * The Company is increasing its full-year 2020 sales growth guidance to now be approximately 10 to 12% of year-over-year growth, which is an increase from the baseline growth guidance of 5 to 8% previously expected. Adjusted EBITDA margin, before deducting for non-controlling interests, is now expected to be approximately 22.5 to 23.0%, which is an increase from the 21.5 to 22.0% previously expected. * On July 1st, 2020, the Company closed on the acquisition of Energy Systems, its industrial distributor located in Northern California. * As previously announced on September 1st, 2020, the Company acquired the assets of Mean Green Products, LLC. Headquartered in Ross, Ohio, Mean Green is a leading manufacturer of an innovative commercial line of battery powered turf care products. * On October 7th, we closed on the acquisition of Enbala Power Networks Inc. (“Enbala”). Based in Denver, Colorado, Enbala is one of the leading providers of distributed energy optimization and control software needed to ensure the operational stability of the world’s power grids.“Third quarter revenue and adjusted EBITDA far exceeded all-time records led by dramatic growth in sales of home standby and portable generators,” said Aaron Jagdfeld, President and Chief Executive Officer. “Power outage activity was much higher during the quarter driven by more extreme and severe weather. When combined with the “Home as a Sanctuary” trend that we began seeing at the onset of the COVID-19 pandemic, demand for home standby generators reached unprecedented levels during the quarter. Shipments of our PWRcell energy storage systems recovered during the third quarter and increased significantly from lower levels in the second quarter, which were impacted by a slowdown in solar installations due to the pandemic. As expected, our C&I products were also negatively impacted, however, we realized some meaningful benefits from our recent cost-reduction efforts that were initiated in the second quarter.”Jagdfeld continued, “We announced several strategic acquisitions in recent months that enable us to enter exciting new markets. In July, we closed on the acquisition of our industrial distributor in Northern California, Energy Systems, to enhance our ability to serve this very large, rapidly growing power generation market. In September, we entered the battery-powered commercial mower market with Mean Green Products, which will help accelerate the electrification of our chore products. In October, we entered the emerging market for “grid services” through the acquisition of Enbala Power Networks, which plays into another secular trend involving the evolution of the traditional electric utility model and further advances our capabilities as an energy technology solutions company.”Additional Third Quarter 2020 Consolidated HighlightsGross profit margin improved 320 basis points to 39.4% compared to 36.2% in the prior-year third quarter. The increase was primarily driven by favorable sales mix from significantly higher shipments of residential products and a lower mix of C&I products. Operating expenses increased $8.6 million, or 7.6%, as compared to the third quarter of 2019. The increase was primarily driven by incremental spend related to clean energy products and higher incentive compensation. These increases were partially offset by lower advertising and promotional costs, along with a reduction in operating expenses for the International segment as a result of restructuring actions initiated in the second quarter of 2020.Provision for income taxes for the current year quarter was $32.1 million, or an effective tax rate of 21.8%, as compared to $20.1 million, or a 21.1% effective tax rate, for the prior year. The increase in effective tax rate was primarily due to the prior year having more favorable discrete tax items compared to the current year quarter, which was partially offset by an overall more favorable mix of pretax income in the current year quarter.Business Segment ResultsDomestic SegmentDomestic segment sales increased 22.6% to $606.9 million as compared to $494.8 million in the prior year quarter. As a result of the heightened awareness of the need for backup power, shipments of home standby generators experienced very strong growth during the quarter. In addition, significant power outage activity also drove elevated shipments of portable generators and aftermarket service parts. Shipments of the recently launched PWRcell energy storage system also had a strong impact on growth following the expected recovery in the solar market during the third quarter. This residential products growth was partially offset by continued weakness in sales of C&I mobile products following the onset of the COVID-19 pandemic and lower oil prices.Adjusted EBITDA for the segment was $171.4 million, or 28.2% of net sales, as compared to $120.8 million in the prior year, or 24.4% of net sales. This margin increase was driven by favorable sales mix and higher operating leverage from the significant revenue growth.International SegmentInternational segment sales decreased 11.1% to $94.5 million as compared to $106.3 million in the prior year quarter. The decline was driven by continued broad-based weakness in global C&I product demand caused by the COVID-19 pandemic.  Adjusted EBITDA for the segment, before deducting for noncontrolling interests, was $7.4 million, or 7.9% of net sales, as compared to $5.1 million, or 4.8% of net sales, in the prior year. Decreased operating leverage on the lower sales volumes was more than offset by lower operating expenses as a result of the restructuring activities initiated in the second quarter of 2020.Updated 2020 Outlook Given the higher power outage environment thus far in second half of 2020, along with increased production rates in the fourth quarter for home standby generators, the Company is raising its prior guidance for revenue growth for full-year 2020, and now expects an increase of approximately 10 to 12% compared to the prior year. This compares to the previous baseline guidance of 5 to 8% revenue growth.As a result of the higher revenue expectations, net income margin, before deducting for non-controlling interests, is now expected to be approximately 13.0 to 13.5% for the full-year 2020, which is an increase from the prior expectation of between 12.0% to 12.5%. The corresponding adjusted EBITDA margin is now expected to be approximately 22.5 to 23.0%, which is an increase from the 21.5% to 22.0% previously expected.Conference Call and WebcastGenerac management will hold a conference call at 10:00 a.m. EDT on Wednesday, October 28, 2020 to discuss third quarter 2020 operating results. The conference call can be accessed by dialing (866) 415-3113 (domestic) or +1 (678) 509-7544 (international) and entering passcode 2669599.The conference call will also be webcast simultaneously on Generac's website (http://www.generac.com), accessed under the Investor Relations link. The webcast link will be made available on the Company’s website prior to the start of the call within the Events section of the Investor Relations website. Following the live webcast, a replay will be available on the Company's website. A telephonic replay will also be available approximately two hours after the call and can be accessed by dialing (855) 859-2056 (domestic) or +1 (404) 537-3406 (international) and entering passcode 2669599. The telephonic replay will be available for 7 days.          About GeneracFounded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products.   As an industry leader serving residential, light commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.  Forward-looking InformationCertain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," “optimistic” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including: * frequency and duration of power outages impacting demand for our products; * availability, cost and quality of raw materials and key components from our global supply chain and labor needed in producing our products; * the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs; * the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period; * the risk that our acquisitions will not be integrated successfully; * difficulties we may encounter as our business expands globally or into new markets; * our dependence on our distribution network; * our ability to invest in, develop or adapt to changing technologies and manufacturing techniques; * loss of our key management and employees; * increase in product and other liability claims or recalls; * failures or security breaches of our networks or information technology systems; * changes in environmental, health and safety, or product compliance laws and regulations affecting our products or operations; and * the duration and scope of the impacts of the COVID-19 pandemic are uncertain and may or will continue to adversely affect our operations, supply chain, distribution, and demand for certain of our products and services. Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission (“SEC”), particularly in the Risk Factors section of the 2019 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.Any forward-looking statement made by Generac in this press release speaks only as of the date on which it is made.  Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.Non-GAAP Financial MetricsCore SalesThe Company references core sales to further supplement Generac's condensed consolidated financial statements presented in accordance with U.S. GAAP. Core sales excludes the impact of acquisitions and fluctuations in foreign currency translation. Management believes that core sales facilitates easier and more meaningful comparison of net sales performance with prior and future periods.Adjusted EBITDAThe computation of adjusted EBITDA attributable to the Company and adjusted EBITDA margin is based on the definition of EBITDA contained in Generac's credit agreement dated as of May 31, 2013, as amended. To supplement the Company's condensed consolidated financial statements presented in accordance with U.S. GAAP, Generac provides a summary to show the computation of adjusted EBITDA, which excludes the impact of noncontrolling interests, taking into account certain charges and gains that were recognized during the periods presented.Adjusted Net IncomeTo further supplement Generac's condensed consolidated financial statements presented in accordance with U.S. GAAP, the Company provides a summary to show the computation of adjusted net income attributable to the Company. Adjusted net income attributable to the Company is defined as net income before noncontrolling interests and provision for income taxes adjusted for the following items: cash income tax expense, amortization of intangible assets, amortization of deferred financing costs and original issue discount related to the Company's debt, intangible impairment charges, certain transaction costs and other purchase accounting adjustments, losses on extinguishment of debt, business optimization expenses, certain other non-cash gains and losses, and adjusted net income attributable to non-controlling interests.Free Cash FlowIn addition, we reference free cash flow to further supplement Generac's condensed consolidated financial statements presented in accordance with U.S. GAAP. Free cash flow is defined as net cash provided by operating activities, plus proceeds from beneficial interests in securitization transactions, less expenditures for property and equipment, and is intended to be a measure of operational cash flow taking into account additional capital expenditure investment into the business.The presentation of this additional information is not meant to be considered in isolation of, or as a substitute for, results prepared in accordance with U.S. GAAP.  Please see the accompanying Reconciliation Schedules and our SEC filings for additional discussion of the basis for Generac's reporting of Non-GAAP financial measures, which includes why the Company believes these measures provide useful information to investors and the additional purposes for which management uses the non-GAAP financial information.SOURCE: Generac Holdings Inc. CONTACT: Michael W. Harris Vice President – Corporate Development & Investor Relations (262) 506-6064 InvestorRelations@generac.com Generac Holdings Inc.  Condensed Consolidated Statements of Comprehensive Income  (U.S. Dollars in Thousands, Except Share and Per Share Data)  (Unaudited)           Three Months Ended September 30, Nine Months Ended September 30,    2020   2019   2020   2019             Net sales$701,355  $601,135  $1,724,118  $1,613,404   Costs of goods sold 425,206   383,618   1,066,666   1,037,874   Gross profit 276,149   217,517   657,452   575,530             Operating expenses:         Selling and service 60,901   59,356   178,566   158,954   Research and development 20,658   17,603   58,762   48,906   General and administrative 31,061   27,596   88,732   80,016   Amortization of intangibles 7,892   7,406   23,340   19,999   Total operating expenses 120,512   111,961   349,400   307,875   Income from operations 155,637   105,556   308,052   267,655             Other (expense) income:         Interest expense (8,096)  (10,704)  (25,081)  (31,428)  Investment income 301   523   1,921   1,889   Other, net (557)  (414)  (2,687)  (1,868)  Total other expense, net (8,352)  (10,595)  (25,847)  (31,407)            Income before provision for income taxes 147,285   94,961   282,205   236,248   Provision for income taxes 32,050   20,064   59,967   53,876   Net income 115,235   74,897   222,238   182,372   Net (loss) income attributable to noncontrolling interests 265   (677)  (3,337)  (21)  Net income attributable to Generac Holdings Inc.$114,970  $75,574  $225,575  $182,393             Net income attributable to Generac Holdings Inc. per common share - basic:$1.86  $1.20  $3.59  $2.95   Weighted average common shares outstanding - basic: 62,353,473   61,973,447   62,244,872   61,878,500             Net income attributable to Generac Holdings Inc. per common share - diluted:$1.82  $1.18  $3.51  $2.92   Weighted average common shares outstanding - diluted: 63,761,380   62,770,592   63,546,132   62,519,205             Comprehensive income attributable to Generac Holdings Inc.$123,887  $64,904  $187,548  $161,828   Generac Holdings Inc.  Condensed Consolidated Balance Sheets  (U.S. Dollars in Thousands, Except Share and Per Share Data)  (Unaudited)         September 30,  December 31,    2020   2019   Assets     Current assets:     Cash and cash equivalents$513,944  $322,883   Accounts receivable, less allowance for credit losses 398,240   319,538   Inventories 532,952   522,024   Prepaid expenses and other assets 35,200   31,384   Total current assets 1,480,336   1,195,829         Property and equipment, net 321,360   316,976         Customer lists, net 47,702   55,552   Patents and technology, net 73,260   85,546   Other intangible assets, net 9,216   8,259   Tradenames, net 145,977   148,377   Goodwill 815,624   805,284   Deferred income taxes 3,596   2,933   Operating lease and other assets 77,004   46,913   Total assets$2,974,075  $2,665,669         Liabilities and stockholders’ equity     Current liabilities:     Short-term borrowings$44,800  $58,714   Accounts payable 272,745   261,977   Accrued wages and employee benefits 52,915   41,361   Other accrued liabilities 182,377   132,629   Current portion of long-term borrowings and finance lease obligations 3,421   2,383   Total current liabilities 556,258   497,064         Long-term borrowings and finance lease obligations 841,341   837,767   Deferred income taxes 105,520   96,328   Operating lease and other long-term liabilities 177,515   140,432   Total liabilities 1,680,634   1,571,591         Redeemable noncontrolling interest 63,545   61,227         Stockholders’ equity:     Common stock, par value $0.01, 500,000,000 shares authorized, 72,011,902 and 71,667,726     shares issued at September 30, 2020 and December 31, 2019, respectively 720   717   Additional paid-in capital 518,610   498,866   Treasury stock, at cost (331,513)  (324,551)  Excess purchase price over predecessor basis (202,116)  (202,116)  Retained earnings 1,306,530   1,084,383   Accumulated other comprehensive loss (62,039)  (24,917)  Stockholders’ equity attributable to Generac Holdings Inc. 1,230,192   1,032,382   Noncontrolling interests (296)  469   Total stockholders’ equity 1,229,896   1,032,851   Total liabilities and stockholders’ equity$2,974,075  $2,665,669   Generac Holdings Inc.  Condensed Consolidated Statements of Cash Flows  (U.S. Dollars in Thousands)  (Unaudited)        Nine Months Ended September 30,    2020   2019  Operating activities    Net income$222,238  $182,372   Adjustments to reconcile net income to net cash provided by operating activities:    Depreciation 26,747   22,842   Amortization of intangible assets 23,340   19,999   Amortization of original issue discount and deferred financing costs 1,940   3,597   Deferred income taxes 15,433   19,514   Share-based compensation expense 14,327   11,477   Other non-cash charges 6,414   557   Net changes in operating assets and liabilities, net of acquisitions:    Accounts receivable (85,474)  (45,543)  Inventories (14,604)  27,190   Other assets 2,543   1,488   Accounts payable 11,624   (83,174)  Accrued wages and employee benefits 11,793   (7,517)  Other accrued liabilities 38,211   (17,092)  Excess tax benefits from equity awards (6,222)  (1,908)  Net cash provided by operating activities 268,310   133,802        Investing activities    Proceeds from sale of property and equipment 26   83   Proceeds from beneficial interests in securitization transactions 1,998   2,036   Expenditures for property and equipment (33,940)  (45,447)  Acquisition of business, net of cash acquired (22,815)  (120,863)  Net cash used in investing activities (54,731)  (164,191)       Financing activities    Proceeds from short-term borrowings 198,087   68,802   Proceeds from long-term borrowings 297   –   Repayments of short-term borrowings (210,854)  (45,437)  Repayments of long-term borrowings and finance lease obligations (3,584)  (3,110)  Payment of contingent acquisition consideration (4,000)  –   Cash dividends paid to noncontrolling interest of subsidiary –   (285)  Taxes paid related to equity awards (13,533)  (5,749)  Proceeds from the exercise of stock options 11,991   7,957   Net cash (used in) provided by financing activities (21,596)  22,178        Effect of exchange rate changes on cash and cash equivalents (922)  (233)       Net increase (decrease) in cash and cash equivalents 191,061   (8,444)  Cash and cash equivalents at beginning of period 322,883   224,482   Cash and cash equivalents at end of period$513,944  $216,038        Generac Holdings Inc.     Segment Reporting and Product Class Information     (U.S. Dollars in Thousands)     (Unaudited)                 Net Sales   Three Months Ended September 30, Nine Months Ended September 30, Reportable Segments 2020  2019  2020  2019 Domestic (1)$606,875 $494,810 $1,443,680 $1,272,840 International (1) 94,480  106,325  280,438  340,564 Total net sales$701,355 $601,135 $1,724,118 $1,613,404           Product Classes        Residential products$458,877 $335,029 $1,057,848 $821,233 Commercial & industrial products 176,200  214,905  503,156  654,458 Other 66,278  51,201  163,114  137,713 Total net sales$701,355 $601,135 $1,724,118 $1,613,404             Adjusted EBITDA   Three Months Ended September 30, Nine Months Ended September 30,    2020  2019  2020  2019 Domestic (1)$171,359 $120,833 $374,065 $305,747 International (1) 7,419  5,120  13,877  19,220 Total adjusted EBITDA (2)$178,778 $125,953 $387,942 $324,967           (1) In the fourth quarter of 2019, management determined that the Latin American export operations of the legacy Generac business (GPS LATAM) should have been included in the International reportable segment. Previously, GPS LATAM was reported in the Domestic segment, in amounts that were not material. To reflect this change, management has chosen to correct the net sales and adjusted EBITDA by segment as follows: For the three and nine months ended September 30, 2019, net sales of $3,353 and $10,509, and adjusted EBITDA of $384 and $976, respectively, were moved from the Domestic segment to the International segment.               (2) See reconciliation of Adjusted EBITDA to Net income attributable to Generac Holdings Inc. on the following reconciliation schedule.               Generac Holdings Inc.      Reconciliation Schedules      (U.S. Dollars in Thousands, Except Share and Per Share Data)      (Unaudited)                   Net income to Adjusted EBITDA reconciliation             Three Months Ended September 30, Nine Months Ended September 30,       2020   2019   2020   2019                Net income attributable to Generac Holdings Inc.$114,970  $75,574  $225,575  $182,393   Net (loss) income attributable to noncontrolling interests 265   (677)  (3,337)  (21)  Net income    115,235   74,897   222,238   182,372   Interest expense   8,096   10,704   25,081   31,428   Depreciation and amortization  17,168   15,494   50,087   42,841   Provision for income taxes  32,050   20,064   59,967   53,876   Non-cash write-down and other adjustments (1) 477   347   1,868   673   Non-cash share-based compensation expense (2) 4,353   3,549   14,327   11,477   Transaction costs and credit facility fees (3) 568   358   1,160   2,047   Business optimization and other charges (4) 531   567   12,503   809   Other    300   (27)  711   (556)  Adjusted EBITDA   178,778   125,953   387,942   324,967   Adjusted EBITDA attributable to noncontrolling interests 920   909   950   3,722   Adjusted EBITDA attributable to Generac Holdings Inc.$177,858  $125,044  $386,992  $321,245                (1) Includes gains/losses on disposals of assets, unrealized mark-to-market adjustments on commodity contracts, and certain foreign currency related adjustments. A full description of these and the other reconciliation adjustments contained in these schedules is included in Generac's SEC filings.                   (2) Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.                   (3) Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities.                   (4) For the three and nine months ended September 30, 2020, represents severance, non-cash asset write-downs, and other charges to address the impact of the COVID-19 pandemic and decline in oil prices. For the three and nine months ended September 30, 2019, represents severance and other charges related to the consolidation of certain of our facilities.                   Net income to Adjusted net income reconciliation             Three Months Ended September 30, Nine Months Ended September 30,       2020   2019   2020   2019                Net income attributable to Generac Holdings Inc.$114,970  $75,574  $225,575  $182,393   Net (loss) income attributable to noncontrolling interests 265   (677)  (3,337)  (21)  Net income    115,235   74,897   222,238   182,372   Provision for income taxes  32,050   20,064   59,967   53,876   Income before provision for income taxes 147,285   94,961   282,205   236,248   Amortization of intangible assets  7,892   7,406   23,340   19,999   Amortization of deferred finance costs and original issue discount 654   1,221   1,940   3,597   Transaction costs and other purchase accounting adjustments (5) 381   165   612   1,373   Business optimization and other charges (4) 531   567   12,503   809   Adjusted net income before provision for income taxes 156,743   104,320   320,600   262,026   Cash income tax expense (6)  (23,620)  (15,083)  (44,842)  (39,698)  Adjusted net income   133,123   89,237   275,758   222,328   Adjusted net income attributable to noncontrolling interests 198   (738)  (725)  958   Adjusted net income attributable to Generac Holdings Inc.$132,925  $89,975  $276,483  $221,370                             Adjusted net income per common share attributable to Generac Holdings Inc. - diluted:$2.08  $1.43  $4.35  $3.54   Weighted average common shares outstanding - diluted: 63,761,380   62,770,592   63,546,132   62,519,205                (5) Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, and certain purchase accounting adjustments.                   (6) Amounts for the three and nine months ended September 30, 2020 are now based on an anticipated cash income tax rate of approximately 16% for the year ending December 31, 2020. Amounts for the three and nine months ended September 30, 2019 were based on an anticipated cash income tax rate of approximately 17% for the year ended December 31, 2019. Cash income tax expense for the respective periods is based on the projected taxable income and corresponding cash tax rate for the full year after considering the effects of current and deferred income tax items, and is calculated for each respective period by applying the derived full year cash tax rate to the period’s pretax income.                   Free Cash Flow Reconciliation              Three Months Ended September 30, Nine Months Ended September 30,       2020   2019   2020   2019                Net cash provided by operating activities$155,196  $111,188  $268,310  $133,802   Proceeds from beneficial interests in securitization transactions 674   640   1,998   2,036   Expenditures for property and equipment (7,608)  (11,071)  (33,940)  (45,447)  Free cash flow  $148,262  $100,757  $236,368  $90,391                GAAP Earnings Per Share              Three Months Ended September 30, Nine Months Ended September 30,       2020   2019   2020   2019   Numerator            Net income attributable to Generac Holdings Inc.$114,970  $75,574  $225,575  $182,393   Redeemable noncontrolling interest redemption value adjustment 811   (1,485)  (2,281)  191   Net income attributable to common shareholders$115,781  $74,089  $223,294  $182,584                Denominator           Weighted average shares, basic  62,353,473   61,973,447   62,244,872   61,878,500   Dilutive effect of stock compensation awards 1,407,907   797,145   1,301,260   640,705   Diluted shares   63,761,380   62,770,592   63,546,132   62,519,205                Net income attributable to common shareholders per share         Basic   $1.86  $1.20  $3.59  $2.95   Diluted   $1.82  $1.18  $3.51  $2.92

  • GlobeNewswire

    Generac Announces Third Quarter 2020 Earnings Release Date and Conference Call

    WAUKESHA, Wis., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Generac Holdings Inc. ("Generac") (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products, today announced plans to release its third quarter financial results before the market opens on Wednesday, October 28, 2020.   Generac management will hold a conference call at 10:00 a.m. EDT on that day to discuss highlights of this earnings release.The conference call can be accessed by dialing (866) 415-3113 (domestic) or +1 (678) 509-7544 (international) and entering passcode 2669599.The conference call will also be webcast simultaneously on Generac’s website (http://www.generac.com), under the Investor Relations link.Following the live webcast, a replay will be available on the Company's website. A telephonic replay will also be available approximately two hours after the call and can be accessed by dialing (855) 859-2056 (domestic) or +1 (404) 537-3406 (international) and entering passcode 2669599.   The telephonic replay will be available for seven days following the call.About GeneracFounded in 1959, Generac is a leading designer and manufacturer of energy technology solutions and other power products. As an industry leader serving residential, light commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers.SOURCE: Generac Holdings Inc.CONTACT: Michael W. Harris Vice President – Corporate Development & Investor Relations (262) 506-6064 InvestorRelations@generac.com