- Generac Holdings Inc (NYSE:GNRC) reported second-quarter FY22 sales growth of 40% year-on-year to $1.29 billion, beating the consensus of $1.27 billion.
- Residential product sales grew 49% to $896 million, and Commercial & Industrial (C&I) product sales increased 22% to $309 million.
- Domestic segment sales increased 42% to $1.13 billion, and the International segment sales rose 43% to $203.3 million.
- Adjusted EPS of $2.99 beat the analyst consensus of $2.63.
- Gross profit increased 34.5% to $456.9 million. The gross profit margin contracted by 150 basis points Y/Y to 35.4%.
- Operating expenses increased by 53.2% Y/Y to $240 million. The operating margin was 16.8%, and operating income for the quarter declined 18.5% to $216.8 million. Adjusted EBITDA was $271.5 million.
- The company held $467.1 million in cash and equivalents as of June 30, 2022.
- Outlook: Generac maintains its FY22 net sales growth outlook of 36% – 40%.
- It continues to expect an adjusted EBITDA margin of 21.5% – 22.5%.
- Price Action: GNRC shares are trading lower by 6.27% at $249.94 on the last check Wednesday.
Smartsheet, SentinelOne, Canadian Pacific Railway And Other Big Stocks Moving Higher On Wednesday
U.S. stocks traded lower, with the Dow Jones dropping more than 500 points on Wednesday. Here are some big stocks recording gains in today’s session.
