Strong Q3 Prompts Generac to Raise Outlook for 2012
Company projects 30% growth for year.
Generac Holdings Inc. (NYSE: GNRC) today announced that it expects strong financial results for the third quarter of 2012, and as a result is raising its outlook for full-year 2012.
During the third quarter of 2012, the Company has experienced increased demand for home standby and portable generators as a result of the recent major power outage events as well as expanded marketing and sales initiatives to increase home standby penetration.
As a result of the increased demand, net sales during the third quarter of 2012 are expected to be in the range of $295.0 to $300.0 million. Net income is expected to be between $21.5 to $25.0 million, with diluted net income per common share of $0.31 to $0.36.
Adjusted net income is expected to be between $49.5 to $53.0 million, with adjusted diluted net income per common share of $0.72 to $0.77. Adjusted EBITDA is expected to be in the range of $72.0 to $75.0 million.
Due to this outperformance for residential product sales, full-year 2012 total net sales are now expected to increase in the low-30% range over the prior year, which represents an increase from the low-20% range growth rate previously expected.
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