Generac sales surge 138%, profits up 30% in first quarter
Citing significant organic revenue growth and the recent acquisition of Magnum Products, Generac Holdings, Inc. today reported that sales grew by 137.6% and net income rose by 30% in the first quarter of 2012.
The company, a manufacturer of generators and other engine powered products, also announced a proposed “special cash dividend” to shareholders.
Among the first-quarter highlights:
- Net sales increased year-over-year by 137.6% to $294.6 million as compared to $124 million in the first quarter of 2011. Residential product sales increased 153.1% compared to the first quarter of 2011, and commercial and industrial product sales increased 137.0% compared to the prior year first quarter.
- Net sales over the trailing four quarters were $962.6 million and on a pro-forma basis; when including the results for Magnum Products for the entire period, net sales were $1.038 billion.
- Net income increased year-over-year to $30.1 million as compared to $4.8 million for the first quarter of 2011. Adjusted net income increased to $66.1 million from $17.1 million in the first quarter of 2011.
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