Generac raises FY forecast as volatile weather boosts power equipment demand
Oct 31 (Reuters) -Power equipment maker Generac Holdings GNRC.N raised its full-year revenue forecast on Thursday, as increased power outages amidst volatile weather events, including hurricanes, boosted residential demand for backup power equipment.
Shares of the company rose about 5% in pre-market trading.
Demand for generators surged after hurricanes Helene and Milton devastated parts of the U.S. states such as Florida and North Carolina, creating a burst of new business for the Waukesha, Wisconsin-based company, which builds portable and so-called standby generators.
The U.S. experienced the highest level of power outage hours in the first nine months of 2024, since the company began tracking outage data in 2010.
"The vulnerability of our nation's electrical grid has never been more evident," Generac added.
The surging demand for electricity and the rapid adoption of renewable power generation sources will likely add more stress to America's aging electrical grid, boosting long-term demand for backup power generators, said the company.
It now expects full-year revenue to grow between 5% and 9%, compared with its previous expectation of between 4% and 8% growth.
It also expects full-year adjusted EBITDA or core profit margin to be between 17.5% and 18.5%, versus its previous forecast range of 17% and 18%.
Adjusted earnings for the third quarter came in at $2.25 per share, above analysts' expectations of $1.95 per share, according to data compiled by LSEG.
Revenue for the quarter came at $1.17 billion, in line with analysts' estimates of $1.16 billion.
Reporting by Ananta Agarwal and Kannaki Deka in Bengaluru; Editing by Vijay Kishore
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