Shares of Generac Holdings Inc.
GNRC,
fell 10.7% to its lowest level in more than two years in pre-market trading on Wednesday, after the home and industrial electrical system maker reported third-quarter profit and revenue that was much lower than in pre-market trading. with expectations and cut the full-year outlook, citing disappointing home sales. Net income fell to $58 million, or 83 cents a share, from $132 million, or $1.93 a share, during the year-ago period. Excluding unused items, adjusted earnings per share of $1.75 fell short of the FactSet consensus of $3.22. Revenue rose 15% to $1.09 billion but fell short of FactSet consensus of $1.34 billion. For 2022, the company has cut its sales growth outlook from 36% to 24% from 36% to 40% and guided net profit margin from 13% to 14% from 9% to 10%. “[I]“Installed capacity for home backup generators continued to grow but still lags behind our production in the third quarter,” said CEO Aaron Jagdfeld. as end customer demand continues to grow strongly due to increased power outages, especially due to hurricanes. ” three months to Tuesday, while the S&P 500
SPX,
lost 5.5%.
