For the full year of 2012,maker Generac increased sales 48.5 percent to $1.18 billion compared to $792 million in 2011. Residential product sales increased 43.7 percent in 2012 compared to a strong 2011, which grew 31.7 percent compared to 2010. Commercial and industrial product sales increased 64 percent compared to 2011. Excluding the impact of Magnum Products and the modest impact from the recent acquisition of Ottomotores, commercial and industrial sales increased 14 percent year over year on an organic basis.
The company posted a net sales increase of 28 percent in the fourth quarter of 2012, jumping from $267.3 million in the same period in 2011 to $342 million in the recently concluded frame. Commercial and industrial product sales increased 29.4 percent compared to Q411. Adjusted EBITDA leapt 34.5 percent year over year for the fourth quarter.
“2012 was a tremendous year for Generac as we achieved record financial results with significant growth across all product categories and regions of the United States,” said Aaron Jagdfeld, president and CEO. “With 49-percent growth in 2012 following 34-percent growth in 2011, we have nearly doubled the size of our business in the past two years and have used our positive momentum to reinvest heavily in our future over that time using our ‘Powering Ahead’ strategy as our roadmap. Specifically in the fourth quarter we launched our AMP marketing tool, which combines data from existing owners, third-party demographic data and power outage tracking to identify and direct market to potential sales prospects more effectively.
“In addition to investments in our core markets in the U.S., our efforts to become a more global player took a major step forward with the acquisition of the Ottomotores businesses late in the fourth quarter of 2012. “With over 500 employees and locations in Mexico and Brazil, Ottomotores is a leading market share player in the growing Latin American standby power market.”
The company expects solid revenue growth in 2013, with a net sales increase of about 10 percent year over year.
“As we focus on driving the adoption of back-up power generation for homes and businesses and diversifying our product offerings, our distribution channels and the geographies we serve, we are transforming Generac into a larger, more balanced company with improved global focus,” added Jagdfeld. “Through innovation and solid execution in 2013, we expect to accelerate the penetration rate for home standby generators, increase our share of the commercial and industrial markets and further diversify our business through new products and geographies.”
Generac is based in Waukesha, Wis.