Generac Holdings posted a 49-percent net sales increase in the third quarter, jumping from $160.7 million in last year’s third quarter to $239.3 million this year. The generator manufacturers increased residential products sales by 60.5 percent year over year, while commercial and industrial product sales jumped 27.4 percent compared to the previous year.
Net income increased to $37.4 million for the third quarter, a 62.6-percent hike.
“The third quarter of 2011 was marked by a number of significant milestones for Generac,” said president and CEO Aaron Jagdfeld. “We saw record shipment of our residential products following the major power outage events that occurred in the Midwest and along the East Coast during the third quarter. Our sustained efforts over the past three years to build a leading position in the market for portable generators resulted in a sharp increase in sales due to the increased demand for these products during the third quarter. We also saw increased demand for our home standby generators in the quarter and we expect that demand will grow over the next several quarters as homeowners look to protect themselves from future power outages.”
Generac concluded its acquisition of Magnum Products on Oct. 3, just after the end of the third quarter. Generac expects the transaction to be immediately accretive to earnings in the fourth quarter of 2011.
Generac is based in Waukesha, Wis.