Generac Holdings, a manufacturer of power generation equipment and other engine-powered products, posted a 10-percent year-over-year net sales increase in the fourth quarter of $376.2 million, compared to $342 million for the fourth quarter of 2012. Growth in shipments during the fourth quarter was driven by strong organic revenue growth from home standby generators and commercial and industrial products, along with contributions from recent acquisitions.
The boost was partially offset by a decline in shipments of portable generators.
Gross profit margin during the fourth quarter improved 180 basis points compared to the prior year.
During the fourth quarter, Generac closed its previously announced acquisition of the assets of Baldor Electric Co.’s generator division.
For the full year, net sales increased year-over-year by 26.3 percent to $1.486 billion, compared to $1.176 billion in 2012. Residential product sales jumped 19.6 percent to $843.7 million. Commercial and industrial product sales leapt 38.9 percent year over year to $569.9 million, compared to $410.3 million in 2012.
