Generac Holdings shares rise after beating earnings estimates
By Sam Boughedda
Investing.com — Generac Holdings Inc (NYSE:) Shares rallied on Wednesday after reporting its fourth-quarter financial results.
Generac shares jumped 12.5% to $311.
The energy technology company’s fourth-quarter earnings per share came in at $2.51, beating analysts’ forecast of $2.42 and up 39 cents from the fourth quarter of 2020.
Revenue for the quarter hit $1.07 billion, smashing the $1.02 billion that Wall Street analysts had predicted.
The full year highlights also demonstrated the company’s growth. Revenue rose 50% to $3.74 billion, with earnings per share for the year coming in at $9.64.
“We continued to experience exceptional demand during the fourth quarter and achieved record levels of quarterly shipments and production at the end of 2021,” said Aaron Jagdfeld, president and chief executive officer of Generac Holdings .
“Progress in our capacity expansion has delivered results that exceeded our expectations despite ongoing supply chain challenges. We enter 2022 with considerable visibility and momentum given continued strong demand for home relief, an expanding portfolio of energy technology solutions and strong global demand for our C&I. products,” he added.
The company also expects another positive year in 2022. Revenue is expected to grow by around 32% to 36%.