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GNRC - Generac Stock Powers Down 24% on Lowered 2023 Guidance
Generac Holdlings Inc.
2023-08-02 21:16:00 ET
Wednesday was a dark day for investors in Generac Holdings (NYSE: GNRC) stock, which plummeted 24.4% after the backup-power generator and energy technology company released its second-quarter 2023 report.
The stock's plunge is attributable to the quarter's earnings missing Wall Street's consensus estimate and management lowering its full-year 2023 guidance. The latter factor was probably the main catalyst for the drop, as most investors focus more on a company's prospects than its past results.