2023-05-03 06:03:49 ET
- Generac press release ( NYSE: GNRC ): Q1 Non-GAAP EPS of $0.63 beats by $0.13 .
- Revenue of $887.9M (-22.1% Y/Y) beats by $37.83M .
- Net sales decreased 22% to $888 million during the first quarter of 2023 as compared to $1.14 billion in the prior-year first quarter. Core sales, which excludes both the impact of acquisitions and foreign currency, decreased approximately 24%.
- Residential product sales declined 46% to $419 million as compared to $777 million last year.
- Commercial & Industrial (“C&I”) product sales increased 30% to $363 million as compared to $279 million in the prior year.
- The Company continues to expect net income margin, before deducting for non-controlling interests, to be approximately 7.5 to 8.5% for the full-year 2023. The corresponding adjusted EBITDA margin is still expected to be approximately 17.0 to 18.0% and disproportionately weighted towards the second half of the year.
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Generac Non-GAAP EPS of $0.63 beats by $0.13, revenue of $887.9M beats by $37.83M