Generac Holdings Shares Surge After Beating Earnings Estimates
By Sam Boughedda
Investing.com -- Generac Holdlings Inc (NYSE:GNRC) shares rallied Wednesday after posting its financial results for the fourth quarter.
Generac shares have surged 12.5%, to $311.
The energy technology company's fourth quarter earnings per share grew to $2.51, beating analysts' predictions of $2.42 and increasing 39 cents compared to the fourth quarter of 2020.
Revenue for the quarter grew to $1.07 billion, crushing the $1.02 billion Wall Street analysts had predicted.
Full-year highlights also demonstrated the company's growth. Revenue increased 50% to $3.74 billion, with its earnings per share for the year coming in at $9.64.
"We continued to experience exceptional demand during the fourth quarter and achieved record quarterly shipments and production levels as we exited 2021," said Aaron Jagdfeld, president and CEO of Generac Holdings .
"Progress on our capacity expansion helped drive top line results ahead of our expectations despite ongoing supply chain challenges. We enter 2022 with considerable visibility and momentum given ongoing robust home standby demand, an expanding Energy Technology solutions portfolio, and strong global demand for our C&I products," he added.
The company also anticipates another positive year in 2022. Revenue is expected to grow approximately 32% to 36%.
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