Generac Holdings Inc. (NYSE: GNRC), a designer and manufacturer of energy technology solutions and other power products, reported financial results for the third quarter of 2023.
- Net sales decreased 2% annually to $1.07 billion in the third quarter from $1.09 billion in the prior year quarter
- Residential product sales declined 15% to $565 million in Q3, while commercial and industrial product sales rose 24% to $385 million
- Net income attributable to the company rose to $60 million or $0.97 per share from $58 million or $0.83 per share last year
- Adjusted net income declined to $102 million or $1.64 per share in the September quarter from $112 million or $1.75 per share a year earlier
- Adjusted EBITDA totaled $189 million or 17.6% of net sales, compared to $184 million or 16.9% of net sales in Q3 2022
- Q3 cash flow from operations was $140 million, and free cash flow came in at $117 million
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