Generac Holdings (NYSE: GNRC) reported Q3 EPS of $1.43, $0.35 better than the analyst estimate of $1.08. Revenue for the quarter came in at $559.5 million versus the consensus estimate of $502.94 million.

• Net sales increased 22.7% to $559.5 million during the third quarter of 2018 as compared to $455.8 million in the prior-year third quarter, including $13.4 million of contribution from the Selmec acquisition, which closed on June 1, 2018. Core sales growth, which excludes both the impact of acquisitions and foreign currency, was approximately 20%.
• Gross profit margin improved 110 basis points to 35.4% as compared to 34.3% in the third quarter of 2017.
• Net income attributable to the Company during the third quarter was $75.8 million, or $1.11 per share, as compared to $39.4 million, or $0.63 per share, for the same period of 2017.
• Adjusted net income attributable to the Company, as defined in the accompanying reconciliation schedules, was $89.1 million, or $1.43 per share, as compared to $57.4 million, or $0.92 per share, in the third quarter of 2017.
• Adjusted EBITDA before deducting for non-controlling interests, as defined in the accompanying reconciliation schedules, improved to $124.5 million, or 22.2% of net sales, as compared to $88.4 million, or 19.4% of net sales, in the prior year.
• Cash flow from operations was $59.3 million as compared to $66.3 million in the prior year quarter. Free cash flow, as defined in the accompanying reconciliation schedules, was $47.0 million as compared to $60.4 million in the third quarter of 2017.
• The Company is increasing its full-year 2018 sales growth guidance to approximately 20% with Adjusted EBITDA margins, before deducting for non-controlling interests, of approximately 21.0%.

“Our third quarter results were a record for Generac as we experienced broad based growth across all of our end markets,” said Aaron Jagdfeld, President and Chief Executive Officer. “Shipments of residential products were again particularly strong with demand climbing to record levels as disruptions from power outages continued to drive awareness around the home standby category and the need for homeowners to have back-up power. Sales of our C&I mobile and stationary products were also strong during the quarter with rental, telecom, and healthcare verticals experiencing outsized growth. With a healthy backlog entering the fourth quarter, the fundamentals of our business have never been stronger and we remain focused on execution as we further drive shareholder value.”

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