Oppenheimer Reiterates Perform Rating on Generac Holdings (GNRC)
Oppenheimer analyst Christopher Glynn reiterated a Perform rating on Generac Holdings (NYSE: GNRC).
The analyst comments "Generac reported 4Q adjusted EPS of $2.80/+36% vs. our $2.53 in-line estimate. Sales of $1.235B/+16.1% compared to our $1.234/+16.0% estimate. Adjusted EBITDA margin of 21.5%/+150 bps beat our 20.5%/+50 bps estimate. Residential 4Q sales at $743M/+28%% compared to our $765M/+32% estimate. C&I sales exceeded expectations: $363M/flat vs. our $349M/(4)% estimate, and Other sales (components, grid services) were $128M/+6%, vs. our $120M/flat estimate. GNRC established its 2025 revenue outlook at +3-7% (vs. our prior +3.5% estimate), with adjusted EBITDA margin of 18-19% (vs. our 18.5% estimate), and net income margin at 8-9%. Sales guidance includes Residential sales +msd-hsd and C&I approximately flat. GNRC set guidance for FCF/ANI at 80-90%. We estimate initial guidance metrics translate to ~$7.40-8.40 '25E adjusted EPS (caveat that detailed below-the-line guidance metrics expected on earnings call) vs. our $7.65E and $8.10 Street."
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Shares of Generac Holdings closed at $141.74 yesterday.