Generac Holdings gives strong 3Q outlook
WAUKESHA, Wis. -- Generac Holdings Inc. offered higher-than-expected earnings and revenue guidance for the third quarter on Monday saying demand was strong for its home stand-by and portable generators due to recent, major power outages.
Its shares climbed more than 12 percent in morning trading.
Generac expects earnings of 31 cents to 36 cents per share and adjusted earnings of 72 cents to 77 cents per share for the third quarter It expects revenue of $295 million to $300 million.
Analysts, on average, expected adjusted earnings of 47 cents per share on revenue of $236 million, according to a poll by FactSet.
The company also raised its full-year revenue guidance, saying it now expects revenue to increase in the low 30 percent range over 2011. It previously expected revenue to grow in the low 20 percent range.
Generac expects earnings of $1.02 to $1.08 per share for the full year and adjusted earnings of $2.65 to $2.70 per share. Analysts expected $2.43 per share.
Shares jumped $2.79, or 12.2 percent, to $25.68 in morning trading. The stock traded as high as $30.61 in early May. Its low was $18.29 almost a year ago.