Generac Holdings Inc. (NYSE:GNRC) reported better-than-expected earnings for its fourth quarter on Thursday.
The company posted quarterly earnings of $2.25 per share which beat the analyst consensus estimate of $1.95 per share. The company reported quarterly sales of $1.173 billion which beat the analyst consensus estimate of $1.161 billion.
"Our third quarter results outperformed our expectations as elevated power outage activity drove increased shipments of our residential products and strong execution helped to deliver significant margin expansion," said Aaron Jagdfeld, President and Chief Executive Officer. "Shipments of home standby and portable generators increased at a very strong rate from the prior year period, more than offsetting expected softness in C&I product sales. As a result, we are updating our full year 2024 guidance to include higher residential product sales with further improvements in adjusted EBITDA margins."
Generac shares gained 2.4% to trade at $169.47 on Friday.
These analysts made changes to their price targets on Generac following earnings announcement.
- Baird analyst Michael Halloran maintained Generac with a Neutral and lowered the price target from $187 to $181.
- Goldman Sachs analyst Jerry Revich maintained the stock with a Buy and raised the price target from $148 to $193.
- TD Cowen analyst Jeffrey Osborne maintained Generac with a Buy and raised the price target from $172 to $183.
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