Generac Holdings 2Q gross sales declined as a result of weak demand for residential merchandise

Written by Sabella Ojea

Generac Holdings reported decrease income and gross sales in the latest quarter amid lower-than-expected gross sales of residential merchandise.

The power know-how firm mentioned on Wednesday that second-quarter web revenue fell to $45.2 million, or 70 cents per share, from $156.4 million, or $2.21 per share, for a similar interval final yr.

Excluding one-time gadgets, earnings per share got here to $1.08. Analysts polled by FactSet had anticipated adjusted earnings per share to rise at $1.16.

Gross sales fell 23% to $1 billion, beating analyst expectations of $979.5 million in line with FactSet.

“A softer dwelling enchancment client atmosphere impacted shipments of dwelling backup turbines and routine merchandise,” mentioned CEO Aaron Jagdfield.

Shares fell 5.4% to $145 in pre-market buying and selling.

Write to Sabela Ojea at sabela.ojea@wsj.com; sabelaojeaguix is ​​not following anybody. Autodesk_new

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