Generac Holdings Inc. reported significant financial growth in its latest 10-Q filing for the third quarter and nine months ended September 30, 2024. The company achieved net sales of $1,173.6 million for Q3 2024, marking a 9.6% increase from $1,070.7 million in Q3 2023. For the nine-month period, net sales reached $3,061.0 million, up 3.4% from $2,959.0 million in the same period last year. The domestic segment contributed significantly to this growth, with Q3 domestic sales increasing by 14.1% to $1,011.3 million, while international sales decreased by 20.0% to $162.2 million.
Gross profit for Q3 2024 was $472.3 million, a 25.7% increase from $375.8 million in Q3 2023. The gross profit margin improved to 40.2%, compared to 35.1% in the prior year. Income from operations also saw a substantial rise, reaching $168.6 million for Q3 2024, up 60.9% from $104.8 million in Q3 2023. Net income for the quarter was $113.8 million, an 87.6% increase from $60.6 million in the same quarter last year.
For the nine months ended September 30, 2024, net income totaled $199.3 million, a 65.7% increase from $120.3 million in the same period of 2023. The company’s earnings per share for Q3 2024 were $1.91, compared to $0.98 in Q3 2023, while for the nine months, EPS rose to $3.29 from $1.74.
Generac's total current assets increased to $2,073.4 million as of September 30, 2024, up from $1,997.7 million at the end of 2023. Total assets rose to $5,186.9 million, while total liabilities increased to $2,774.5 million. Stockholders’ equity attributable to Generac Holdings Inc. grew to $2,409.4 million, reflecting a strong financial position.
Strategically, Generac has been active in acquisitions, including the purchase of Ageto, LLC in August 2024, which specializes in microgrid energy systems, and the acquisition of a Commercial & Industrial Battery Energy Storage System from SunGrid Solutions in June 2024. These acquisitions are part of Generac's strategy to expand its capabilities in energy technology solutions.
The company also reported a significant increase in net cash provided by operating activities, which rose to $401.8 million for the nine months ended September 30, 2024, compared to $204.7 million in the same period of 2023. This reflects improved operational efficiency and revenue generation.
Overall, Generac Holdings Inc. continues to demonstrate robust growth in revenue and profitability, supported by strategic acquisitions and a strong domestic market presence.
About GENERAC HOLDINGS INC.
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