Waukesha-based Generac Holdings Inc. reported Thursday that it had second quarter net income of $9.3 million, down 39 percent from 2011 second quarter net income of $15.3 million.
But the company said a charge for refinancing costs contributed heavily to the lower net income for the quarter.
The company’s net sales were up 48.2 percent to $239.1 million for the quarter.
“Our second quarter results continue to demonstrate the progress we are making in executing our Powering Ahead strategic plan,” said Aaron Jagdfeld, president and chief executive officer. “Growth in shipments of home standby and portable generators were again strong during the second quarter. In particular, the market for our home standby generators continues to develop as more home owners discover the importance of having backup power. In our commercial and industrial products, Magnum continues to perform well as demand for mobile equipment is benefiting from a shift towards renting versus buying. In addition, while still a smaller portion of the overall C&I market, our leadership position in natural gas backup generators within North America has allowed us to benefit from the increased demand for these products.”
The company also announced that it has signed an exclusive contract with Victoria, Australia-based Allpower Industries of to sell and service Generac automatic home backup power systems and other products throughout Australia and New Zealand.
“Expanding into new geographies is a key part of our Powering Ahead strategy,” Jagdfeld said. “Power outages occur in Australia for many of the same reasons they occur in the U.S.—extreme weather, equipment failures, and construction accidents. It’s not a matter of if a power outage will occur, it’s when it will occur. Generac leads the market for home backup power in the U.S., and we’re excited to partner with such a well-known and reputable company as Allpower and bring our expertise in emergency power generation to homeowners throughout Australia and New Zealand.”
