**Generac Holdings Inc. Reports Strong Earnings and Announces Major Deals**
Generac Holdings Inc. (GNRC), a Waukesha, Wisconsin-based manufacturer of backup power solutions, announced second-quarter earnings on July 29, 2023, with adjusted earnings of $2.91 per share, surpassing analyst estimates of $1.95 and up from $1.65 in the previous year. The company’s revenue for the quarter reached $1.17 billion, an 11% increase year-over-year. There was a 29% jump in Commercial & Industrial (C&I) product sales, totaling $556.5 million. Generac has a market capitalization of $12 billion, with expectations of mid-to-high teen growth in net sales for the full year and nearly $450 million in projected data center revenue.
The company also announced significant partnerships, including a long-term supply agreement with Amazon, valued at $2.4 billion for backup generators, with initial deliveries expected in 2027 and 2028. This deal is part of a broader increase in demand for C&I products, resulting in a backlog of approximately $1.6 billion. Generac anticipates that C&I growth will reach the low 30% range, reflecting a strong trajectory for future revenue.
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