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GNRC stock rose in early trading on February 16, 2022, after the company reported EPS and revenue beats.

Generac Reports Record Fourth Quarter and Full-Year 2021 Results

Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products, reported financial results for its fourth quarter and full-year ended December 31, 2021 and initiated its outlook for the full year 2022. Generac reported Q4 adjusted EPS of $2.51 versus the consensus estimate of $2.40. The company reported Q4 revenue of $1.07B versus the consensus estimate of $1.02B.

“We continued to experience exceptional demand during Q4 and achieved record quarterly shipments and production levels as we exited 2021,” said CEO Aaron Jagdfeld. “We’re proud of our execution during the quarter as the continued progress on our capacity expansion helped drive top line results ahead of our expectations despite ongoing supply chain challenges. We enter 2022 with considerable visibility and momentum given ongoing robust home standby demand, an expanding Energy Technology solutions portfolio, and strong global demand for our C&I products…Our strong balance sheet and cash flow generation give us the confidence to make the necessary investments to further capitalize on the key mega-trends that support our long-term growth outlook.”

Fourth Quarter 2021 Highlights

1. Net sales increased 40% to a record $1.07 billion during the fourth quarter of 2021 as compared to $761 million in the prior-year fourth quarter. Core sales growth, which excludes both the impact of acquisitions and foreign currency, increased approximately 35%.
2. Residential product sales grew 42% to $706 million as compared to $499 million last year.
3. Commercial & Industrial (“C&I”) product sales increased 43% to $284 million as compared to $199 million in the prior year.
4. Net income attributable to the Company during the fourth quarter was $143 million, or $2.04 per share, as compared to $125 million, or $1.97 per share, for the same period of 2020.
5. Adjusted net income attributable to the Company, as defined in the accompanying reconciliation schedules, was a record $162 million, or $2.51 per share, as compared to $136 million, or $2.12 per share, in the fourth quarter of 2020.
6. Adjusted EBITDA before deducting for noncontrolling interests, as defined in the accompanying reconciliation schedules, was a record $220 million, or 20.7% of net sales, as compared to $196 million, or 25.7% of net sales, in the prior year.
7. As previously disclosed, on October 1st, the Company closed on the acquisition of Tank Utility, a provider of IoT propane tank monitoring solutions that enable the optimization of propane fuel logistics, headquartered in Boston, Massachusetts.
8. As previously disclosed, on December 1st, the Company closed on the acquisition of ecobee, a leader in sustainable home technology solutions including smart home energy devices that deliver significant energy savings, security and peace of mind, headquartered in Toronto, Canada.
9. The Company is initiating its full-year 2022 net sales growth guidance to be approximately 32 to 36% compared to the prior year on an as-reported basis, which includes approximately 5 to 7% of net impact from acquisitions and foreign currency. Adjusted EBITDA margin, before deducting for non-controlling interests, is expected to be approximately 22.0 to 23.0%.

Full-Year 2021 Highlights

1. Net sales increased 50% to a record $3.74 billion during 2021 as compared to $2.49 billion in 2020. Core sales growth, which excludes both the impact of acquisitions and foreign currency, increased approximately 46%.
2. Residential product sales increased 58% to $2.46 billion as compared to $1.56 billion last year.
3. C&I product sales grew 42% to $1.0 billion as compared to $702 million in the prior year.
4. Net income attributable to the Company during 2021 was a record $550 million, or $8.30 per share, as compared to $351 million, or $5.48 per share for 2020.
5. Adjusted net income attributable to the Company was a record $619 million, or $9.63 per share, as compared to $412 million, or $6.47 per share, in 2020.
6. Adjusted EBITDA before deducting for non-controlling interests for 2021 was a record $861 million, or 23.1% of net sales, as compared to $584 million, or 23.5% of net sales, last year.
7. Cash flow from operations was $411 million as compared to $487 million in the prior year. Free cash flow was $306 million as compared to $427 million in 2020.

📺 Is Generac Undervalued | Should You Buy GNRC? | Generac Holdings Breakdown

📉 GNRC Stock Technical Analysis

The short-term trend is negative, as is the long-term trend. GNRC is part of the Electrical Equipment industry. There are 71 other stocks in this industry, GNRC did better than 61% of them. GNRC is currently trading near the lower end of its 52-week range, which is not a good sign. GNRC is lagging the S&P500 Index which is trading in the middle of its 52-week range.

There is support at 272.45 from a trend line in the weekly time frame. There is also support at 266.69 from a horizontal line in the weekly time frame.

There is a resistance zone ranging from 278.81 to 282.23. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also resistance at 294.49 from a horizontal line in the daily time frame.

The technical rating of GNRC is bad and it also does not present a quality setup at the moment. GNRC stock has a Setup Rating of 3 out of 10. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when GNRC stock consolidates and has a Setup Rating of 8 or higher.