Generac's stock on pace for its largest one-day gain in nearly a year as profit and revenue overpower analyst estimates

By Steve Gelsi

Generac Holdings Inc.'s stock was up 12.3% on Thursday after the generator maker's third-quarter profit and revenue beat analyst estimates.

Generac's stock (GNRC) is on pace of its largest increase since Nov. 10, 2022, when it rallied by 13.3%, according to Dow Jones Market Data.

Generac said its third-quarter profit rose to $60 million, or 97 cents a share, from $58 million, or 83 cents a share, in the year-ago quarter.

Adjusted net income in the latest quarter totaled $1.64 a share, ahead of the FactSet consensus estimate of $1.55 a share.

Revenue dipped 2% to $1.07 billion, but ahead of the analyst expectation of $1.04 billion.

The company cited a "strong sequential increase" in shipments of home standby generators, among other factors.

Generac stock has risen for three days in a row, with a combined rise of 14.88%.

The stock remains 81% below its all-time closing high of $505.80 on Nov. 1, 2021.

Generac stock is down about 7.3% in 2023, compared to a 9.7% rise by the S&P 500 SPX.

-Steve Gelsi

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11-01-23 1502ET

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