GENESEE - Generac Holdings Inc. announced its financial results
for the second quarter Thursday, which showed a decline in net
sales, as well as a decline in residential and commercial and
industrial product sales.
The Town of
Genesee-based designer and manufacturer of power generation
equipment and other engine-powered products reported net sales
were $288.4 million during the second quarter of 2015 as
compared to $362.6 million for the second quarter of 2014.
Residential product sales were $133.5 million during the second
quarter as compared to $179.6 million for the same period last
year, primarily due to lower demand of home standby generators
as a result of a power outage severity environment that
continues to remain challenging, according to Generac.
Industrial product sales were $134.6 million during the second
quarter as compared to $163.5 million for the second quarter of
2014, primarily due to a decline in shipments to oil & gas
markets, and to a lesser extent, reduced shipments to telecom
national account customers, according to the report.
during the second quarter of 2015 was $14.8 million, or $0.21
per share, as compared to $54 million, or $0.77 per share, for
the same period of 2014.
record-low outage environment coupled with excess field
inventory levels exiting the first quarter dampened demand for
home standby generators more than expected during the second
quarter," said Aaron Jagdfeld, president and chief executive
officer, in a statement. "In addition, the rapid decline in oil
and gas related investment together with ongoing softness in
capital spending in the telecom sector continued to have a
negative impact on year-over-year growth for our C&I products
during the quarter.
the acquisition front, the Country Home Products transaction
that we announced earlier this week broadens our residential
engine-powered tools platform, while also further diversifying