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Power equipment manufacturer Generac Holdings Inc. (NYSE: GNRC), Waukesha, WI, reported sales for the first quarter of $342 million, a decrease of 14.4 percent compared to the same period a year ago. Profit decreased 31.5 percent to $34.7 million.
“We are pleased with our overall financial results for the quarter as they were in line with our expectations. Shipments of residential products during the first quarter were more typical of the seasonality we historically see in winter months, which was magnified in the current season with heavy snow and colder temperatures delaying installs of residential standby units, ” said Aaron Jagdfeld, president and CEO.“Shipments of C&I products were again strong during the quarter as a result of continued organic growth and the contribution from recent acquisitions"