Generac, manufacturer of generators and other power products, posted $590.0 million in 2019 fourth quarter net sales compared to $563.4 million in the fourth quarter of 2018, a 4.9-percent increase. Core sales growth, excluding the impact of acquisitions and foreign currency, was about 4 percent.
Residential product sales increased 9.7 percent in the quarter to $322.5 million compared to $203.9 million in the year-ago quarter, a 9.7 percent hike, with a 7-percent increase in core sales. The Commercial & Industrial division recorded $217.1 million compared to $223.2 million in the fourth quarter of 2018, a 2.7-percent decline, with core sales dropping about 3 percent, although the C&I division fared far better for the full year.
Cash flow from operations was $175.1 million compared to $108.2 million in the fourth quarter of 2018, an increase primarily driven by the monetization of previous working capital investments, together with lower capital expenditures compared with Q418.
For the full year, net sales totaled $2.20 billion during 2019, compared to $2.02 billion in 2018, including $41.2 million of contribution from acquisitions, an 8.9 percent growth. Total core sales growth for the year was approximately 8 percent.
Residential product sales hiked 9.7 percent for the full year to $1.14 billion compared to $1.04 billion in 2018, with core sales growth of about 9 percent. Commercial & Industrial division posted $871.6 million for the full year compared to $820.3 million in 2018, an increase of 6.3 percent.
Net income attributable to the company during 2019 was $252 million of $4.03 per share, compared to $238.3 million or $3.54 per share in 2018.
“The fourth quarter was a great finish to a very strong 2019 with record performance for both the quarter and the full-year for net sales, adjusted EBITDA and free cash flow,” said Aaron Jagdfeld, president and CEO. “Home standby demand was again robust during the quarter driven by California as public utility shut-offs drove a dramatic increase in interest for these products. We also made the first shipments of our new PWRcell energy storage system during the quarter, and the outlook for our clean energy products continues to exceed our expectations. Our full-year results for residential products were also exceptionally strong and broad-based, and we experienced similar trends with domestic C&I product shipments through our industrial distributors as the penetration of natural gas generators continues to accelerate.
“Additionally, shipments to our telecom national account customers for the full year increased significantly as they continue to expand and harden their networks in preparation for the impending rollout of 5G technology. We believe our 2019 performance is further evidence of the tremendous growth opportunities for Generac, and as we enter 2020 we are incredibly excited about the long-term prospects for our business.”
