Generac Holdings posted $470.4 million in net sales in the first quarter of 2019 compared to $400.1 million in the first quarter of 2018, a 17.6-percent increase. Core sales growth, excluding the impact of acquisitions and foreign currency, was about 15 percent.
Commercial and Industrial product sales were $209.1 million compared to $175.1 million a year ago, a 19.4-percent jump. Residential product sales increased 14.4 percent to $217.8 million compared to $190.5 million in the year-ago quarter.
Net income was $44.9 million, or $0.76 per share, compared to $33.6 million, or $0.42 per share. Adjusted net income was $56.5 million compared to $46.1 million a year ago. Adjusted EBITDA was $87.1 million, or 18.5 percent of net sales, compared to $71.8 million, or 17.9 percent of net sales, a 21.3-percent EBITDA jump.
Generac closed two major acquisitions so far this year. It acquired Neurio Technology on March 13, based in Vancouver, B.C., Canada, an energy data company focused on monitoring technology and analytics to optimize energy use within a home of business. Neurio’s hardware and software solutions equip users to manage and control electrical loads, solar systems and batteries to optimize energy consumption. On April 29, after the quarter closed, Generac finalized the acquisition of Pika Energy, a manufacturer of advanced power electronics, software and controls for smart energy storage and management.
“Our outstanding first quarter results reflect continued end market strength as we entered 2019,” said Aaron Jagdfeld, President and CEO. “Both residential and C&I generator activity remained strong during the quarter with spending on backup power for telecom applications in particular coming in ahead of expectations as wireless carriers continue to invest in hardening their networks.
“In addition to our impressive start to the year, with our recent acquisitions of Neurio and Pika, we have accelerated our entry into the global market for energy management and storage, which we believe to be a multi-billion-dollar opportunity as this market matures. By combining Generac’s strong distribution, brand and market creation capabilities with Neurio’s valuable energy monitoring technologies, and Pika’s expertise in energy storage, we believe we are well-positioned to offer a new differentiated line of products and solutions to help homeowners and business owners reduce their overall energy costs.”