Generac increased net sales to $563.4 million during the fourth quarter of 2018, compared to $493 million in the fourth quarter of 2018, a 14.3-percent increase. Adjusted EBITDA was $126.1 million, or 22.4 percent of net sales, compared to $112.4 million or 22.8 percent of net sales in the fourth quarter of 2018.
For the full year, net sales increased to $2.023 billion compared to $1.679 billion in 2018, a 20.5-percent increase.
“Our strong fourth quarter results were an excellent finish to a record year for Generac in 2018 in terms of net sales and adjusted EBITDA profitability,” said Aaron Jagdfeld, president and CEO. “Growing the company 20 percent for the year and surpassing $2 billion in revenue takes an enormous team effort and I couldn’t be prouder of our employees and their high level of execution in achieving these milestones while also continuing to provide great customer service. Using our strategy as our roadmap, we have more than tripled the revenues of the company and quadrupled the size of our served market over the last decade through our intense focus on developing the residential home standby generator category and our aggressive efforts to gain share in the mobile and stationary commercial and industrial markets that we now serve globally.”
In the fourth quarter, residential product sales increased 10.3 percent to $293.9 million compared to Q417, despite the fact that the prior year quarter included the immediate impacts from an active hurricane season. Commercial & Industrial product sales hiked 17.5 percent to $223.2 million, with core sales growth of about 15 percent.
Domestic segment sales increased 14.3 percent to $437.8 million. The current year quarter is experiencing strong growth in shipments of home standby generators given higher category awareness driven by recent elevated outage environment. C&I stationary generator and mobile product shipments were also strong during the quarter, particularly with telecom and rental customers.
International segment sales increased 14 percent to $125.6 million in the quarter.
The company expects a net sales increase between 3 to 7 percent in 2019.