Generac Holdings Inc (NYSE:GNRC) shares are trading higher Wednesday after the company reported better-than-expected financial results and raised its 2022 sales growth guidance.
Generac said first-quarter revenue increased 41% year-over-year to $1.14 billion, which beat the $1.09 billion estimate. The power equipment company reported quarterly adjusted earnings of $2.09 per share, which beat the estimate of $1.94 per share, according to data from Benzinga Pro.
"We made better-than-expected progress towards our production targets, which helped drive our top line beyond expectations during the quarter despite the ongoing challenging operating environment," said Aaron Jagdfeld, president and CEO of Generac.
Generac raised its full-year 2022 net sales guidance from a range of 32% to 36% to a range of 36% to 40%.
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GNRC 52-Week Range: $217.10 - $524.31
The stock was up 5.91% at $248 at press time.
Photo: Scott Lewis from Flickr.
