Generac said net income attributable to Generac Holdings Inc. in 2023 fell to $214.6 million from $399.5 million a year earlier, and that Adjusted Net Income was $335.3 million, down 37.8% from $538.8 million a year earlier.

1. 01

   Generac said net income attributable to Generac Holdings Inc. in 2023 fell to $214.6 million from $399.5 million a year earlier, and that Adjusted Net Income was $335.3 million, down 37.8% from $538.8 million a year earlier.

2. 02

   Generac said its gross profit margin for 2023 was 33.9%, compared with 33.3% in the prior year. It said price adjustments, lower raw material and logistics costs, and improved production efficiency were reflected, and that these were partly offset by unfavorable sales mix from lower shipments of home standby generators.

3. 03

   Generac said operating expenses in 2023 rose $23.6 million, or 2.5%, from the prior year. It said operating expenses in 2023 included a CPSC regulatory matter provision of $5.8 million and legal charges of $28.3 million related to patent and other litigation.

4. 04

   The company said its total liquidity as of December 31, 2023 was $1,193.8 million, consisting of $201.0 million in cash and cash equivalents and $992.8 million available under its Revolving Facility. It said it repurchased 2,188,475 shares of its common stock for $251.5 million in 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue

$4.0B

Operating income

$386M

Net income

$215M

EPS

$3.27

Gross profit

$1.4B

Operating cash flow

$522M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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