Generac Q3 prelim sales $1.09B (+15% YoY) but net income drops 56% to $58M; FY22 guidance slashed

GENERAC HOLDINGS INC.

2022-Q3 EPS reported $4.61 revenue$3,515,505,000

Preliminary Q3 net sales $1.09B (+15% YoY); net income $58M ($0.83 EPS) vs $132M ($1.93) in Q3 2021.
Adjusted net income $112M ($1.75 EPS); adjusted EBITDA $184M (17% margin) vs $209M (22% margin) YoY.
$55M pre-tax charges: $37M clean energy warranty, $18M bad debt from customer bankruptcy.
FY2022 sales growth guidance cut to 22-24% from 36-40%; net income margin to 9-10% from 13-14%.
Home standby generator orders pressured by field inventory; headwinds expected through H1 2023.

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