- Net sales increased year-over-year by 45.0% to $346.7 million as compared to $239.1 million in the second quarter of 2012.
- Residential product sales increased 59.3% compared to the second quarter of 2012.
- Commercial & Industrial (C&I) product sales increased 32.0% compared to the prior year second quarter.
- Gross profit margin during the second quarter improved 120 basis points over the prior year.
- Net income during the second quarter of 2013 was $28.3 million, or $0.40 per share, as compared to $9.3 million or $0.14 per share for the same period of 2012.
- Adjusted net income, as defined in the accompanying reconciliation schedules, increased to $66.6 million from $39.9 million in the second quarter of 2012. Adjusted diluted net income per share was $0.95 as compared to $0.58 per share in the second quarter of 2012.
- Adjusted EBITDA increased 65.0% to $90.1 million as compared to $54.6 million in the second quarter last year.
- Cash flow from operations in the second quarter of 2013 was $36.1 million as compared to $21.1 million in the prior year quarter. Free cash flow was $30.3 million as compared to $17.8 million in the second quarter of 2012.
- For the trailing four quarters, including the second quarter of 2013, net sales were $1.389 billion; net income was $132.8 million; adjusted EBITDA was $358.3 million; cash flow from operations was $250.2 million; and free cash flow was $223.3 million.
- For the second consecutive year, the Company returned significant capital to shareholders during the quarter through a special cash dividend of $5.00 per share paid on June 21, 2013.
- As previously announced, the Company last week entered into a purchase agreement to acquire Tower Light srl, a leading European developer and supplier of mobile light towers with headquarters outside Milan, Italy. Targeted to close in early August using cash on hand, the acquisition positions the Company as a global leader in mobile light towers and accelerates its global expansion efforts.
Generac Reports Second Quarter 2013 Results
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