The Waukesha, Wisconsin-based company reported fourth-quarter earnings of $2.12 a share, up from $1.53 a share a year ago, on revenue of $761.1 million, a 29% year-over-year increase.
Analysts were expecting earnings of $1.93 a share on revenue of $731.3 million.
“We continued to experience incredible demand for our home standby generators due to significantly higher power outage activity in recent quarters and the 'Home as a Sanctuary' trend gained further traction, resulting in substantial backlog for these products as we enter 2021,” said CEO Aaron Jagdfeld.
Net sales for the year increased 13% to $2.5 billion, led by a 36% increase in residential power generator sales to $1.56 billion.
Generac shares jumped 11.34% to $309.02 in trading Thursday. The stock has risen 36% year to date.
The company announced Wednesday plans to open a new manufacturing facility in Trenton, South Carolina, to support the increased demand for home standby generators.
"With significant demand for Generac products across the country, we're excited to expand our operational capacity to accommodate the increased interest in residential power systems," Jagdfeld said.
The new facility will create about 450 new jobs over the next two years.
"The Trenton facility is strategically located closer to our customers in the southern part of the country and has access to a local labor force capable of helping us meet growing demand while strengthening our market-leading position," Jagdfeld said.