Reuters: Global Markets: Generac profit beats expectations; shares jump

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Generac profit beats expectations; shares jump May 8th 2012, 14:04 Tue May 8, 2012 10:04am EDT (Reuters) - Generator maker Generac Holdings Inc (GNRC.N) posted better-than-expected quarterly results, helped by strong demand for residential products, and the company raised its full-year outlook. Generac's shares rose as much as 27 percent to $29.30 on Tuesday morning, making them the top percentage gainer on the New York Stock Exchange. The stock later pared some of its gains to trade up at $28.88. The company, which makes generators and other engine-powered products for residential and industrial markets, reported first-quarter net income of $30.1 million, or 44 cents per share, up from $4.8 million, or 7 cents per share, a year earlier. It earned 96 cents per share on an adjusted basis. Net sales more than doubled to $294.6 million. Residential product sales rose 153 percent to $175.1 million. Analysts on average expected earnings of 71 cents per share on revenue of $249.7 million, according to Thomson Reuters I/B/E/S. Generac now sees 2012 sales growth at the upper end of its previous outlook of a mid-to-high teens. Second-quarter sales are expected to increase by 35 percent to 40 percent. The company also said it intends to pay a special cash dividend of up to $10 per share before the end of the second quarter. (Reporting by Suzannah Benjamin in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

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