Generac Holdings (GNRC) FY2018 results: revenue $2.0 billion, up 20.5% on the year
Generac Holdings Inc. (GNRC) reported revenue of $2.0 billion for fiscal 2018, the year ended 31 December 2018, up 20.5% on the year before. Net income was $238 million, up 51.0%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.0 billion
+20.5% on the year
FY2011FY2018
Operating margin
17.7%
14.9% a year earlier
FY2011FY2018
Net income
$238 million
+51.0% on the year
FY2011FY2018
Diluted EPS
$3.54
+39.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,023
1,679
1,448
+20.5%
Cost of revenue
1,298
1,095
935
+18.6%
Gross profit
725
585
512
+24.0%
Gross margin
35.8%
34.8%
35.4%
Research and development
50.0
42.9
37.2
+16.5%
Operating income
357
251
203
+42.3%
Operating margin
17.7%
14.9%
14.0%
Interest expense
41.0
42.7
44.6
-4.0%
Pre-tax income
311
204
154
+52.7%
Income tax
69.9
44.1
56.5
+58.3%
Effective tax rate
22.5%
21.7%
36.8%
Net income
238
158
97.2
+51.0%
Net margin
11.8%
9.4%
6.7%
Diluted EPS
$3.54
$2.53
$1.47
+39.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
247
257
241
-3.9%
Capital expenditure
47.6
33.3
30.5
+43.1%
Free cash flow
200
224
211
-10.9%
Free cash flow margin
9.9%
13.3%
14.6%
Cash from investing
-109
-28.1
-93.5
Cash from financing
-52.0
-160
-196
Depreciation and amortisation
47.4
52.0
54.4
-8.8%
Share-based compensation
14.6
10.2
9.5
+42.7%
Buybacks
25.7
30.0
150
-14.5%
Dividends paid
0.3
0.0
0.1
Diluted shares, weighted
62m
63m
65m
-0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
761
554
401
+37.3%
Non-controlling interest
0.7
0.3
-0.0
+155.2%
Redeemable equity
61.0
43.9
33.1
+38.9%
Short-term borrowings
n/a
20.6
n/a
Debt
924
936
1,053
-1.3%
Other liabilities
680
471
379
+44.4%
Total liabilities and equity
2,426
2,026
1,866
+19.8%
Fixed assets
279
230
213
+21.1%
Goodwill
765
722
705
+6.0%
Intangible assets
246
236
255
+4.5%
Cash and equivalents
224
138
67.3
+62.1%
Receivables
326
279
242
+16.8%
Inventory
545
387
350
+40.7%
Other assets
40.9
33.5
34.5
+22.1%
Total assets
2,426
2,026
1,866
+19.8%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.