Generac Holdings (GNRC) FY2019 results: revenue $2.2 billion, up 8.9% on the year
Generac Holdings Inc. (GNRC) reported revenue of $2.2 billion for fiscal 2019, the year ended 31 December 2019, up 8.9% on the year before. Net income was $252 million, up 5.8%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$2.2 billion
+8.9% on the year
FY2012FY2019
Operating margin
16.9%
17.7% a year earlier
FY2012FY2019
Net income
$252 million
+5.8% on the year
FY2012FY2019
Diluted EPS
$4.03
+13.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,204
2,023
1,679
+8.9%
Cost of revenue
1,407
1,298
1,095
+8.3%
Gross profit
798
725
585
+10.0%
Gross margin
36.2%
35.8%
34.8%
Research and development
68.4
50.0
42.9
+36.7%
Operating income
372
357
251
+4.2%
Operating margin
16.9%
17.7%
14.9%
Interest expense
41.5
41.0
42.7
+1.4%
Pre-tax income
320
311
204
+2.7%
Income tax
67.3
69.9
44.1
-3.7%
Effective tax rate
21.1%
22.5%
21.7%
Net income
252
238
158
+5.8%
Net margin
11.4%
11.8%
9.4%
Diluted EPS
$4.03
$3.54
$2.53
+13.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
309
247
257
+24.9%
Capital expenditure
60.8
47.6
33.3
+27.7%
Free cash flow
248
200
224
+24.3%
Free cash flow margin
11.3%
9.9%
13.3%
Cash from investing
-170
-109
-28.1
Cash from financing
-41.9
-52.0
-160
Depreciation and amortisation
60.8
47.4
52.0
+28.2%
Share-based compensation
16.7
14.6
10.2
+14.6%
Buybacks
0.0
25.7
30.0
Dividends paid
0.3
0.3
0.0
-9.2%
Diluted shares, weighted
63m
62m
63m
+1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,032
761
554
+35.7%
Non-controlling interest
0.5
0.7
0.3
-34.1%
Redeemable equity
61.2
61.0
43.9
+0.4%
Short-term borrowings
n/a
n/a
20.6
Debt
899
924
936
-2.7%
Finance lease liabilities
24.1
n/a
n/a
Other liabilities
649
680
471
-4.6%
Total liabilities and equity
2,666
2,426
2,026
+9.9%
Fixed assets
317
279
230
+13.6%
Goodwill
805
765
722
+5.3%
Intangible assets
298
246
236
+20.8%
Cash and equivalents
323
224
138
+43.8%
Receivables
320
326
279
-2.0%
Inventory
522
545
387
-4.2%
Other assets
81.2
40.9
33.5
+98.7%
Total assets
2,666
2,426
2,026
+9.9%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.