Generac Holdings Inc. Q4 FY2023 results: revenue $1.1 billion, up 1.4% on the year

Generac Holdings Inc. (GNRC) reported revenue of $1.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 1.4% on the same quarter a year earlier. Net income was $97 million, up 36.0% on the year, and diluted earnings per share $1.57. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$1.1 billionup 1.4%

Net income$97 millionup 36.0%

Diluted EPS$1.57

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,064	1,071	n/a	n/a
Cost of revenue	675	695	n/a	n/a
Gross profit	389	376	n/a	n/a
Gross margin	36.5%	35.1%	n/a
Research and development	44.4	43.3	n/a	n/a
Operating income	151	105	n/a	n/a
Operating margin	14.2%	9.8%	n/a
Interest expense	24.8	24.7	n/a	n/a
Pre-tax income	127	80.1	n/a	n/a
Income tax	30.0	19.4	n/a	n/a
Effective tax rate	23.7%	24.3%	n/a
Net income	96.6	60.4	n/a	n/a
Net margin	9.1%	5.6%	n/a
Diluted EPS	$1.57	$0.97	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	317	140	n/a	n/a
Capital expenditure	51.3	23.8	n/a	n/a
Free cash flow	266	116	n/a	n/a
Free cash flow margin	25.0%	10.9%	n/a
Depreciation and amortisation	42.5	43.0	n/a	n/a
Share-based compensation	5.2	9.9	n/a	n/a
Buybacks	n/a	100	n/a	n/a
Diluted shares, weighted	n/a	62m	n/a	n/a
Shares outstanding at period end	60m	61m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	5,093	5,166	n/a	n/a
Cash and equivalents	201	162	n/a	n/a
Receivables	537	589	n/a	n/a
Inventory	1,167	1,311	n/a	n/a
Goodwill	1,432	1,418	n/a	n/a
Long-term debt	1,435	1,480	n/a	n/a
Long-term debt including finance leases	1,448	1,465	n/a	n/a
Operating lease liabilities	44.8	n/a	n/a	n/a
Finance lease liabilities	67.5	n/a	n/a	n/a
Shareholders' equity	2,340	2,364	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,071	1,064	889	998	1,174	1,235	942	1,061	1,114	1,092	1,059	1,174
Cost of revenue	695	675	573	623	701	733	570	644	687	695	649	652
Gross profit	376	389	316	376	472	501	372	417	427	396	410	522
Gross margin	35%	37%	36%	38%	40%	41%	39%	39%	38%	36%	39%	44%
R&D	43.3	44.4	49.4	54.0	56.9	59.3	62.0	60.4	60.1	61.0	62.7	65.8
Operating income	105	151	66.9	103	169	198	83.6	112	103	-9.3	117	210
Operating margin	10%	14%	8%	10%	14%	16%	9%	11%	9%	-1%	11%	18%
Interest expense	24.7	24.8	23.6	23.3	22.9	19.9	17.1	18.2	18.5	16.9	15.4	16.8
Pre-tax income	80.1	127	38.5	78.7	147	145	58.5	89.9	78.3	-27.6	96.8	190
Tax rate	24%	24%	31%	25%	23%	19%	24%	17%	15%	n/a	24%	25%
Net income	60.4	96.6	26.2	59.1	114	117	43.8	74.0	66.2	-24.5	73.3	143
Net margin	6%	9%	3%	6%	10%	9%	5%	7%	6%	-2%	7%	12%
Diluted EPS	$0.97	$1.57	$0.39	$0.97	$1.89	$2.14	$0.73	$1.25	$1.12	-$0.41	$1.24	$2.40
Operating cash flow	140	317	112	77.7	212	339	58.2	72.2	118	189	119	121
Capital expenditure	23.8	51.3	26.8	28.0	28.6	53.3	30.9	57.7	21.9	59.3	29.4	58.3
Free cash flow	116	266	85.1	49.7	184	286	27.2	14.5	96.5	130	89.9	62.9
Buybacks	100	n/a	0.0	50.6	102	0.0	97.5	50.5	0.0	0.0	0.0	0.0
Dividends paid	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	61m	60m	61m	60m	59m	60m	59m	59m	59m	59m	59m	59m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0001437749-24-005040: the filing on EDGAR. All of Generac Holdings Inc.'s filings: EDGAR company page.

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