Generac Holdings Inc. (NYSE:GNRC) Q2 2024 Earnings Conference Call July 31, 2024 10:00 AM ET

Company Participants

Kris Rosemann - Senior Manager of Corporate Development and Investor Relations
Aaron Jagdfeld - President and Chief Executive Officer
York Ragen - Chief Financial Officer

Conference Call Participants

Tommy Moll - Stephens, Inc.
George Gianarikas - Canaccord Genuity
Michael Halloran - Robert W. Baird
Jeff Hammond - KeyBanc Capital Markets
Brian Drab - William Blair
Jerry Revich - Goldman Sachs
Kashy Harrison - Piper Sandler
Stephen Gengaro - Stifel Nicolaus
Jordan Levy - Truist Securities
Donovan Schafer - Northland Capital Markets
Keith Housum - Northcoast Research
Chip Moore - ROTH Capital Partners

Operator

Good day and thank you for standing by. Welcome to the Second Quarter 2024 Generac Holdings Inc. Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Kris Rosemann. Please go ahead.

Kris Rosemann

Good morning, and welcome to our second quarter 2024 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer; and York Ragen, Chief Financial Officer. We will begin our call today by commenting on forward-looking statements.

Certain statements made during this presentation, as well as other information provided from time to time by Generac or its employees, may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements. Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors.

In addition, we will make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable U.S. GAAP measures, is available in our earnings release and SEC filings.

I will now turn the call over to Aaron.

Aaron Jagdfeld

Thanks, Kris. Good morning everyone, and thank you for joining us today. Our second quarter results were ahead of previous expectations for adjusted EBITDA and adjusted EPS driven by lower input costs and operating expenses relative to our prior forecast. We are raising our 2024 full-year outlook this morning as a result of the recent increase in power outage activity, including the impact of Hurricane Beryl. Year-over-year, overall net sales in the second quarter were nearly flat compared to the prior year at $998 million. Residential product sales increased 8% from the prior year due to strong growth in home standby generator shipments.