Generac Holdings Inc. (NYSE:GNRC) Q3 2024 Earnings Conference Call October 31, 2024 10:00 AM ET

Company Participants

Kris Rosemann - Senior Manager of Corporate Development and IR
Aaron Jagdfeld - President and CEO
York Ragen - CFO

Conference Call Participants

Tommy Moll - Stephens Inc.

George Gianarikas - Canaccord Genuity

Mike Halloran - Baird

Jeff Hammond - KeyBanc Capital Markets

Brian Drab - William Blair

Jerry Revich - Goldman Sachs

Kashy Harrison - Piper Sandler

Stephen Gengaro - Stifel Nicolaus

Keith Housum - Northcoast Research

Jordan Levy - Truist Securities

Operator

Thank you for standing by, and welcome to Generac Holdings Third Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there’ll be a question and answer session. [Operator Instructions].

I would now like to hand the call over to Kris Rosemann, Director of Corporate Development and Investor Relations. Please go ahead.

Kris Rosemann

Good morning, and welcome to our third 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 and our 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, Chris. Good morning, everyone, and thank you for joining us today. Our third quarter results were ahead of our previous expectations as elevated power outage activity drove a return to robust growth in overall net sales and strong execution helped to deliver significant margin expansion.

The recent increase in outage activity pushed year-to-date power outage hours through September to the highest level since we began tracking this data in 2010. As a result of the third quarter outperformance and the higher-than-expected outage activity, specifically the impact of Hurricane Helene and Hurricanes Milton, we are raising our 2024 outlook.