Generac Holdings, Inc. (GNRC) Q3 2022 Earnings Call Transcript

Generac Holdings, Inc. (NYSE:GNRC) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET

Company Participants

Michael Harris - VP, Corporate Development & IR

Aaron Jagdfeld - Chairman, President & Chief Executive Officer

York Ragen - Chief Financial Officer & CAO

Conference Call Participants

Michael Halloran - Robert W. Baird & Co.

Jeff Hammond - KeyBanc Capital Markets

Brian Drab - William Blair & Company

Mark Strouse - JPMorgan Chase & Co.

Joseph Osha - Guggenheim Partners

Jerry Revich - Goldman Sachs Group

Maheep Mandloi - Crédit Suisse

Kashy Harrison - Piper Sandler & Co.

Praneeth Satish - Wells Fargo Securities

Donovan Schafer - Northland Capital Markets

Saree Boroditsky - Jefferies

Operator

Good day, and thank you for standing by. Welcome to the Generac Third Quarter 2022 Earnings Results 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 speaker today, Mr. Mike Harris, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Michael Harris

Good morning, and welcome to our third quarter 2022 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 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, Mike. Good morning, everyone, and thank you for joining us today. Our third quarter was in line with the preliminary results we announced on October 19. Momentum in the commercial and industrial product category remains strong. The residential product sales while still growing compared with the prior year were weaker than expected in the quarter driven by lower shipments of home standby generators, and clean energy products relative to our prior expectations.