Generac Holdings, Inc. (GNRC) CEO Aaron Jagdfeld on Q1 2022 Results - Earnings Call Transcript

Generac Holdings, Inc. (NYSE:GNRC) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET

Company Participants

Michael Harris - Vice President, Corporate Development and Investor Relations

Aaron Jagdfeld - Chairman, President and Chief Executive Officer

York Ragen - Chief Financial Officer

Conference Call Participants

Michael Halloran - Robert W. Baird

Thomas Moll - Stephens

Ross Gilardi - Bank of America

Philip Shen - Roth Capital Partners

Jeffrey Hammond - KeyBanc

Blake Keating - William Blair

Mark Strouse - JPMorgan

Jerry Revich - Goldman Sachs

Maheep Mandloi - Credit Suisse

Kashy Harrison - Piper Sandler

Operator

Good day, and thank you for standing by. Welcome to the First Quarter 2022 Generac Holdings Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions].

Now it is my pleasure to hand the conference over to your first speaker today, Mike Harris, Vice President, Corporate Development and Investor Relations. Thank you. Please go ahead.

Michael Harris

Good morning, and welcome to our first 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 and 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, Mike. Good morning, everyone, and thank you for joining us today. We experienced another all-time record in shipments during the first quarter as net sales, adjusted EBITDA and adjusted EPS were all ahead of our previous expectations.

The revenue outperformance was primarily driven by continued progress on our capacity expansion plans and effective management of a challenging supply chain environment. This led to higher-than-expected shipments of home standby generators, PWRcell energy storage systems and C&I products globally.