Consistent with the Powering Ahead plan, several key initiatives have been contributors to the company’s significant growth including investments made in sales, marketing, and engineering to further develop the emerging market for home standby generators. Today, only an estimated 2.5% of homes in the U.S. have an installed backup generator with every additional 1% of household penetration representing approximately $2 billion of market opportunity. With a leading share position of approximately 70% of this growing market, the company believes there is substantial opportunity for future growth in this category.
The company’s re-entry into the market for portable generators four years ago has also contributed to significant growth and has positioned the Generac brand as the market leader today. Furthermore, the Magnum Products acquisition in the fourth quarter of 2011 has expanded the company’s share of its commercial and industrial markets as well as diversified the end markets it serves. Although early in its efforts, the company has made significant investments in distribution and product development to support growth in Latin America and other international markets which is expected to position Generac for future growth.
Generac expects to release its full third-quarter financial results before the market opens on Wednesday, October 31, 2012, and management will hold its customary call that morning to discuss further details on financial results for third quarter and the outlook for full-year 2012. The company will also be hosting an Investor Day on November 8, 2012.
The financial information for the fiscal quarter ended September 30, 2012 described above is preliminary and subject to revision based on the completion of the accounting and financial reporting procedures necessary to finalize our financial statements for the period.