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GENERACⓇ Generac Reports Third Quarter 2021 Results November 2 , 2021 Continued exceptional demand drives record quarterly revenue results and increasing backlog , providing further support for expected significant revenue growth in 2022 WAUKESHA , Wisc . , Nov. 02 , 2021 ( GLOBE NEWSWIRE ) -- Generac Holdings Inc. ( NYSE : GNRC ) ( " Generac " or the " Company " ) , a leading global designer and manufacturer of energy technology solutions and other power products , today reported financial results for its third quarter ended September 30 , 2021 and provided an update on its outlook for the full year 2021 . Third Quarter 2021 Highlights • Net sales increased 34 % to a record $ 943 million during the third quarter of 2021 as compared to $ 701 million in the prior - year third quarter . Core sales growth , which excludes both the impact of acquisitions and foreign currency , increased approximately 30 % . • Residential product sales grew 33 % to $ 609 million as compared to $ 459 million last year . • Commercial & Industrial ( “ C & l ” ) product sales increased 47 % to $ 258 million as compared to $ 176 million in the prior year . • Net income attributable to the Company during the third quarter was $ 132 million , or $ 1.93 per share , as compared to $ 115 million , or $ 1.82 per share , for the same period of 2020 . • Adjusted net income attributable to the Company , as defined in the accompanying reconciliation schedules , was $ 151 million , or $ 2.35 per share , as compared to $ 133 million , or $ 2.08 per share , in the third quarter of 2020 . • Adjusted EBITDA before deducting for noncontrolling interests , as defined in the accompanying reconciliation schedules , was $ 209 million , or 22.2 % of net sales , as compared to $ 179 million , or 25.5 % of net sales , in the prior year . • On July 2nd , the Company closed on the acquisition of Chilicon Power , a designer and provider of grid - interactive microinverter and monitoring solutions for the solar market , based in California . • On September 1st , the Company closed on the acquisition of Apricity Code Corporation , headquartered in Bend , Oregon , an advanced engineering and product design company focused on developing energy technology solutions . • On September 1st , the Company closed on the acquisition of Off Grid Energy , a designer and manufacturer of industrial - grade energy storage systems , headquartered in Rugby , United Kingdom . • On October 1st , the Company closed on the acquisition of Tank Utility , a provider of loT propane tank monitoring solutions that enable the optimization of propane fuel logistics , headquartered in Boston , Massachusetts . • On November 1st , the Company announced the signing of a purchase agreement to acquire ecobee , a leader in sustainable home technology solutions including smart thermostats that deliver significant energy savings , security and peace of mind , headquartered in Toronto , Canada . " We continued to experience exceptional demand during the third quarter leading to all - time record revenue and further increases in our backlog , " said Aaron Jagdfeld , President and Chief Executive Officer . " We again hit record production levels in spite of the challenging supply chain environment that deteriorated during the third quarter . We have tremendous momentum in our business as we head into 2022 with the continuation of robust home standby demand , an expanding Energy Technology solutions portfolio , and strong global demand for our C & l products . This visibility provides support for another year of expected significant revenue growth with improving margins as we realize the full impact of pricing and cost - reduction actions . To support this growth over the long term , we are planning to make further capacity investments by expanding distribution capabilities in our new South Carolina facility and investing in additional manufacturing automation equipment for home standby generators and other products . " Jagdfeld continued , " In addition , we recently announced several strategic acquisitions that will accelerate our new ' Powering a Smarter World ' strategy as we continue our evolution into an energy technology solutions company . We're particularly excited about yesterday's announcement to acquire ecobee as this transaction will allow us to create a clean , efficient , and reliable home energy ecosystem that will not only help homeowners reduce their energy consumption , but also help grid operators meet the challenges of an electrical grid under enormous stress . " Additional Third Quarter 2021 Consolidated Highlights Gross profit margin was 35.6 % as compared to 39.4 % in the prior - year third quarter . The current quarter's margin was pressured by higher input costs due to rising commodity prices , labor , logistics and plant start - up costs , which was partially offset by the early impacts of recent pricing actions . Operating expenses increased $ 41.9 million , or 34.8 % , as compared to the third quarter of 2020. The increase was primarily driven by additional variable expenses from the significant increase in sales volumes , higher employee and marketing costs , and the impact of acquisitions .