Why Generac Holdings Stock Dropped Today
Leading home backup-generator manufacturer Generac Holdings (NYSE: GNRC) reported its second-quarter 2021 results today, and there were several areas of good news. But investors still sold off the stock this morning, with shares down as much as 13% early in the session. The stock recovered some, however, and shares were down about 7% as of 11:45 a.m. EDT on Wednesday.
Generac exceeded analyst estimates with sales of $920 million, which was 68% above the prior-year period. Earnings were also above expectations with adjusted net income of $2.39 per share versus $2.35, according to Zack's consensus estimate. But investors had already pushed shares up 93% year to date ahead of this report, based on strong demand driven by severe weather events and planned utility power outages.
Image source: Getty Images.
Source Fool.com
