RTTNews | Jul 28, 2021 10:48AM EDT

10:47 Wednesday, July 28, 2021 (RTTNews.com) - Generac Holdings Inc. (GNRC) shares are down more than 12 percent on Wednesday morning trade, despite higher profit for the second quarter. The shares had reached a year-to-date high and started to fall since July 23.

The global designer and manufacturer of a wide range of energy technology solutions and other power products reported net income attributable to the company of $127.04 million or $2.06 per share, compared to $63.59 million or $1.04 per share last year. On average, 15 analysts polled by Thomson Reuters expected the company to earn $2.31 per share.

Revenue for the quarter increased 68 percent to $919.98 million from $546.85 million a year ago. Analysts expected $863.41 million.

For the full year 2021, the company raised net sales growth guidance to be approximately 47 to 50 percent from the prior year. The earlier guidance was for 40 to 45 percent.

Currently, shares are at $384.30, down 12.40 percent from the previous close of $438.92 on a volume of 950,480. For the 52-week period, the shares have traded in a range of $135.88 - $457.00 on average volume of 758,849.

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