Generac Holdings Inc. (NYSE:GNRC)

The financial data exhibits several notable trends over the reported period from 2010 to 2021.

Income from Operations

Income from operations shows a consistent upward trajectory with a few fluctuations. Beginning at approximately $90.3 million in 2010, it more than doubled by 2013, reaching $351.5 million. A decline is observed in 2014 and 2015, reaching $179.6 million but then income from operations resumed growth from 2016 through 2021. The most significant growth occurs in the last two years, culminating in $721.1 million in 2021, which represents a strong recovery and substantial expansion compared to prior years.

Net Sales

Net sales demonstrate steady growth over the entire period, increasing from $592.9 million in 2010 to $3.74 billion in 2021. The increase is fairly smooth with yearly increments, except for a slight dip in 2015. Post-2015, sales continue a robust upward trend, particularly accelerated in the last two years, aligning with the marked increase in operating income. This suggests expanding market presence or increased pricing power.

Operating Profit Margin

The operating profit margin exhibits variability but generally trended upward over the years. Starting at 15.23% in 2010, it dipped slightly to 14.27% in 2011 but then reached a peak of 23.66% in 2013. The margin declined again through 2015, hitting a low of 13.63%. Subsequently, it improved gradually, remaining in the 15%-19% range from 2016 onwards. Despite fluctuations, the margin ended near 19.3% in 2021, similar to the peak levels seen in earlier years, indicating improved operational efficiency or cost control compared to the mid-period slump.

Overall, the company’s financial performance shows strong growth in sales and income from operations, with operating margins recovering after a mid-cycle dip. The trends suggest an expansion phase in recent years characterized by both volume growth and profitability improvements.