(Reuters) - Generator maker Generac Holdings Inc (GNRC.N) raised its 2012 sales outlook for the third time, citing increased demand for its residential products in light of recent major power outages.
Generac’s shares rose almost 17 percent to $26.78 on Monday morning. The stock later pared some of its gains to trade up at $25.49.
The company said it now expects full-year net sales growth in the low-30-percent-range, up from its earlier view of low 20 percent growth.
Full-year adjusted earnings are expected to be between $2.65 and $2.70 per share.
Analysts on average were expecting earnings of $2.39 per share on revenue of $985.3 million, according to Thomson Reuters I/B/E/S.
For the third quarter, Generac expects to report earnings of 31 cents to 36 cents per share on sales of $295 to $300 million.
Reporting by Suzannah Benjamin in Bangalore; Editing by Maju Samuel