Oct 31 (Reuters) - Power equipment maker Generac

Holdings ( GNRC ) raised its full-year revenue forecast on

Thursday, as increased power outages amidst volatile weather

events, including hurricanes, boosted residential demand for

backup power equipment.

Shares of the company rose about 5% in pre-market trading.

Demand for generators surged after hurricanes Helene and

Milton devastated parts of the U.S. states such as Florida and

North Carolina, creating a burst of new business for the

Waukesha, Wisconsin-based company, which builds portable and

so-called standby generators.

The U.S. experienced the highest level of power outage hours

in the first nine months of 2024, since the company began

tracking outage data in 2010.

"The vulnerability of our nation's electrical grid has never

been more evident," Generac ( GNRC ) added.

The surging demand for electricity and the rapid adoption of

renewable power generation sources will likely add more stress

to America's aging electrical grid, boosting long-term demand

for backup power generators, said the company.

It now expects full-year revenue to grow between 5% and 9%,

compared with its previous expectation of between 4% and 8%

growth.

It also expects full-year adjusted EBITDA or core profit

margin to be between 17.5% and 18.5%, versus its previous

forecast range of 17% and 18%.

Adjusted earnings for the third quarter came in at $2.25 per

share, above analysts' expectations of $1.95 per share,

according to data compiled by LSEG.

Revenue for the quarter came at $1.17 billion, in line with

analysts' estimates of $1.16 billion.