Strong Revenue Growth
Overall net sales increased 6% to $942 million for the quarter compared to the previous year, with residential product sales up 15%.
Home Standby Generators Performance
Home standby shipments increased at a mid-teens rate from the prior year, driven by strong demand due to elevated power outages.
Gross Margin Improvement
Gross margin expanded by nearly 400 basis points from the prior year to 39.5%, the highest first quarter gross margin since 2021.
Residential Energy Technology Success
ecobee showed robust sales growth with shipments across channels, and energy storage systems exceeded expectations due to the DOE program in Puerto Rico.
Debt and Share Repurchase
Interest expense declined, and the company repurchased approximately 717,000 shares of common stock for $97 million.