Generac Soars After Ida Spurs Demand for Backup Generators

(Bloomberg) -- One company that stands to profit from a series of natural disasters that have hit the U.S. this year is Generac Holdings Inc., a supplier of backup portable generators. 

Generac shares jumped as much as 4.8% to hit an all-time intraday high of $458.10 on Monday after Hurricane Ida left New Orleans in the dark. The company’s stock has advanced about 98% so far this year after a string of weather-related disasters including wildfires, heat waves and a deep freeze caused millions of Americans to be without electricity service. 

Generac said last month that its sales of home backup generators nearly doubled in the second quarter from the same period last year, spurred by demand in Texas after widespread blackouts walloped the state during a February winter storm. 

Shares were up 1.2% to $442.25 at 2:54 p.m. in New York.  

(Updates with share price in fourth paragraph and chart.)

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