Those numbers look good. After the initial startup, the charging voltage will be slightly lower due to the drain on the battery from the starter. As the battery recovers, its resistance increases and the charging system responds by raising the voltage. When it reaches the cutoff point built into the regulator, the regulator comes into play and prevents overcharging. Basically, a generator has two functions, wide open or off. As it reaches the preset voltage, the regulator starts working to prevent too much of a good thing!
Jerry
