Pool Corporation revises 2024 earnings guidance due to lower sales, impacted by weak demand

From GlobeNewswire: 2024-06-24 16:01:00

Pool Corporation (Nasdaq/GSM:POOL) provided an update on 2024 earnings guidance, with Q2 revenues lower than expected due to decreased new pool construction and remodel activity. YTD net sales are down 6.5%, leading to a revised full year net sales forecast. Earnings guidance range adjusted to $11.04-$11.44 per diluted share.

CEO Peter D. Arvan noted weak demand for new pool construction, impacting sales. Discretionary spending is down, with building material sales declining by 11% YTD. Maintenance product sales remain stable, showing growth in chemicals and a slight improvement in equipment sales.

Second quarter and full year results are expected to be impacted by lower sales, with new pool units projected to decrease by 15%-20% in 2024. Earnings per diluted share for Q2 estimated at $4.85-$4.95. Revised annual EPS range is $11.04-$11.44 per share.

Despite current trends, Pool Corporation remains confident in long-term industry growth. Strategic investments position them for future expansion. POOLCORP will release full Q2 2024 earnings on July 25, 2024, and discuss results in a conference call.

POOLCORP is the world’s largest wholesale distributor of swimming pool and backyard products, operating sales centers in North America, Europe, and Australia. They distribute over 200,000 products to approximately 125,000 wholesale customers.

Forward-looking statements in this release highlight potential risks and uncertainties affecting Pool Corporation, including economic conditions, regulatory changes, and competition. Actual results may differ due to various factors outlined in their SEC filings.

Investor Relations Contacts:
Kristin S. Byars – 985.801.5153 – [email protected]
Curtis J. Scheel – 985.801.5341 – [email protected]



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