POOL - Pool Corporation Provides Swimming Pool Season Update and Revises 2024 Guidance | Benzinga
Highlights
- Non-discretionary and recurring pool maintenance and repair demand is solid with company execution on track for continued organic share expansion; discretionary pool spending, however, continues to be hampered by the macroeconomic environment
- Seasonally significant Q2 2024 revenues are below previous expectations driven by lower new pool construction and remodel activity
- YTD net sales, although sequentially better than Q1 2024, are trending down around 6.5%; full year 2024 net sales are now expected to be in a similar range
- Annual earnings guidance range lowered to $11.04 to $11.44 per diluted share from previous range of $13.19 to $14.19
COVINGTON, La., June 24, 2024 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today provided an update on the swimming pool season and revised its 2024 earnings guidance. The second quarter and full year expected results outlined below are based on preliminary data and analysis and are subject to change based on the completion of the company's quarter-end close processes.
"As we near completion of the second quarter, which passes over the traditional peak of the swimming pool season from late May to early June, we are providing an update on current trends and their expected impact on our results. The most recent pool permit data suggests persistently weak demand for new pool construction, and with the peak selling season almost complete, we now believe that new pool construction activity could be down 15% to 20% for the year with remodel activity down as much as 15%. With more than 60% of our business derived from recurring revenues and generally not impacted by macroeconomic conditions, we are heavily focused on managing controllable expenses and generating free cash flow while providing best-in-class service to all of our customers. We remain committed to our ongoing improvements in operational initiatives, increasing productivity and growing share through organic growth of our expansive sales center network and offerings," ...