POOL - Here's Why Pool Corp. Stock Sank in June
2024-07-02 07:34:02 ET
Shares in wholesale swimming pool products distributor Pool Corp. (NASDAQ: POOL) declined by 15.5% in June, according to data provided by S&P Global Market Intelligence . The move comes after a disappointing swimming pool season update in late June that caused the company to lower its full-year earnings estimates.
The second-quarter update referenced "persistently weak demand for new pool construction." Management now believes new pool units will decline by 15% to 20% in 2024 compared to 2023, with remodeling activity down by up to 15%. That's compared to a previous estimate for remodeling activity between flat and a decline of 10% on 2023.
Given the importance of spring and summer to Pool's yearly sales, management took down its full-year estimate for earnings per share ( EPS ) from a range of $13.19 to $14.19 to a new range of $11.04 to $11.44.
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Here's Why Pool Corp. Stock Sank in June