POOL - Here's Why Pool Corp. Stock Sank in the First Half of 2024
2024-07-17 17:33:03 ET
Wholesale swimming products distributor Pool Corp. 's (NASDAQ: POOL) shares declined by 22.9% in the first half of 2024, according to data provided by S&P Global Market Intelligence .
Moreover, the stock declined 9% after the company updated the market on the swimming pool season and promptly said new pool construction activity in 2024 could be down 15% to 20%. In addition, management now believes remodeling activity could decline by as much as 15% in 2024 -- a downgrade in expectations compared to a previous estimate for flat growth to a decline of 10%.
While Pool Corp.'s maintenance-related products have held up quite well -- equipment sales were down just 2% in the first half -- its revenue from products related to discretionary spending is down significantly. In a nutshell, homeowners are seeing challenging housing market conditions and are holding off on "spending on big ticket items like swimming pools and outdoor living projects," according to the update.
For further details see:
Here's Why Pool Corp. Stock Sank in the First Half of 2024