Business
Latham Group, Inc. Reports First Quarter Fiscal 2021 Financial Results
Sales Growth Driven by Strong Consumer Demand Across Product Portfolio Company Introduces Outlook for Full Fiscal Year 2021 LATHAM, N.Y., June 03, 2021 (GLOBE
About this update from Latham Group, Inc.
[{"type":"text","content":"Sales Growth Driven by Strong Consumer Demand Across Product Portfolio Company Introduces Outlook for Full Fiscal Year 2021 LATHAM, N.Y., June 03, 2021 (GLOBE NEWSWIRE) -- Latham Group, Inc. (NASDAQ: SWIM) (“Latham” or \"the Company\"), the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand, today announced financial results for the first quarter of its fiscal year 2021 ended April 3, 2021. First Quarter Highlights: Net sales of $148.7 million, up $97.6 million or 191% year-over-yearNet income of $8.5 million, up $24.0 million year-over-yearAdjusted EBITDA of $33.5 million up $35.4 million year-over-year, representing 22.5% Adjusted EBITDA margin “Our strong first quarter results reflect robust consumer demand for our products as homeowners continue to invest in outdoor living,” commented Scott Rajeski, President and Chief Executive Officer of Latham. “We are well positioned to continue to benefit from the attractive pool market dynamics as our unique direct-to-homeowner strategy drives purchase-ready leads to our dealer partners and our capacity investments enable us to meet that demand.” “Looking ahead, we have multiple levers to drive further growth across our platform by continuing to leverage our brand and its digital assets, enhancing our leadership position across our products, accelerating the pace of fiberglass material conversion, and prioritizing strategic partnerships with exclusive dealers.” First Quarter Fiscal 2021 Results Net sales for the first quarter of fiscal 2021 increased to $148.7 million, up $97.6 million, or 191%, from $51.1 million for the first quarter of fiscal 2020. The increase was primarily attributable to continued strong consumer demand and order volumes across the Company’s product portfolio, expanded strategic partnerships with Latham’s exclusive dealers, the acquisition of GLI, and price increases. Gross profit for the first quarter of fiscal 2021 increased to $52.4 million, up $42.3 million from $10.1 million for the first quarter of fiscal 2020. Gross profit as a percent of net sales increased to 35.3%, compared to 19.8% for the prior year period driven by higher utilization of its fixed cost structure, price increases, and a mix shift towards in-ground pools, partially offset by inflation in the cost of raw materia...