Business
Latham Group, Inc. Reports First Quarter Fiscal 2022 Financial Results
Delivers First Quarter Year-over-Year Net Sales Growth of 28.8% Affirms Fiscal 2022 Guidance, Implying Year-over-Year Net Sales Growth of 35% to 40% and
About this update from Latham Group, Inc.
[{"type":"text","content":"Delivers First Quarter Year-over-Year Net Sales Growth of 28.8% Affirms Fiscal 2022 Guidance, Implying Year-over-Year Net Sales Growth of 35% to 40% and Year-over-Year Adjusted EBITDA Growth of 32% to 46%1 Announces $100 Million Share Repurchase Program LATHAM, N.Y., May 12, 2022 (GLOBE NEWSWIRE) -- Latham Group, Inc. (“Latham” or “the Company”) (Nasdaq: SWIM), 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 2022 ended April 2, 2022. First Quarter Fiscal 2022 Highlights: Net sales of $191.6 million, up 28.8% year-over-yearNet loss of $2.8 million versus net income of $8.5 million in the prior year period, representing a 1.5% net loss marginAdjusted EBITDA of $48.0 million, up 43.1% year-over-year, representing a 25.0% Adjusted EBITDA margin “Latham’s strong first quarter results reflect our focus on operational excellence and the early excitement we are seeing from both consumers and dealers as we head into the peak pool building season,” said Scott Rajeski, President and Chief Executive Officer of Latham. “During the first quarter, we continued to enhance our ability to meet the strong pool demand as we further expanded our resin supply and improved North American fiberglass production. Lead times have improved across many of our fiberglass plants and models. Additionally, we are pleased to be tracking back toward normalized, competitive lead times in all our other product categories.” Mr. Rajeski continued, “We are confident in our ability to continue to navigate what remains a challenging operating environment. We continue to see strong interest in pools as our dealers book orders through 2022 and into 2023. We remain focused on driving dealer education, which the recent opening of our new world-class training center, will further support. Our branding and digital initiatives continue to be a key differentiator for us and are an important driver of our ability to create demand and drive future growth. We also continue to build our business for the long-term as we invest in expanding our manufacturing capacity as demand for our products grows.” Mr. Rajeski concluded, “We are also pleased to announce today the approval of our share repurchase program. Our strong cash fl...