Business
Latham Group, Inc. Reports Fourth Quarter and Full Year Fiscal 2021 Financial Results
Company Achieves 12th Consecutive Year of Net Sales and Adjusted EBITDA Growth and Adjusted EBITDA Margin Expansion1 Delivers Record Fourth Quarter
About this update from Latham Group, Inc.
[{"type":"text","content":"Company Achieves 12th Consecutive Year of Net Sales and Adjusted EBITDA Growth and Adjusted EBITDA Margin Expansion1 Delivers Record Fourth Quarter Year-Over-Year Net Sales Growth of 24.1% Introduces Full Fiscal Year 2022 Guidance LATHAM, N.Y., March 10, 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 fourth quarter and full fiscal year ended December 31, 2021. Fourth Quarter Fiscal 2021 Highlights: Net sales of $138.9 million, up 24.1% year-over-yearNet loss of $6.0 million versus net loss of $2.7 million in the prior year period, representing a 4.3% net loss marginAdjusted EBITDA of $27.3 million, up 56.5% year-over-year, representing a 19.7% Adjusted EBITDA margin Full Year Fiscal 2021 Highlights: Net sales of $630.5 million, up 56.3% year-over-yearNet loss of $62.3 million versus net income of $16.0 million in the prior year, representing an 9.9% net loss marginAdjusted EBITDA of $139.8 million, up 66.8% year-over-year, representing a 22.2% Adjusted EBITDA margin “2021 was a milestone year for Latham and our first year as a public company,” said Scott Rajeski, President and Chief Executive Officer of Latham. “We continued to execute on our growth strategy and capitalize on the consumer demand for pools, resulting in our 12th consecutive year of net sales and adjusted EBITDA growth and adjusted EBITDA margin expansion.1 I want to take a moment to thank everyone involved in delivering these strong results. We could not have achieved this without the devotion of our employees—and the commitment of our dealers.” “Throughout 2021, we continued to make progress in driving the awareness and adoption of fiberglass by leveraging our direct-to-consumer model and robust network of exclusive dealer partners,” continued Mr. Rajeski. “Together with our supply partners, we made significant progress in expanding our raw material supply to enhance our ability to meet the growing demand for our products and support the long-term growth of the business. We also expanded our addressable market with the acquisition of Radiant Pools, adding a new premium product at an attractive price point for homeowners.” “Looking ahead to 2022, ...