Business
Latham Group, Inc. Reports Fourth Quarter and Full Year Fiscal 2022 Financial Results
Introduces Full Fiscal Year 2023 Outlook; Provides Guidance for First Quarter Fiscal 2023 LATHAM, N.Y., March 07, 2023 (GLOBE NEWSWIRE) -- Latham Group, Inc.
About this update from Latham Group, Inc.
[{"type":"text","content":"Introduces Full Fiscal Year 2023 Outlook; Provides Guidance for First Quarter Fiscal 2023\nLATHAM, N.Y., March 07, 2023 (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 2022 ended December 31, 2022. Fourth Quarter Fiscal 2022 Highlights: Net sales of $107.9 million, down 22.3% year-over-yearNet loss of $19.0 million versus net loss of $6.0 million in the prior year period, representing a 17.6% net loss marginAdjusted EBITDA of $4.4 million versus $27.3 million in the prior year period, representing a 4.1% Adjusted EBITDA margin Full Year Fiscal 2022 Highlights: Net sales of $695.7 million, up 10.4% year-over-yearNet loss of $5.7 million versus net loss of $62.3 million in the prior year, representing a 0.8% net loss marginAdjusted EBITDA of $143.3 million, up 2.5% year-over-year, representing a 20.6% Adjusted EBITDA margin “We delivered fourth quarter results in line with our expectations, completing our 13th consecutive year of net sales and adjusted EBITDA growth,” said Scott Rajeski, President and Chief Executive Officer of Latham. “In 2022, Latham achieved year-over-year net sales growth across all three of our product lines, including volume growth in fiberglass, while the industry saw U.S. in-ground pool installations decline versus 2021. Our fiscal 2022 performance was enabled by our progress in driving the material conversion from concrete to fiberglass swimming pools, strengthening our supply chain, and driving operational efficiency.” Mr. Rajeski continued, “Looking ahead, we are confident in our ability to navigate what we anticipate will be a challenging macroenvironment in 2023. We have taken necessary cost reduction actions and continue to execute on our lean and value engineering initiatives. We are partnering closely with our wholesale distribution partners as they normalize their packaged pool inventory levels. Latham continues to be a leader of innovation in the pool industry, highlighted by our digital marketing advancements, the launch of Measure by Latham, expansion of our premium fiberglass model product offering, and the planned opening of our new state-of-the-a...