Business
Latham Group, Inc. Reports Second Quarter 2024 Financial Results
Year-on-Year Net Income Margin Expanded by 500 Basis Points; Adjusted EBITDA Margin Expansion of 400 Basis Points in the Second Quarter Driven by Improved
About this update from Latham Group, Inc.
[{"type":"text","content":"Year-on-Year Net Income Margin Expanded by 500 Basis Points; Adjusted EBITDA Margin Expansion of 400 Basis Points in the Second Quarter Driven by Improved Cost Structure and Production EfficienciesSecond Quarter Operating Cash Flow Reached $52 Million Increasing Full Year 2024 Net Sales and Adjusted EBITDA Guidance by $5 million and $15 Million, Respectively Latham Announces Acquisition of Coverstar Central Acquisition Positions Latham to Drive Product Line Sales Growth and Adoption of Automatic Safety Covers and Provides Opportunities to Further Advance Fiberglass Conversion Strategy Vertical Integration Expected to Increase MarginsTransaction is Expected to be Immediately Accretive to Earnings, Reflected in Revised Guidance Second Quarter 2024 Financial Highlights: Net sales of $160.1 millionNet income of $13.3 millionAdjusted EBITDA of $34.5 million / 21.5% of Net Sales Six Months 2024 Highlights: Net sales of $270.8 millionNet income of $5.4 millionAdjusted EBITDA of $46.8 million / 17.3% of Net Sales LATHAM, N.Y. , Aug. 06, 2024 (GLOBE NEWSWIRE) -- Latham Group, Inc. (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 second quarter 2024 ended June 29, 2024. Commenting on the results, Scott Rajeski, President and CEO, said, “This was another quarter of strong execution, in which we drove substantial increases in profitability, while managing through difficult industry conditions and supporting future growth initiatives. Margin expansion was a key highlight of our second quarter performance, reflecting our improved cost structure and the impact of production efficiencies resulting from lean manufacturing and value engineering programs, ongoing cost containment, and lower raw material costs. “Fiberglass pools are a key area of focus and are positioned to gain share due to their cost efficiency and installation and eco-friendly advantages over concrete pools. In the second quarter, we continued to increase awareness and adoption of fiberglass pools, building out our national dealer network and adding new products. We added the Astoria 14 to our best-selling Astoria pool collection. This new model is designed to fit narrower outdoor spaces and features a built-in spa and tanning ledge. “In...