Business
Latham Group, Inc. Reports Second Quarter Fiscal 2023 Financial Results
Tightens Fiscal 2023 Guidance Range for Net Sales and Adjusted EBITDA LATHAM, N.Y., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Latham Group, Inc. (“Latham” or “the
About this update from Latham Group, Inc.
[{"type":"text","content":"Tightens Fiscal 2023 Guidance Range for Net Sales and Adjusted EBITDA\nLATHAM, N.Y., Aug. 08, 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 second quarter and six months of its fiscal year 2023 ended July 1, 2023. Second Quarter Fiscal 2023 Highlights: Net sales of $177.1 million, down 14.3% year-over-yearNet income of $5.7 million and representing a 3.2% net income margin, versus net income of $4.3 million in the prior year periodAdjusted EBITDA of $31.0 million, representing a 17.5% Adjusted EBITDA margin Six Months Fiscal 2023 Highlights: Net sales of $314.8 million, down 21.0% year-over-yearNet loss of $8.7 million and representing a (2.7%) net loss margin, versus net income of $1.5 million in the prior year periodAdjusted EBITDA of $42.0 million, representing a 13.3% Adjusted EBITDA margin “During the second quarter, we delivered sequential improvements in net sales, gross margin, and adjusted EBITDA margin versus first quarter fiscal 2023,” said Scott Rajeski, President and Chief Executive Officer of Latham. “Our second quarter results reflect our active management of costs and alignment of production levels and inventory with demand, while still maintaining best-in-class lead times. Consumer interest in pool ownership remains strong as we saw increased website activity and leads to dealers in the second quarter.” Mr. Rajeski continued, “Looking ahead, we will remain nimble in responding to the difficult macroeconomic environment. As the leader across our product categories, particularly fiberglass, and with a unique direct-to-homeowner and dealer strategy, we are well positioned to drive long-term growth.” Second Quarter Fiscal 2023 Results Net sales for the second quarter of fiscal 2023 were $177.1 million, down $29.7 million or 14.3% from second quarter of fiscal 2022. The decrease was primarily attributable to volume declines due to continued macroeconomic challenges. Gross profit for the second quarter of fiscal 2023 was $50.2 million, down $17.4 million or 25.7% from the prior fiscal year’s second quarter. Gross margin was 28.4%, compared to 32.7% in the prior year period. The year-over-year change in ...