Business
Latham Group, Inc. Reports Third Quarter Fiscal 2021 Financial Results
Record Third Quarter Year-Over-Year Net Sales Growth of 27% Reflects Strong Consumer Demand as Homeowners Continue to Invest in the Backyard Company Affirms
About this update from Latham Group, Inc.
[{"type":"text","content":"Record Third Quarter Year-Over-Year Net Sales Growth of 27% Reflects Strong Consumer Demand as Homeowners Continue to Invest in the Backyard Company Affirms Full Fiscal Year 2021 Net Sales and Adjusted EBITDA Guidance Supplemental Presentation Posted to the Latham Investor Relations Website LATHAM, N.Y., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Latham Group, Inc. (NASDAQ: SWIM) (“Latham” or \"the Company\"), 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 third quarter and nine months of its fiscal year 2021 ended October 2, 2021. Third Quarter Fiscal 2021 Highlights: Net sales of $162.0 million, up 27.0% year-over-yearNet loss of $11.3 million versus net income of $17.7 million in the prior year period, representing a 7.0% net loss marginAdjusted EBITDA of $36.1 million, up 2.7% year-over-year, representing a 22.3% Adjusted EBITDA margin Nine Months Fiscal 2021 Highlights: Net sales of $491.6 million, up 68.7% year-over-yearNet loss of $56.4 million versus net income of $18.7 million in the prior year period, representing an 11.5% net loss marginAdjusted EBITDA of $112.5 million, up 69.5% year-over-year, representing a 22.9% Adjusted EBITDA margin “We are pleased with our record sales in this year’s third quarter, which shows that homeowners’ appetite for pool ownership and purchasing our products is strong and growing” said Scott Rajeski, President and Chief Executive Officer of Latham. “Latham achieved this growth despite significant raw material shortages affecting our fiberglass pools, which limited the profit flow-through of our sales growth.” Mr. Rajeski continued, “I am proud of our team’s resourcefulness in securing new sources of raw material supply, increasing manufacturing capacity, and devising other productivity solutions that will allow us to produce substantially more pools as we move into the fourth quarter and 2022. The actions we are taking, paired with robust consumer demand and our proprietary approach to making pool buying simpler for homeowners, give us confidence in realizing the sales and profit goals that we’ve set for the business.” Third Quarter Fiscal 2021 Results Net sales for the third quarter of fiscal 2021 increased to $162.0 million, up $34.5 million or 27.0%, from the prior ...