Business
Latham Group, Inc. Reports Third Quarter Fiscal 2022 Financial Results
Delivers Third Quarter Year-over-Year Net Sales Growth of 16.9% Implements Cost Reduction Plan, Building Upon Ongoing Lean and Value Engineering Initiatives
About this update from Latham Group, Inc.
[{"type":"text","content":"Delivers Third Quarter Year-over-Year Net Sales Growth of 16.9% Implements Cost Reduction Plan, Building Upon Ongoing Lean and Value Engineering Initiatives Provides Fiberglass Manufacturing Capacity Update Updates Fiscal 2022 Guidance LATHAM, N.Y., Nov. 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 third quarter of its fiscal year 2022 ended October 1, 2022. Third Quarter Fiscal 2022 Highlights: Net sales of $189.4 million, up 16.9% year-over-yearNet income of $11.9 million versus net loss of $11.3 million in the prior year period, representing a 6.3% net income marginAdjusted EBITDA of $42.3 million, up 17.0% year-over-year, representing a 22.3% Adjusted EBITDA margin Nine Months Fiscal 2022 Highlights: Net sales of $587.8 million, up 19.6% year-over-yearNet income of $13.3 million versus net loss of $56.4 million in the prior year period, representing a 2.3% net income marginAdjusted EBITDA of $138.9 million, up 23.5% year-over-year, representing a 23.6% Adjusted EBITDA margin “We were pleased with our team’s ability to deliver another quarter of growth,” commented Scott Rajeski, President and Chief Executive Officer of Latham. “In the third quarter, we drove a year-over-year improvement in North American fiberglass production, returned to normal lead times across our non-fiberglass product portfolio, and continued realization of the benefits of our pricing actions. As market conditions continue to evolve, we are prudently managing our costs, while continuing to execute on our topline-growth initiatives that we believe will drive our business over the long-term. This includes our efforts to drive consumer awareness of fiberglass pools, generate purchase-ready leads for our dealers, and expand our fiberglass manufacturing capacity. We believe this balanced approach will enable us to maintain our industry-leading position, support the material conversion to fiberglass, and ultimately emerge from the current environment stronger.” Third Quarter Fiscal 2022 Results Net sales for the third quarter of fiscal 2022 increased to $189.4 million, up $27.4 million or 16.9%, from $162.0 million in the prior year’s third q...