Business
Pool Corporation Reports Record Second Quarter Results
Highlights Record net sales for Q2 2020 with both overall and base business sales growth of 14%Q2 2020 diluted EPS increase of 20% to a record $3.87 or an
About this update from Pool Corporation
[{"type":"text","content":"Highlights\n Record net sales for Q2 2020 with both overall and base business sales growth of 14%Q2 2020 diluted EPS increase of 20% to a record $3.87 or an increase of 23% to $3.72, excluding tax benefits in both periodsRecord cash provided by operations of $221.2 million, an increase of $123.8 million from the first half of 20192020 earnings guidance increased to $6.90 - $7.30 per diluted share or $7.05 - $7.45, excluding non-cash impairments recorded in Q1 2020, from previous $5.30 - $5.90 range or $5.45 - $6.05, excluding impairments COVINGTON, La., July 23, 2020 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported record results for the second quarter of 2020. “The second quarter of 2020 presented a unique opportunity for our business as families continued to search for safe, at-home leisure activities, which drove earlier pool openings and increased demand for a variety of products. We are pleased to announce exceptional results for the quarter, as our team capitalized on the opportunities presented and successfully navigated through a series of unprecedented challenges, while continuing to provide unparalleled service to our customers. As stay-at-home restrictions eased in late April through early May, our business not only rebounded, but accelerated, resulting in record net sales of $1.28 billion for the second quarter of 2020,” said Peter D. Arvan, president and CEO. “We believe that industry demand remains healthy, which is reflected through reports of significantly more leads and a larger than normal backlog from pool construction and remodel companies. We are confident that our strong balance sheet, ample liquidity and robust supply chain, coupled with disciplined execution from our team, has positioned us to achieve solid results through the second half of the year. Based on our results to date and expectations for the remainder of the year, we are increasing our annual earnings guidance to $6.90 to $7.30 per diluted share, including the impact of year-to-date tax benefits of $0.34 and the $0.15 impact of non-cash impairments recorded in the first quarter of 2020,” commented Arvan. “Excluding the impact of non-cash impairments, we expect 2020 adjusted diluted EPS of $7.05 to $7.45. Our previous 2020 earnings guidance range disclosed in our April 23, 2020 earnings release was $5.30 to $5.90 per dilut...