Business
Pool Corporation Reports Record Second Quarter Results and Updates 2022 Earnings Guidance
Highlights Record net sales of $2.1 billion, up 15% from Q2 2021 Operating income of $418.9 million, up 24% from Q2 2021 with a 150 bps improvement in
About this update from Pool Corporation
[{"type":"text","content":"Highlights Record net sales of $2.1 billion, up 15% from Q2 2021 Operating income of $418.9 million, up 24% from Q2 2021 with a 150 bps improvement in operating marginQ2 2022 diluted EPS of $7.63, an increase of 20% from Q2 2021Increases annual earnings guidance range to $18.38 - $19.13 per diluted share to reflect additional tax benefits COVINGTON, La., July 21, 2022 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported record results for the second quarter of 2022 and updated its 2022 earnings guidance. “Our net sales for the second quarter of 2022 increased 15%, exceeding $2.0 billion for the first time in our company’s history. This accomplishment is even more impressive after considering our strong performance in the second quarter of 2021 when we achieved net sales of $1.8 billion and 40% growth. While we continue to be limited by supply chain and labor constraints, supply chain dynamics are improving. Our results in the second quarter, while challenged by unfavorable weather in certain markets, reflect the positive impact of growth in the installed base of pools, robust demand and heightened consumer interest in enhanced pool customizations. These favorable trends have benefited our industry, and we believe will continue to do so in the long term,” commented Peter D. Arvan, president and CEO. Second quarter ended June 30, 2022 compared to the second quarter ended June 30, 2021 Net sales increased 15% in the second quarter of 2022 to a record $2.1 billion compared to $1.8 billion in the second quarter of 2021. Base business sales grew 10%. Our results are indicative of healthy demand for our products as maintenance, replacement, refurbishment and construction activity remained strong. Net sales benefited approximately 10% to 11% from elevated price inflation, but were unfavorably impacted 1% from currency exchange rate fluctuations. Gross profit increased 21% to a record $666.8 million in the second quarter of 2022 from $551.7 million in the same period of 2021. Base business gross profit improved 14% over the second quarter of 2021. Gross margin increased 150 basis points to 32.4% in the second quarter of 2022 compared to 30.9% in the second quarter of 2021, reflecting benefits from our supply chain initiatives, increased pricing and recent acquisitions. Base business gross margin increased 100 basis point...