Business
Pool Corporation Reports Record Third Quarter Results and Increases 2021 Earnings Guidance
Highlights Record net sales for third quarter of 2021 reflect overall growth of 24% from Q3 2020 Q3 2021 operating income of $237.3 million, up 60% from Q3
About this update from Pool Corporation
[{"type":"text","content":"Highlights Record net sales for third quarter of 2021 reflect overall growth of 24% from Q3 2020 Q3 2021 operating income of $237.3 million, up 60% from Q3 2020 with a 380 basis point improvement in operating marginQ3 2021 diluted EPS increase of 55% to a record $4.54 or an increase of 64% to $4.44, without tax benefits in both periods2021 earnings guidance for the full year increased to $14.85 - $15.35 per diluted share from previous $13.75 - $14.25 range ______________________ COVINGTON, La., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported record results for the third quarter of 2021 and increased 2021 earnings guidance. “I am incredibly proud of the POOLCORP team. Everyone in the field from our drivers, warehouse associates, customer service representatives, field management and those in support roles, came together to produce truly incredible results for the quarter. Their extraordinary efforts, tenacity and unending work ethic continued in the third quarter. Our net sales grew 24% to a record $1.4 billion, fueling 60% growth in operating income, on top of the 42% operating income growth that we posted in the third quarter of 2020. Each and every day, our teams have performed remarkably to meet customer demand in challenging conditions,” commented Peter D. Arvan, president and CEO. In the third quarter of 2021, net sales increased 24% to a record $1.4 billion compared to $1.1 billion in the third quarter of 2020, while base business sales grew 19%. This growth is on top of 27% growth in the third quarter of last year, bringing our year-to-date net sales growth to $1.2 billion. Our sales continued to benefit from elevated demand for outdoor living products along with favorable weather conditions. Our rigorous commitment to operating efficiency and capacity creation, along with our strategic focus on inventory purchases to serve demand has allowed us to fulfill our customers' high volumes. Gross profit increased 34% to a record $441.9 million in the third quarter of 2021 from $328.7 million in the same period of 2020. Base business gross profit improved 29% over the third quarter of 2020. Gross margin increased 240 basis points to 31.3% in the third quarter of 2021 compared to 28.9% in the third quarter of 2020, while base business gross margin increased 250 basis points, primarily reflectin...