Business
Pool Corporation Reports Second Quarter Results and Updates 2023 Earnings Guidance
Highlights Net sales of $1.9 billion; our second largest revenue quarter in company historyOperating income of $327.0 million and operating margin of 17.6%Q2
About this update from Pool Corporation
[{"type":"text","content":"Highlights Net sales of $1.9 billion; our second largest revenue quarter in company historyOperating income of $327.0 million and operating margin of 17.6%Q2 2023 diluted EPS of $5.91 or $5.89 without tax benefits Updates annual earnings guidance range to $13.14 - $14.14 per diluted share ______________________ COVINGTON, La., July 20, 2023 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported results for the second quarter of 2023 and updated its 2023 earnings guidance. “We achieved our second largest revenue quarter in company history with an operating margin of 17.6%, 220 basis points higher than the pre-pandemic second quarter of 2019. Sales for the quarter of $1.9 billion were down 10% from a record high in the second quarter of 2022 and up 4% from the second quarter of 2021. We continued to expand our network during the second quarter, adding two acquired locations and three greenfields, bringing our new greenfield distribution locations to eight this year. We also generated record operating cash flows of $377 million, allowing us to lower our debt balance by $202 million from December 31, 2022 and return $133 million to our shareholders in dividends and share repurchases in 2023. I am proud of our team who continues to work collaboratively on our operational initiatives, displaying resiliency and strong execution during this swimming pool season. As we make our way through industry stabilization, we remain positive about the strength of the outdoor living industry and believe that we are well-positioned for long-term growth despite short-term macro trends and weather-challenged results during the first half of 2023. These challenges from both tough comparisons and difficult industry conditions present many opportunities for our team to showcase our superior execution and customer service skills, while gaining market share in the process,” commented Peter D. Arvan, president and CEO. Second quarter ended June 30, 2023 compared to the second quarter ended June 30, 2022 Net sales decreased 10% in the second quarter of 2023 to $1.9 billion compared to $2.1 billion in the second quarter of 2022 following 15% net sales growth in the second quarter of 2022 and 40% growth in the second quarter of 2021, which resulted in a compound annual growth rate (“CAGR”) of 13% from 2019 to 2023. Our results in the second quar...