Business
Pool Corporation Reports Third Quarter Results and Narrows 2023 Earnings Guidance
Highlights Net sales of $1.5 billion; our second highest third quarter in company historyOperating income of $194.4 million and operating margin of 13.2%Q3
About this update from Pool Corporation
[{"type":"text","content":"Highlights Net sales of $1.5 billion; our second highest third quarter in company historyOperating income of $194.4 million and operating margin of 13.2%Q3 2023 diluted EPS of $3.51 or $3.50 without tax benefits Narrows annual earnings guidance range to $13.15 - $13.65 per diluted share COVINGTON, La., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported results for the third quarter of 2023 and narrowed its 2023 earnings guidance. “We have much to be proud of this quarter. Our team displayed skillful execution and dedication, delivering sales of $1.5 billion, down 9% from a record high in the third quarter of 2022. At the core of our business, maintenance activities remained stable, indicating steady demand for non-discretionary products, while pool construction-related activities remained weaker as challenging macroeconomic factors continue weighing heavily on major project consumer spending. Confident in the opportunities ahead and the future of our industry, we expanded our sales center network through two greenfields this quarter, bringing our total count to fourteen new locations this year, including four acquired locations. Consistent additions to the installed base of swimming pools and related upkeep, combined with favorable pricing gains, technological advancements and product upgrade trends, continue to be long-term growth drivers for the outdoor living industry. As we look back at the 2023 swimming pool season, we are pleased by the partnerships with our employees, customers and suppliers, which enabled us to navigate challenging industry conditions. We look forward to closing out the year together and positioning ourselves for future growth through advancing our market-leading position,” commented Peter D. Arvan, president and CEO. Third quarter ended September 30, 2023 compared to the third quarter ended September 30, 2022 Net sales decreased 9% in the third quarter of 2023 to $1.5 billion compared to $1.6 billion in the third quarter of 2022 following 14% net sales growth in the third quarter of 2022 and 24% net sales growth in the third quarter of 2021. Our results reflected lower sales volumes from reduced pool construction activity and discretionary replacement activity and were also negatively impacted 1% from one less selling day in the third quarter of 2023 versus the third qua...