Business
Pool Corporation Reports Year End and Fourth Quarter 2022 Results; Provides 2023 Earnings Guidance
Highlights include: Record annual net sales of $6.2 billion, up 17% from 2021Operating income of $1.0 billion, up 23% from 2021 with a 90 bps improvement in
About this update from Pool Corporation
[{"type":"text","content":"Highlights include: Record annual net sales of $6.2 billion, up 17% from 2021Operating income of $1.0 billion, up 23% from 2021 with a 90 bps improvement in operating marginRecord 2022 diluted EPS of $18.70, an increase of 17% over 2021 or an increase of 21% to $18.43 without tax benefits in both periods2023 diluted EPS guidance range of $16.03 - $17.03, including an estimated $0.03 tax benefit ______________________ COVINGTON, La., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today announced full year and fourth quarter 2022 results. “I am proud to present another year of record results with annual sales growth of 17% to $6.2 billion, nearly double our 2019 sales. The relentless focus of our highly talented team on capacity creation and their dedication to serving our customers drove our operating income for the full year up 23% to a record $1.0 billion on top of 79% growth in 2021. We leveraged our strong capital position and operating capabilities to invest in inventory ahead of challenging supply chain and inflationary conditions to serve our customers and bring new products to the market in a dynamic environment. Our results speak to the strength of our team who work collaboratively with our customers and suppliers to make POOLCORP such an incredible business. We celebrate our successes over the past year and remain well-positioned to execute our long-term growth strategy and grow our industry-leading position,” commented Peter D. Arvan, president and CEO. Year ended December 31, 2022 compared to the year ended December 31, 2021 Net sales increased 17% to a record $6.2 billion for the year ended December 31, 2022 compared to $5.3 billion in 2021. Base business sales increased 12%. Net sales benefited approximately 10% from inflationary product cost increases and were aided by solid consumer demand for outdoor living products throughout the year. Net sales were also unfavorably impacted 1% from currency exchange rate fluctuations, 1% from softness in our European markets and generally less favorable weather conditions on a year-over-year comparison. Gross profit reached a record $1.9 billion for the year ended December 31, 2022, a 20% increase over gross profit of $1.6 billion in 2021. Gross margin improved 80 basis points to 31.3% in 2022 compared to 30.5% in 2021, reflecting benefits from acquisitio...