Pool Corporation has reported its year-end and fourth quarter 2023 results, highlighting annual net sales of $5.5 billion, the second-highest in the company's history, along with operating income of $746.6 million and record net cash provided by operations of $888.2 million. The company also provided its 2024 earnings guidance, with a diluted EPS range of $13.10 to $14.10, including an estimated $0.10 tax benefit.
Peter D. Arvan, President and CEO of Pool Corporation, commented on the company's performance, saying, "After a challenging start, we achieved our second highest annual sales in company history of $5.5 billion against a backdrop of unfavorable weather in the first half of the year that delayed pool openings and a slowdown in new pool construction as the housing market came to grips with elevated interest rates. As the year progressed, we were able to adapt to the demand environment and manage the business effectively."
Arvan also expressed confidence in the company's future outlook, stating, "We are well-positioned and confident in our ability to capitalize on these opportunities and continue our long-term trends of consistent growth and exceptional shareholder returns."
Looking at the financial performance, net sales decreased by 10% to $5.5 billion in 2023 compared to $6.2 billion in 2022, with gross profit decreasing by 14% to $1.7 billion in 2023. Operating income for the year decreased by 27% to $746.6 million, down from $1.0 billion in 2022.
The company's full 8-K submission is available here.
