Pool Corporation Updates 2024 Guidance – YTD Sales Down 6.5%

Pool Corporation (NASDAQ/GSM:POOL) has provided an update on its 2024 earnings guidance and the swimming pool season. The company's year-to-date (YTD) net sales are trending down approximately 6.5% from the comparable period in 2023. The discretionary components of the business have been affected by cautious consumer spending, with sales of building materials declining by 11% for the year compared to the same period in 2023.

However, the company has seen stability in maintenance-related product sales, with volume growth in chemicals and equipment sales (excluding cleaners) down only 2% for the year, an improvement from the 3% decline realized in the first quarter of 2024.

Pool Corporation now believes that new pool units could be down 15% to 20% in 2024, with remodeling activity for 2024 estimated to be down as much as 15% compared to the previous estimate of flat to down 10% compared to 2023.

As a result of these trends, Pool Corporation has revised its expectations for the second quarter of 2024, with expected earnings per diluted share in the range of $4.85 to $4.95. For the full year, the company has lowered its projected diluted earnings per share (EPS) range to $11.04 to $11.44 per share from $13.19 to $14.19.

The company's strategic investments position it for growth coming out of the economic cycle and continue to allow it to gain market share by providing unmatched value to its customers and suppliers.

Pool Corporation will release its second quarter 2024 earnings results before the market opens on July 25, 2024, and will hold a conference call to discuss the results at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) that same day.

Pool Corporation is the world’s largest wholesale distributor of swimming pool and related backyard products, operating approximately 440 sales centers in North America, Europe, and Australia, through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. Today the company's shares have moved -0.0% to a price of $337.91. For the full picture, make sure to review Pool's 8-K report.

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