Hayward hits 4-month high after Q2 beat

Hayward Holdings

30/07/2024 19:14

** Shares of Hayward Holdings  HAYW.N  rise more than 14% on
Tues after pool equipment supplier's results top Wall Street
expectations
    ** HAYW shares rise as much as 14.2% to $15.40, highest
since Mar 28. Stock last up 8.5% at $14.64
    ** Co early Tues posted Q2 adj EPS of 21 cents, beating LSEG
consensus by a penny
    ** Sales in qtr grew to $284.4 mln compared to $283.5 mln a
year ago, above consensus view of $282.6 mln
    ** Co said modest sales gain due to increases in price,
partially offset by volume decline, pointing to market declines
in the Middle East and Asia and lower new construction and
remodels in U.S.
    ** For 2024, co said it narrowed guidance to reflect better
than expected margins offset by more challenging demand
environment
    ** It now expects FY sales of $1.01-$1.04 bln vs prior
outlook of $1.01-$1.06 bln
    ** Jefferies, which rates HAYW "hold", said in flash note
co's "solid" margins set stage for strong performance once
volumes return
    ** Avg rating among 9 analysts covering stock is "hold" and
median PT is $14 - LSEG
    ** With move on Tues, shares up ~8% YTD including 19% rally
in Jul

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))