Hayward Holdings plunges on expected FY sales decline

Hayward Holdings

28/07/2022 17:52

** Shares of pool equipment supplier Hayward Holdings Inc
 HAYW.N  down 18.3% at $11.20 on Thurs after gloomy report
    ** HAYW plunges as much as 23.6% to record low $10.48, on
track for record pct decline
    ** Co now sees FY22 sales declining 2%-6% yr/yr, vs prior
guide for 9%-12% increase, due to expected channel inventory
reductions  urn:newsml:reuters.com:*:nBw8NwXdHa
    ** Q2 rev of $399 mln and adj EPS 29 cents miss Street
consensus of $419 mln and 35 cents/sh, respectively, per
Refinitiv IBES data
    ** Co says qtr impacted by macro environment, particularly
in Europe, along with cool, wet weather in North America
    ** Last Thurs, swimming pool supplier Pool Corp  POOL.O  saw
its shares sink 10% after profit target missed expectations,
with co citing inflationary pressures  urn:newsml:reuters.com:*:nL4N2Z23O0
    ** 5 of 10 analysts covering HAYW rate stock "buy" or
"strong buy", rest have "hold"; median PT $18, per Refinitiv
    ** With decline on the session, HAYW down 57% YTD and well
below Mar 2021 IPO price of $17

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))