Hayward sinks on downbeat 2023 forecast

Hayward Holdings

31/10/2023 13:47

** Shares of Hayward Holdings  HAYW.N  down 8.6% at $10.51,
hits lowest levels since early Jan on Tues, after co reduces
full-yr forecast
    ** Stock on course for biggest one-day pct decline since Jul
28, 2022
    ** Pool equipment supplier now sees 2023 sales to decrease
24%-26% from prior year and adj EBITDA of $245-$255 mln, citing
"challenging macro conditions" in Canada, Middle East and Latin
America
    ** Co's prior guidance was for full-yr sales to decrease
20%-23% and adj EBITDA of $265-$280 mln
    ** Q3 sales declined 10% yr/yr to $220 mln, topping
consensus of $210.5 mln, though adj EBITDA of $47.2 mln is
slightly below est of $48.57 mln, per LSEG data
    ** Avg rating among 9 analysts on stock is "buy"; median PT
is $17
    ** With move on the session, HAYW up 12% YTD

 (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))