PoolCorp beats Q4 profit estimates as maintenance services offset weak consumer spend

Pool

22/02/2024 13:51

Feb 9 (Reuters) - Pool Corporation  POOL.O  beat
estimates for fourth-quarter profit on Thursday as strength in
its pool maintenance services offset weak consumer spending on
big-ticket purchases like swimming pools.
    The Covington, Louisiana-based company, which trades under
PoolCorp, bill itself as the world's largest wholesale
distributor of swimming pool supplies and related equipment. It
also sells irrigation and landscape products.
    New residential pool construction permits were lower as the
high interest rates have put off consumers taking on significant
financial debt in an uncertain economy.
    The company was able to offset inflationary headwinds by
expanding on its product portfolio, adding new services and
diversifying its customer base.
    On an adjusted basis, Pool reported a profit of $1.32 per
share, beating analysts' average expectation of $1.25 per share,
according to LSEG data.
    Revenue at the company, which has operations in North
America, Europe and Australia, was $1 billion, compared with
$1.1 billion reported a year ago.
    The pool-maker expects diluted earnings per share for the
year 2024 between $13.10 and $14.10, compared with analysts'
estimates of $14.10, as per LSEG data.

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Tasim
Zahid)
 ((Aatreyee.Dasgupta@thomsonreuters.com;))