Pool Corp beats quarterly profit estimates on demand for maintenance products

Pool

19/10/2023 14:04

Oct 19 (Reuters) - Pool Corp  POOL.O  beat estimates for
third-quarter profit and revenue on Thursday as the swimming
pool equipment distributor gained from resilient demand for its
recurring maintenance products like chemicals and cleaners.
    Americans splurged on swimming pool supplies after July
became the world's hottest month on record.      
    The Louisana-based company reported a quarterly profit of
$3.51 per share, compared with analysts' estimates of $3.49 per
share, as per LSEG data.
    "Consistent additions to the installed base of swimming
pools and related upkeep, combined with favorable pricing gains,
technological advancements and product upgrade trends, continue
to be long-term growth drivers for the outdoor living industry,"
 CEO Peter Arvan said.
    Its total quarterly revenue was $1.47 billion, down 9% from
a year earlier. Analysts on average were expecting revenue of
$1.45 billion in the third quarter, as per LSEG data. 
    The company, however, tightened its full-year profit
forecast to the range of $13.15 to $13.65 per share, compared
with its prior forecast of $13.14 to $14.14 per share.
    

 (Reporting by Aishwarya Jain; Editing by Shweta Agarwal)
 ((Aishwarya.Jain@thomsonreuters.com;))