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- Pool Corp POOL reported a first-quarter FY23 sales decline of 15% year-on-year to $1.20 billion, missing the consensus of $1.30 billion.
- Base business net sales decreased 15.4%. Results were limited by unusually wet and cold weather in the western U.S., including in California and Arizona, two of its largest markets, where base business sales were down a combined 21% from last year.
- Gross profit decreased 17% Y/Y to $369.8 million, while gross margin contracted 110 basis points Y/Y to 30.6%.
- EPS of $2.58 missed the consensus of $3.25.
- Selling and administrative expenses rose 6% Y/Y to $224 million.
- Operating margin contracted 460 basis points to 12.1%, and the operating income for the quarter fell 38% to $145.8 million.
- Cash and equivalents totaled $26.5 million as of March 31, 2023. Net cash provided by operating activities for the quarter was $103.2 million.
- Adjusted EBITDA for the year was $160.3 million, a decrease of 35.6% Y/Y.
- Outlook: Pool cut its FY23 2023 adjusted EPS outlook from $16.00 – $17.00 to $14.50 – $16.00, against the consensus of $16.31.
- Price Action: POOL shares are trading lower by 2.54% at $330.08 on the last check Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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