Latham Group, Inc. (SWIM), a leading manufacturer of in-ground residential swimming pools, saw its stock price surge by 8.97% in the pre-market trading session on Wednesday, defying the broader market conditions.
The company, known for its fiberglass pool offerings, reported mixed results for the fourth quarter of 2024 and the full year. While net sales declined by 4% in Q4 and 10% for the full year due to industry softness, the company's gross margin improved, and it achieved a strong adjusted EBITDA margin of 15.8% for the year.
Latham Group's focus on expanding its market share in the Sand States (Florida, Texas, Arizona, and California), which account for approximately two-thirds of US pool starts, is paying off. The company's fiberglass pools represented 24% of US pool starts in 2024, up from 23% in the previous year, indicating increased market penetration. The acquisition of Coverstar Central has also positioned the company for revenue synergy opportunities through vertical integration of the automatic safety cover line.
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