Pool 3Q Net, Sales Down as Americans Cut Back on Pool Spending

Dow Jones

2024-10-24

By Rob Curran

Pool's third-quarter earnings and sales fell as the swimming-pool installer warned that property owners were cutting back on the discretionary expense, in the latest sign of a housing-market malaise.

The Covington, La., distributor of swimming pools and related services, logged earnings of $125.7 million, or $3.27 a share, down from $137.8 million, or $3.51 a share, a year earlier. Excluding certain tax benefits, Pool's adjusted third-quarter earnings were $3.26, topping the average Wall Street target of $3.16 a share, according to FactSet.

Third-quarter sales fell 3% to $1.43 billion, slightly exceeding the mean analyst estimate of $1.403 billion.

Sales during the quarter were "supported by steady demand for maintenance products while the discretionary portions of our business continued to see pressure," President and Chief Executive Peter Arvan, said in a statement.

Used-home sales are on track for the lowest turnover since 1995, according to recent U.S. data. A spike in mortgage rates and persistently high home prices have slowed activity, reducing appetites for property upgrades such as swimming pools.

Pool reiterated its forecast for 2024 earnings in a range between $11.06 and $11.46 a share.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 24, 2024 07:23 ET (11:23 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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A spike in mortgage rates and persistently high home prices have slowed activity, reducing appetites for property upgrades such as swimming pools. \n</p>\n<p>\n  Pool reiterated its forecast for 2024 earnings in a range between $11.06 and $11.46 a share. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Rob Curran at rob.curran@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 24, 2024 07:23 ET (11:23 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pool 3Q Net, Sales Down as Americans Cut Back on Pool Spending</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPool 3Q Net, Sales Down as Americans Cut Back on Pool Spending\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-10-24 19:23</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Rob Curran \n</p>\n<pre>\n \n</pre>\n<p>\n  Pool's third-quarter earnings and sales fell as the swimming-pool installer warned that property owners were cutting back on the discretionary expense, in the latest sign of a housing-market malaise. \n</p>\n<p>\n  The Covington, La., distributor of swimming pools and related services, logged earnings of $125.7 million, or $3.27 a share, down from $137.8 million, or $3.51 a share, a year earlier. Excluding certain tax benefits, Pool's adjusted third-quarter earnings were $3.26, topping the average Wall Street target of $3.16 a share, according to FactSet. \n</p>\n<p>\n  Third-quarter sales fell 3% to $1.43 billion, slightly exceeding the mean analyst estimate of $1.403 billion. \n</p>\n<p>\n  Sales during the quarter were \"supported by steady demand for maintenance products while the discretionary portions of our business continued to see pressure,\" President and Chief Executive Peter Arvan, said in a statement. \n</p>\n<p>\n  Used-home sales are on track for the lowest turnover since 1995, according to recent U.S. data. A spike in mortgage rates and persistently high home prices have slowed activity, reducing appetites for property upgrades such as swimming pools. \n</p>\n<p>\n  Pool reiterated its forecast for 2024 earnings in a range between $11.06 and $11.46 a share. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Rob Curran at rob.curran@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 24, 2024 07:23 ET (11:23 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"POOL","symbol_name":"Pool Corporation","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2477898026","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477898026","pubTimestamp":1729768980,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Pool's third-quarter earnings and sales fell as the swimming-pool installer warned that property owners were cutting back on the discretionary expense, in the latest sign of a housing-market malaise.The Covington, La., distributor of swimming pools and related services, logged earnings of $125.7 million, or $3.27 a share, down from $137.8 million, or $3.51 a share, a year earlier. 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A spike in mortgage rates a","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"POOL":"Pool Corporation"},"translate_title":"由于美国人削减泳池支出，泳池第三季度净销售额下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"POOL":1},"content_text":"By Rob Curran \n\n\n \n\n\n  Pool's third-quarter earnings and sales fell as the swimming-pool installer warned that property owners were cutting back on the discretionary expense, in the latest sign of a housing-market malaise. \n\n\n  The Covington, La., distributor of swimming pools and related services, logged earnings of $125.7 million, or $3.27 a share, down from $137.8 million, or $3.51 a share, a year earlier. Excluding certain tax benefits, Pool's adjusted third-quarter earnings were $3.26, topping the average Wall Street target of $3.16 a share, according to FactSet. \n\n\n  Third-quarter sales fell 3% to $1.43 billion, slightly exceeding the mean analyst estimate of $1.403 billion. \n\n\n  Sales during the quarter were \"supported by steady demand for maintenance products while the discretionary portions of our business continued to see pressure,\" President and Chief Executive Peter Arvan, said in a statement. \n\n\n  Used-home sales are on track for the lowest turnover since 1995, according to recent U.S. data. A spike in mortgage rates and persistently high home prices have slowed activity, reducing appetites for property upgrades such as swimming pools. \n\n\n  Pool reiterated its forecast for 2024 earnings in a range between $11.06 and $11.46 a share. \n\n\n \n\n\n  Write to Rob Curran at rob.curran@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 24, 2024 07:23 ET (11:23 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}