Pool Corporation (NASDAQ:POOL) shares are trading higher Thursday after the company reported financial results for the third quarter of 2024. Here’s what you need to know.
The Details: Pool Corp reported quarterly earnings of $3.27 per share, missing estimates of $3.29 per share, according to Benzinga Pro. The figure represented a 7% decrease from the same period last year.
Quarterly sales came in at $1.43 billion, beating analyst estimates of $1.40 billion. Pool’s sales results were down 3% from $1.47 billion in the same period last year.
Pool said its third-quarter results were led by strong sales of non-discretionary maintenance products, while sales of pool construction and discretionary products “remained soft.”
Gross profit for the quarter was $416.4 million, down 3% from the third quarter of 2023. Gross margin remained consistent at 29.1%. Operating income decreased 9% year-over-year to $176.4 million and operating margin dropped to 12.3%.
“During the quarter, we made additional progress on our Pool360 technology rollouts and digital marketing expansion, seeing strong private-label chemical sales growth, higher Pool360 usage and sustained gross margins,” said Peter Arvan, president and CEO of Pool Corp.
Pool Corp maintained its 2024 full-year earnings guidance of $11.06 to $11.46 per diluted share, which includes a 21-cent tax benefit realized this year.
POOL Price Action: Pool shares were up by 6.70% at $374.16 at the time of writing, according to Benzinga Pro.
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