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Pool Corp. (POOL) Tops Q3 EPS by 74c, Revenues Beat; Raises FY20 EPS Guidance Above Consensus

October 22, 2020 7:02 AM EDT

Pool Corp. (NASDAQ: POOL) reported Q3 EPS of $2.92, $0.74 better than the analyst estimate of $2.18. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1 billion.

Highlights

  • Record net sales for Q3 2020 with both overall and base business sales growth of 27%
  • Q3 2020 diluted EPS increase of 50% to a record $2.92, or excluding tax benefits in both periods, an increase of 47% to $2.71
  • Record cash provided by operations of $388.9 million, an increase of $145.7 million from the first nine months of 2019
  • 2020 earnings guidance increased to $8.05 - $8.35 per diluted share or $8.20 - $8.50, excluding non-cash impairments recorded in Q1 2020, from previous $6.90 - $7.30 range or $7.05 - $7.45, excluding impairments

“I could not be happier with the truly outstanding results that we reported for the third quarter. Consumer spending on outdoor living products remained strong, and our team continued to execute at a very high level, which resulted in stellar results this quarter across a broad range of operating metrics,” said Peter D. Arvan, president and CEO. “In addition, as part of our strategic growth initiatives, we further expanded our network through two acquisitions, Northeastern Swimming Pool Distributors, Inc., which closed on September 11, 2020, and Jet Line Products, Inc., which closed on October 1, 2020. These businesses bring solid teams that have excelled at building exceptional customer relationships, and we are excited to have them join the POOLCORP family.”

“Our success is a direct result of the contributions and achievements of the POOLCORP team who have continued supporting our customers through these difficult and uncertain times. As we move forward into the fourth quarter, we believe that demand for our products remains strong, and our teams are committed to sustaining our track record of operational excellence. Based on our results to date and expectations for the remainder of the year, we are increasing and narrowing our annual earnings guidance to $8.05 to $8.35 per diluted share, including the impact of year-to-date tax benefits of $0.55 and the $0.15 impact of non-cash impairments recorded in the first quarter of 2020,” commented Arvan. “Excluding the impact of non-cash impairments, we expect 2020 adjusted diluted EPS of $8.20 to $8.50. Our previous 2020 earnings guidance range disclosed in our July 23, 2020 earnings release was $6.90 to $7.30 per diluted share or $7.05 to $7.45, excluding the impact of non-cash impairments.”

GUIDANCE:

Pool Corp. sees FY2020 EPS of $8.20-$8.50, versus the consensus of $7.54.

For earnings history and earnings-related data on Pool Corp. (POOL) click here.



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