Pool Corp. (NASDAQ: POOL) reported Q1 EPS of $2.32, $1.17 better than the analyst estimate of $1.15. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $823.89 million.

• Record net sales for Q1 2021 with overall growth of 57% and 51% growth in base business
• Record Q1 2021 operating income of $129.0 million, up 263% from Q1 2020 with a 690 basis point improvement in operating margin
• Q1 2021 diluted EPS increase of 223% to a record $2.42, or an increase of 227% to $2.32, excluding tax benefits in both periods and non-cash impairments recorded in Q1 2020
• Net cash provided by operations of $77.1 million, an increase of $57.4 million from the first three months of 2020
• 2021 earnings guidance increased to $11.85 - $12.60 per diluted share from previous $9.12 - $9.62 range

“What an incredible quarter, backed by an incredible team. We kicked off the year with truly remarkable results, including record net sales and phenomenal bottom line results. We achieved over $1.0 billion in net sales in the first quarter of 2021, a milestone in our company’s history and a reflection of our focus on providing extraordinary customer service. Looking ahead at the remainder of the year, we expect to achieve strong growth tempered by tougher comps in the back half of the year. We are well-positioned to accomplish our strategic initiatives and have the right team in place to continue to build on our legacy of success,” commented Peter D. Arvan, president and CEO.

GUIDANCE:

Pool Corp. sees FY2021 EPS of $11.85-$12.60, versus the consensus of $9.46.

“We believe that our industry-leading position, combined with strong demand trends and a solid backlog of projects, will benefit our results throughout the 2021 season. While we expect to face tougher year-over-year comparisons and potential industry capacity constraints as the year progresses, our outstanding results in the first quarter of 2021 and increased confidence in growth through the remainder of the year leads us to update our annual earnings guidance range to $11.85 to $12.60 per diluted share, including the impact of year-to-date tax benefits of $0.10. Our previous 2021 earnings guidance range was $9.12 to $9.62 per diluted share, including an estimated $0.11 tax benefit,” said Arvan.

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