Pool Corp Slashes FY23 Outlook As Q2 Results Miss Estimates
(RTTNews) - Pool Corp. (POOL) on Thursday reported that net income for the second quarter declined to $232.25 million or $5.91 per share from $307.28 million or $7.63 per share in the prior-year quarter.
Excluding the impact from ASU 2016-09 in both periods, adjusted earnings for the quarter were $5.89 per share, compared to $7.59 per share for the year-ago quarter.
Net sales for the quarter decreased 10 percent to $1.86 billion from $2.06 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $6.20 per share on revenues of $1.91 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, Pool lowered its earnings guidance to a range of $13.14 to $14.14 per share from the prior outlook range of $14.62 to $16.12 per share. The Street expects earnings of $14.94 per share for the year.
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