UPDATE: Pool Corp Q3 Earnings Meet Estimates

Pool Corp

reported in-line earnings for the third quarter. The Covington, Louisiana-based company posted quarterly net income of $34.8 million, or $0.78 per share, up from $32.3 million, or $0.68 per share, in the year-ago period. Its net sales rose 6% to $615.5 million from $578.2 million. However, analysts were expecting a profit of $0.78 per share on revenue of $621.38 million. Gross profit rose 8% to $176.2 million versus $162.6 million, while operating income climbed 10% to $58.5 million. Selling and administrative expenses rose 8% to $117.8 million in the quarter. Total debt outstanding at September 30, 2014 was $393.7 million, up 51% versus September 30, 2013. "We are pleased to have finished the third quarter with record results. Our sales benefited from the continuing demand for discretionary products that create and enhance outdoor living areas. Building materials, tile and lighting showed double-digit sales growth again this quarter. As we wrap up the 2014 season, our solid results reflect the depth of our product offerings backed by our knowledge and our ability to provide exceptional service - a critical factor for our customers," said Manuel Perez de la Mesa, President and CEO. Pool now projects full-year earnings of $2.38 to $2.43 per share., versus its earlier forecast of $2.35 to $2.45 per share. Pool Corp shares gained 4.73% to $56.26 at 11:00 a.m. ET.