- Pool Corp (NASDAQ:POOL) reported third-quarter FY21 sales growth of 24% year-on-year, to $1.41 billion, beating the analyst consensus of $1.37 billion. Base business sales grew 19%.
- Revenue growth was supported by higher demand for outdoor living products along with favorable weather conditions.
- Gross profit increased 34% Y/Y to $441.9 million, while gross margin expanded 240 basis points Y/Y to 31.3%. Base business gross margin increased by 250 basis points.
- Selling and administrative expenses rose 13% Y/Y to $204.6 million. Adjusted EBITDA was $247.5 million versus $159.31 million last year.
- Operating income for the quarter rose 60% to $237.3 million. The operating margin expanded 380 basis points to 16.8%, while the Base business operating margin extended 410 basis points to 17.1%.
- EPS of $4.54 beat the analyst consensus of $3.85.
- Cash and equivalents totaled $83.5 million as of September 30, 2021. Net cash provided by operations in the nine months declined to $359.1 million from $388.9 million last year.
- Outlook: Pool raised FY21 EPS to $14.85 - $15.35 (prior view $13.75 - $14.25) against the consensus of $14.06.
- Price action: POOL shares are trading higher by 5.74% at $490.45 on the last check Thursday.
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