Pool Corp., a Covington-based swimming pool and supplies distributor, reported a record profit of $149 million, or $3.47 per share, for 2016. A year earlier, the company generated a profit of $128.3 million, or $2.90 per share.
Sales were also a record at $2.57 billion, compared to $2.36 billion in 2015.
For the fourth quarter, Pool's sales increased 7 percent to $445.2 million, but earnings were not much different. Pool reported net income of $2.6 million, or 6 cents a share, compared to $2.5 million, or 6 cents a share, for the same period a year ago.
Still, Pool beat Wall Street forecasts for both the quarter and the year. Stock analysts surveyed by Zacks Investment Research had forecast earnings of 5 cents and $3.45, respectively.
President and Chief Executive Officer Manuel Perez de la Mesa said warmer weather and strong execution led to solid sales growth and even stronger profit growth.
Sales also benefited from growth in pool remodeling, equipment replacement, commercial products and pool construction.
The company expects more of the same in 2017, Perez de la Mesa said, with annual earnings in the range of $3.80 per share to $4.