Pool Corp., the Covington-based swimming pool wholesaler, churned to a first-quarter profit of $22.3 million, or a record 52 cents per share, compared to $16.4 million, or 38 cents per share, a year earlier.
The results easily beat Wall Street's expectations. Analysts surveyed by Zacks Investment Research had forecast 39 cents per share.
However, Pool's 2017 results included a tax benefit of $5.5 million, or 12 cents per share, thanks to a change in the way the company accounted for employee share-based payments.
President and Chief Executive Officer Manuel Perez de la Mesa said Pool expects the accounting change will add 30 cents per share to 2017 earnings, up from the 20 cents originally estimated at the end of 2016.
Pool now expects 2017 per-share earnings in the range of $4.12 to $4.32, he said.
The company's first-quarter net sales grew 6 percent to a record $546.4 million.