Covington-based Pool Corp. posted record annual sales and per-share earnings in 2017.
Earnings were boosted in part from federal tax reform and updated accounting standards, the company said. Net income increased 29 percent to $191.6 million from $149.0 million in 2016. Earnings per share increased 30 percent to $4.51 per share, compared to $3.47 the year before.
Earnings per share would have had 15 percent growth without a 28-cent benefit from tax reform and 24 cents from the accounting standards.
Record annual sales of $2.79 billion were up 8 percent from 2016, including 15 percent growth in the fourth quarter. Pool remodeling, equipment replacement and the expansion of building materials and commercial products were the major contributors to sales growth.
Going forward, the company said it expects its tax rate to be about 25.5 percent under tax reform, compared to its historical rate of about 38.5 percent, both of which exclude the impact of updated accounting standards.
Pool is projecting earnings for 2018 in the range of $5.36 to $5.61 per share, an increase of 27 percent to 33 percent over 2017, including an estimated 13-cent favorable impact from the accounting update. The range also reflects its expected 2018 tax rates.
Pool Corp., a wholesale distributor of swimming pool and related backyard products, operates 351 sales centers in North America, Europe, South America and Australia, through which it distributes more than 160,000 national brand and private label products to roughly 100,000 wholesale customers.