A Covington-based swimming pool business supplier saw significant sales and profits again during the second quarter as demand in the industry continues to surge across the nation.
Pool Corp. generated net sales of $1.7 billion, up from $1.2 billion during the same time frame one year ago. Second-quarter net income increased 65% to $259.6 million from $157.5 million. Earnings per share increased to $6.37 from $3.87.
"Demand remains high," said Peter D. Arvan, CEO of Pool Corp.
The company has been adding new sales centers as customers continue to invest in outdoor recreation at home, ranging from renovation to maintenance and new pools.
The company completed two acquisitions during second quarter.
Operating expenses, which include selling and administrative costs, grew by 27% to $213.1 million.
After an accounting standards update, the business had a tax benefit of $7.7 million, up from $6.2 million one year before.
The company paid down some of its debt, which stood at $423.1 million at the end of second quarter, down $15.7 million from one year prior.
Pool Corp. estimates its annual earnings will be higher than previously projected, closer to between $13.75 per share and $14.25 per share compared to up to $12.60 per share.
"We believe that the strong demand trends and pipeline of projects will continue through the remainder of the year and beyond," Arvan said.
Demand for swimming pools was strong in Baton Rouge where the city-parish issued permits to 281 homeowners in 2020, 62% higher compared to 2019. In New Orleans, the city issued permits to 227 homeowners, a 38% hike compared to 2019.
Read more about swimming pool construction trends in Baton Rouge below and New Orleans-area trends here.
Last October, Jenny and Lucas Firmin decided to build a pool in their backyard. The Magnolia Woods residents felt their three children were ol…
Data reporter Missy Wilkinson contributed to this story.
Pool Corp. saw sales swell last year and fourth-quarter net income increase to $59.1 million, 40% higher compared to $18 million during the sa…
Pool supplies distributor Pool Corp. in Covington reported a $98.7 million profit in the first quarter on record net sales of $1.06 billion.
The Pelican State Portfolio, a group of Louisiana stocks tracked by the newspaper, once again outperformed the broader markets as investors sh…
The Pelican State Portfolio, a group of Louisiana stocks tracked by the newspaper, was outpaced by the broader markets during the second quart…
Pool Corp. said it again set a company record for quarterly sales as it saw its third-quarter earnings jump to $119.1 million, or $2.92 per share.