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Pool Corporation Announces an Increase in Its Share Repurchase Program to a Total Authorization of $600 Million, a Quarterly Cash Dividend Increase and 2022 Annual Meeting of Stockholders Voting Results

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Pool Corporation (Nasdaq: POOL) announced a share repurchase authorization of an additional $196.2 million, raising total buyback capacity to $600.0 million. The Board also declared a quarterly cash dividend of $1.00 per share, a 25% increase over the previous $0.80. This is the 17th dividend increase since 2004, reflecting the company’s commitment to returning value to shareholders. As of May 3, 2022, there are approximately 40 million shares outstanding. Pool Corp operates over 415 sales centers globally, distributing more than 200,000 products.

Positive
  • Additional share repurchase authorization of $196.2 million enhancing shareholder value.
  • Quarterly dividend increased by 25% to $1.00, showing confidence in future earnings.
  • 17th dividend increase since 2004, indicating stable financial performance.
Negative
  • None.

COVINGTON, La., May 04, 2022 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) announced today that its Board of Directors (the Board) has authorized an additional $196.2 million under its existing share repurchase program for the purchase of the company’s common stock in the open market at prevailing market prices. This amount adds to the $403.8 million remaining under its existing authorization as of May 3, 2022, bringing its total authorization available to $600.0 million.

The company also announced that the Board has declared a quarterly cash dividend of $1.00 per share, a 25% increase over the previous quarterly dividend amount of $0.80 per share. The dividend is payable on May 27, 2022 to stockholders of record on May 16, 2022. As of May 3, 2022, there were 40,024,923 shares of common stock outstanding.

Mr. Stokely, Chairman of the Board, commented, “I am proud to serve a company with a long-standing history of providing exceptional returns to shareholders. POOLCORP’s steady, consistent growth, backed by its experienced, strategically-minded management team, allows the company to extend the tradition of returning cash to shareholders through dividends and share repurchases. Today marks the 17th time that POOLCORP has increased its quarterly dividend payment since 2004. Our ability to share these returns demonstrates the stability of our core operating fundamentals, solid demand of our customers and stable management of our business.”

At POOLCORP’s Annual Meeting of Stockholders on May 3, 2022, stockholders elected Peter D. Arvan, Martha “Marty” S. Gervasi, Timothy M. Graven, Debra S. Oler, Manuel J. Perez de la Mesa, Harlan F. Seymour, Robert C. Sledd, John E. Stokely and David G. Whalen to serve as directors for the ensuing year.

The voting results on the other proposals for this year’s meeting are as follows:

  • ratification of the retention of Ernst & Young LLP as independent registered public accounting firm of the company for the 2022 fiscal year; and
  • approval of the compensation of the company’s named executive officers as disclosed in the Proxy Statement (the advisory say-on-pay vote).

Pool Corporation is the world’s largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates approximately 415 sales centers in North America, Europe and Australia through which it distributes more than 200,000 national brand and private label products to roughly 120,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.

This news release may include “forward-looking” statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including impacts on our business from the COVID-19 pandemic and the extent to which home-centric trends will continue, accelerate or reverse, the sensitivity of the swimming pool supply business to weather conditions and other risks detailed in POOLCORP’s 2021 Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the Securities and Exchange Commission (SEC).

CONTACT:

Curtis J. Scheel
Director of Investor Relations
985.801.5341
curtis.scheel@poolcorp.com


FAQ

What is the new share repurchase authorization amount for Pool Corporation?

Pool Corporation has authorized an additional $196.2 million under its existing share repurchase program.

What is Pool Corporation's new quarterly dividend?

The new quarterly dividend for Pool Corporation is $1.00 per share, a 25% increase from the previous $0.80.

When will the new dividend be paid to shareholders?

The new dividend will be payable on May 27, 2022, to stockholders of record on May 16, 2022.

How much total authorization does Pool Corporation have for share repurchases?

Pool Corporation currently has a total authorization of $600.0 million for share repurchases.

How many shares of common stock does Pool Corporation have outstanding?

As of May 3, 2022, Pool Corporation has approximately 40,024,923 shares of common stock outstanding.

Pool Corporation

NASDAQ:POOL

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13.08B
36.51M
4.05%
101.5%
8.42%
Industrial Distribution
Wholesale-misc Durable Goods
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United States of America
COVINGTON