Pool Corporation Reports First Quarter Results and Confirms Annual Earnings Guidance Range
Pool (POOL) reported Q1 2025 financial results with net sales of $1.1 billion, showing a 4% decrease year-over-year. The company maintained its full-year 2025 earnings guidance of $11.10 - $11.60 per diluted share.
Key Q1 metrics include: net income decreased to $53.5 million from $78.9 million; earnings per diluted share fell 30% to $1.42; gross margin declined 100 basis points to 29.2%. Chemical volumes grew 1% with double-digit growth in private-label products. The company expanded its network by adding two greenfield locations and continued integrating its digital platform.
Operating income decreased 29% with operating margin at 7.2%. Total debt stood at $1.0 billion, while inventory reduced by 2% to $1.5 billion. Net cash from operations was $27.2 million, down from $145.4 million in Q1 2024.
Pool (POOL) ha riportato i risultati finanziari del primo trimestre 2025 con vendite nette pari a 1,1 miliardi di dollari, registrando un calo del 4% rispetto all'anno precedente. L'azienda ha confermato la guidance sugli utili per l'intero anno 2025, stimata tra 11,10 e 11,60 dollari per azione diluita.
I principali indicatori del primo trimestre includono: utile netto sceso a 53,5 milioni di dollari da 78,9 milioni; utile per azione diluita diminuito del 30% a 1,42 dollari; margine lordo calato di 100 punti base al 29,2%. I volumi chimici sono cresciuti dell'1% con una crescita a doppia cifra nei prodotti a marchio privato. L'azienda ha ampliato la sua rete aprendo due nuove sedi greenfield e ha proseguito l'integrazione della sua piattaforma digitale.
L'utile operativo è diminuito del 29%, con un margine operativo al 7,2%. Il debito totale si è attestato a 1,0 miliardi di dollari, mentre l'inventario è diminuito del 2% a 1,5 miliardi. La liquidità netta generata dalle operazioni è stata di 27,2 milioni di dollari, in calo rispetto ai 145,4 milioni del primo trimestre 2024.
Pool (POOL) informó los resultados financieros del primer trimestre de 2025 con ventas netas de 1.100 millones de dólares, mostrando una disminución del 4% interanual. La compañía mantuvo su guía de ganancias para todo el año 2025 de 11,10 a 11,60 dólares por acción diluida.
Los principales indicadores del primer trimestre incluyen: ingreso neto que disminuyó a 53,5 millones de dólares desde 78,9 millones; ganancias por acción diluida que cayeron un 30% a 1,42 dólares; margen bruto que bajó 100 puntos básicos hasta el 29,2%. Los volúmenes de productos químicos crecieron un 1% con un crecimiento de dos dígitos en productos de marca privada. La empresa amplió su red agregando dos ubicaciones greenfield y continuó integrando su plataforma digital.
El ingreso operativo disminuyó un 29%, con un margen operativo del 7,2%. La deuda total se situó en 1.000 millones de dólares, mientras que el inventario se redujo un 2% hasta 1.500 millones. El flujo neto de efectivo de las operaciones fue de 27,2 millones, por debajo de los 145,4 millones en el primer trimestre de 2024.
Pool (POOL)은 2025년 1분기 재무 실적을 발표했으며, 순매출은 11억 달러로 전년 동기 대비 4% 감소했습니다. 회사는 2025년 전체 연간 희석 주당순이익 가이던스를 11.10 - 11.60달러로 유지했습니다.
1분기 주요 지표는 다음과 같습니다: 순이익은 7,890만 달러에서 5,350만 달러로 감소; 희석 주당순이익은 30% 하락한 1.42달러; 총 마진은 100 베이시스 포인트 하락하여 29.2%를 기록했습니다. 화학 제품 물량은 1% 증가했으며, 자체 브랜드 제품에서 두 자릿수 성장을 보였습니다. 회사는 신규 그린필드 지점 2곳을 추가하며 네트워크를 확장했고, 디지털 플랫폼 통합도 계속 진행 중입니다.
영업이익은 29% 감소했으며, 영업이익률은 7.2%였습니다. 총 부채는 10억 달러였고, 재고는 2% 감소하여 15억 달러를 기록했습니다. 영업활동으로 인한 순현금은 2,720만 달러로, 2024년 1분기 1억 4,540만 달러에서 감소했습니다.
Pool (POOL) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires net de 1,1 milliard de dollars, enregistrant une baisse de 4 % en glissement annuel. La société a maintenu ses prévisions de bénéfices pour l'année complète 2025, entre 11,10 et 11,60 dollars par action diluée.
Les principaux indicateurs du premier trimestre comprennent : un bénéfice net en baisse à 53,5 millions de dollars contre 78,9 millions ; un bénéfice par action diluée en recul de 30 % à 1,42 dollar ; une marge brute en diminution de 100 points de base à 29,2 %. Les volumes chimiques ont augmenté de 1 % avec une croissance à deux chiffres des produits de marques privées. L'entreprise a élargi son réseau en ajoutant deux sites greenfield et a poursuivi l'intégration de sa plateforme digitale.
Le résultat opérationnel a diminué de 29 % avec une marge opérationnelle à 7,2 %. La dette totale s'élevait à 1,0 milliard de dollars, tandis que les stocks ont diminué de 2 % pour atteindre 1,5 milliard. La trésorerie nette provenant des opérations s'est élevée à 27,2 millions de dollars, en baisse par rapport à 145,4 millions au premier trimestre 2024.
Pool (POOL) meldete die Finanzergebnisse für das erste Quartal 2025 mit Nettoumsätzen von 1,1 Milliarden US-Dollar, was einem Rückgang von 4 % im Jahresvergleich entspricht. Das Unternehmen bestätigte seine Ergebnisprognose für das Gesamtjahr 2025 von 11,10 bis 11,60 US-Dollar pro verwässerter Aktie.
Wichtige Kennzahlen des ersten Quartals umfassen: Nettogewinn sank auf 53,5 Millionen US-Dollar von 78,9 Millionen; Gewinn je verwässerter Aktie fiel um 30 % auf 1,42 US-Dollar; Bruttomarge sank um 100 Basispunkte auf 29,2 %. Die Chemievolumina wuchsen um 1 % mit zweistelligem Wachstum bei Eigenmarkenprodukten. Das Unternehmen erweiterte sein Netzwerk durch die Eröffnung von zwei Greenfield-Standorten und setzte die Integration seiner digitalen Plattform fort.
Das Betriebsergebnis sank um 29 % bei einer operativen Marge von 7,2 %. Die Gesamtverschuldung lag bei 1,0 Milliarde US-Dollar, während der Lagerbestand um 2 % auf 1,5 Milliarden reduziert wurde. Der Nettobarmittelzufluss aus operativer Tätigkeit betrug 27,2 Millionen US-Dollar, nach 145,4 Millionen im ersten Quartal 2024.
- Maintained full-year 2025 earnings guidance of $11.10-$11.60 per share
- Chemical volumes grew 1% with double-digit growth in private-label products
- Added two new greenfield locations expanding sales center network
- Inventory reduced by 2% to $1.5 billion, showing improved efficiency
- 10 basis points improvement in adjusted gross margin (excluding prior year tax benefit)
- Net sales decreased 4% year-over-year in Q1 2025
- Net income declined to $53.5 million from $78.9 million
- Operating income decreased 29% with margin falling to 7.2% from 9.7%
- Operating expenses increased to 21.9% of net sales from 20.5%
- Net cash from operations declined to $27.2 million from $145.4 million
- Total debt increased by $45.9 million to $1.0 billion
Insights
Pool Corp reports Q1 sales decline but maintains 2025 guidance, showing stability in maintenance segment despite pressured discretionary projects.
Pool 's Q1 2025 results reveal a 4% decrease in net sales (2% on same-selling day basis), consistent with Q4 2024's improved trend. This suggests stabilization after steeper declines earlier in 2024. The company's $1.1 billion in quarterly sales demonstrates resilience in a challenging environment.
The maintenance segment shows strength with chemical volumes growing 1% and double-digit growth in private-label chemical products. This indicates consumers are prioritizing essential pool maintenance while discretionary projects remain under pressure. March sales improved following weather challenges in January and February.
Gross margin decreased 100 basis points to 29.2%, but this comparison is distorted by a non-recurring
Operating expenses increased just
The balance sheet shows effective inventory management with a
Most importantly, management confirmed their full-year 2025 EPS guidance range of
Highlights
- Produced net sales of
$1.1 billion , showing stability with year-over-year same-selling day trends comparable to the improved Q4 2024 - Continued execution of strategic initiatives contributed positively to Q1 2025 performance with volume growth in chemicals
- Confirms annual earnings guidance range of
$11.10 -$11.60 per diluted share, including the Q1 2025 ASU 2016-09 tax benefit of$0.10
COVINGTON, La., April 24, 2025 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today reported results for the first quarter of 2025.
“Execution of our long-term strategic initiatives and organic growth investments contributed positively to our performance this quarter, and our team generated over
First quarter ended March 31, 2025 compared to the first quarter ended March 31, 2024
Net sales decreased
Gross profit decreased
Selling and administrative expenses (operating expenses) in the first quarter of 2025 were held to a
Operating income in the first quarter of 2025 decreased
We recorded a
Net income decreased to
Balance Sheet and Liquidity
Our inventory balance was
Net cash provided by operations was
Outlook
“We confirm our full-year 2025 earnings guidance range of
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures (adjusted EBITDA and adjusted diluted EPS). See the addendum to this release for definitions of our non-GAAP measures and reconciliations of our non-GAAP measures to GAAP measures.
About Pool Corporation
POOLCORP is the world’s largest wholesale distributor of swimming pool and related backyard products. As of March 31, 2025, POOLCORP operated 449 sales centers in North America, Europe and Australia, through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. For more information, please visit www.poolcorp.com.
Forward-Looking Statements
This news release includes “forward-looking” statements that involve risks and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “should,” “will,” “may,” “outlook,” and other words and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; our ability to maintain favorable relationships with suppliers and manufacturers; competition from other leisure product alternatives or mass merchants; our ability to continue to execute our growth strategies; changes in the regulatory environment; new or additional taxes, duties or tariffs; excess tax benefits or deficiencies recognized under ASU 2016-09 and other risks detailed in POOLCORP’s 2024 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings filed with the Securities and Exchange Commission (SEC) as updated by POOLCORP’s subsequent filings with the SEC.
Kristin S. Byars
Director, Investor Relations and Finance
985.801.5153
kristin.byars@poolcorp.com
| POOL CORPORATION Consolidated Statements of Income (Unaudited) (In thousands, except per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net sales | $ | 1,071,526 | $ | 1,120,810 | ||||
| Cost of sales | 759,157 | 782,250 | ||||||
| Gross profit | 312,369 | 338,560 | ||||||
| Percent | 29.2% | |||||||
| Selling and administrative expenses | 234,831 | 229,840 | ||||||
| Operating income | 77,538 | 108,720 | ||||||
| Percent | 7.2% | |||||||
| Interest and other non-operating expenses, net | 11,164 | 13,419 | ||||||
| Income before income taxes and equity in earnings | 66,374 | 95,301 | ||||||
| Provision for income taxes | 12,883 | 16,473 | ||||||
| Equity in earnings of unconsolidated investments, net | 54 | 57 | ||||||
| Net income | $ | 53,545 | $ | 78,885 | ||||
| Earnings per share attributable to common stockholders: (1) | ||||||||
| Basic | $ | 1.42 | $ | 2.05 | ||||
| Diluted | $ | 1.42 | $ | 2.04 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 37,460 | 38,205 | ||||||
| Diluted | 37,630 | 38,467 | ||||||
| Cash dividends declared per common share | $ | 1.20 | $ | 1.10 | ||||
| (1) | Earnings per share under the two-class method is calculated using net income attributable to common stockholders (net income reduced by earnings allocated to participating securities), which was | |||||||
| POOL CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | |||||||||||||
| March 31, | March 31, | Change | |||||||||||
| 2025 | 2024 | $ | % | ||||||||||
| Assets | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 71,644 | $ | 67,974 | $ | 3,670 | 5 | % | |||||
| Receivables, net (1) | 146,209 | 150,240 | (4,031 | ) | (3) | ||||||||
| Receivables pledged under receivables facility | 350,867 | 376,935 | (26,068 | ) | (7) | ||||||||
| Product inventories, net (2) | 1,460,680 | 1,496,947 | (36,267 | ) | (2) | ||||||||
| Prepaid expenses and other current assets | 48,177 | 44,521 | 3,656 | 8 | |||||||||
| Total current assets | 2,077,577 | 2,136,617 | (59,040 | ) | (3) | ||||||||
| Property and equipment, net | 251,011 | 230,423 | 20,588 | 9 | |||||||||
| Goodwill | 699,250 | 699,424 | (174 | ) | — | ||||||||
| Other intangible assets, net | 288,770 | 296,494 | (7,724 | ) | (3) | ||||||||
| Equity interest investments | 1,511 | 1,350 | 161 | 12 | |||||||||
| Operating lease assets | 315,097 | 308,593 | 6,504 | 2 | |||||||||
| Other assets | 79,233 | 85,926 | (6,693 | ) | (8) | ||||||||
| Total assets | $ | 3,712,449 | $ | 3,758,827 | $ | (46,378 | ) | (1) | % | ||||
| Liabilities and stockholders’ equity | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 890,167 | $ | 907,806 | $ | (17,639 | ) | (2) | % | ||||
| Accrued expenses and other current liabilities | 109,893 | 99,557 | 10,336 | 10 | |||||||||
| Short-term borrowings and current portion of long-term debt | 57,059 | 36,655 | 20,404 | 56 | |||||||||
| Current operating lease liabilities | 100,697 | 92,162 | 8,535 | 9 | |||||||||
| Total current liabilities | 1,157,816 | 1,136,180 | 21,636 | 2 | |||||||||
| Deferred income taxes | 81,147 | 68,904 | 12,243 | 18 | |||||||||
| Long-term debt, net | 968,031 | 942,522 | 25,509 | 3 | |||||||||
| Other long-term liabilities | 45,473 | 42,807 | 2,666 | 6 | |||||||||
| Non-current operating lease liabilities | 221,291 | 222,730 | (1,439 | ) | (1) | ||||||||
| Total liabilities | 2,473,758 | 2,413,143 | 60,615 | 3 | |||||||||
| Total stockholders’ equity | 1,238,691 | 1,345,684 | (106,993 | ) | (8) | ||||||||
| Total liabilities and stockholders’ equity | $ | 3,712,449 | $ | 3,758,827 | $ | (46,378 | ) | (1) | % | ||||
| (1) | The allowance for doubtful accounts was | ||||||||||||
| (2) | The inventory reserve was | ||||||||||||
| POOL CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | |||||||||||||
| Three Months Ended | |||||||||||||
| March 31, | |||||||||||||
| 2025 | 2024 | Change | |||||||||||
| Operating activities | |||||||||||||
| Net income | $ | 53,545 | $ | 78,885 | $ | (25,340 | ) | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
| Depreciation | 9,840 | 8,661 | 1,179 | ||||||||||
| Amortization | 2,147 | 2,088 | 59 | ||||||||||
| Share-based compensation | 6,055 | 5,328 | 727 | ||||||||||
| Equity in earnings of unconsolidated investments, net | (54 | ) | (57 | ) | 3 | ||||||||
| Other | 1,377 | (853 | ) | 2,230 | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||||
| Receivables | (180,546 | ) | (181,705 | ) | 1,159 | ||||||||
| Product inventories | (168,410 | ) | (133,249 | ) | (35,161 | ) | |||||||
| Prepaid expenses and other assets | 19,051 | 15,741 | 3,310 | ||||||||||
| Accounts payable | 366,728 | 401,384 | (34,656 | ) | |||||||||
| Accrued expenses and other liabilities | (82,509 | ) | (50,781 | ) | (31,728 | ) | |||||||
| Net cash provided by operating activities | 27,224 | 145,442 | (118,218 | ) | |||||||||
| Investing activities | |||||||||||||
| Acquisition of businesses, net of cash acquired | — | (1,348 | ) | 1,348 | |||||||||
| Purchases of property and equipment, net of sale proceeds | (13,295 | ) | (17,038 | ) | 3,743 | ||||||||
| Other investments, net | (266 | ) | (566 | ) | 300 | ||||||||
| Net cash used in investing activities | (13,561 | ) | (18,952 | ) | 5,391 | ||||||||
| Financing activities | |||||||||||||
| Proceeds from revolving line of credit | 427,700 | 228,400 | 199,300 | ||||||||||
| Payments on revolving line of credit | (454,600 | ) | (365,500 | ) | (89,100 | ) | |||||||
| Payments on term loan under credit facility | (6,250 | ) | (6,250 | ) | — | ||||||||
| Proceeds from asset-backed financing | 207,300 | 208,600 | (1,300 | ) | |||||||||
| Payments on asset-backed financing | (91,000 | ) | (138,000 | ) | 47,000 | ||||||||
| Payments on term facility | (9,938 | ) | — | (9,938 | ) | ||||||||
| Proceeds from short-term borrowings and current portion of long-term debt | 1,816 | 14 | 1,802 | ||||||||||
| Payments on short-term borrowings and current portion of long-term debt | (480 | ) | (1,561 | ) | 1,081 | ||||||||
| Proceeds from stock issued under share-based compensation plans | 6,383 | 8,773 | (2,390 | ) | |||||||||
| Payments of cash dividends | (45,226 | ) | (42,334 | ) | (2,892 | ) | |||||||
| Repurchases of common stock | (56,316 | ) | (16,304 | ) | (40,012 | ) | |||||||
| Net cash used in financing activities | (20,611 | ) | (124,162 | ) | 103,551 | ||||||||
| Effect of exchange rate changes on cash and cash equivalents | 730 | (894 | ) | 1,624 | |||||||||
| Change in cash and cash equivalents | (6,218 | ) | 1,434 | (7,652 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 77,862 | 66,540 | 11,322 | ||||||||||
| Cash and cash equivalents at end of period | $ | 71,644 | $ | 67,974 | $ | 3,670 | |||||||
ADDENDUM
Base Business
When calculating our base business results, we exclude for a period of 15 months sales centers that are acquired, opened in new markets or closed. We also exclude consolidated sales centers when we do not expect to maintain the majority of the existing business and existing sales centers that are consolidated with acquired sales centers.
We generally allocate corporate overhead expenses to excluded sales centers on the basis of their net sales as a percentage of total net sales. After 15 months, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.
We have not provided separate base business income statements within this press release as our base business results for the quarter ended March 31, 2025 closely approximated our consolidated results, and acquisitions and sales centers excluded from base business contributed less than
The table below summarizes the changes in our sales center count in the first three months of 2025.
| December 31, 2024 | 448 | |
| New locations | 2 | |
| Closed location | (1 | ) |
| March 31, 2025 | 449 | |
Reconciliation of Non-GAAP Financial Measures
The non-GAAP measures described below should be considered in the context of all of our other disclosures in this press release.
Adjusted EBITDA
We define Adjusted EBITDA as net income or net loss plus interest and other non-operating expenses, income taxes, depreciation, amortization, share-based compensation, goodwill and other impairments and equity in earnings or loss of unconsolidated investments. Other companies may calculate Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Adjusted EBITDA is not a measure of performance as determined by generally accepted accounting principles (GAAP). We believe Adjusted EBITDA should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, net cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.
We have included Adjusted EBITDA as a supplemental disclosure because management uses it to monitor our performance, and we believe that it is widely used by our investors, industry analysts and others as a useful supplemental performance measure. We believe that Adjusted EBITDA, when viewed with our GAAP results and the accompanying reconciliations, provides an additional measure that enables management and investors to monitor factors and trends affecting our ability to service debt, pay taxes and fund capital expenditures.
The table below presents a reconciliation of net income to Adjusted EBITDA.
| (Unaudited) | Three Months Ended | |||||||
| (In thousands) | March 31, | |||||||
| 2025 | 2024 | |||||||
| Net income | $ | 53,545 | $ | 78,885 | ||||
| Adjustments to increase (decrease) net income: | ||||||||
| Interest and other non-operating expenses (1) | 11,208 | 13,258 | ||||||
| Provision for income taxes | 12,883 | 16,473 | ||||||
| Share-based compensation | 6,055 | 5,328 | ||||||
| Equity in earnings of unconsolidated investments, net | (54 | ) | (57 | ) | ||||
| Depreciation | 9,840 | 8,661 | ||||||
| Amortization (2) | 1,962 | 1,933 | ||||||
| Adjusted EBITDA | $ | 95,439 | $ | 124,481 | ||||
| (1) | Shown net of (gains) losses on foreign currency transactions of | |||||||
| (2) | Excludes amortization of deferred financing costs of | |||||||
Adjusted Diluted EPS
We have included adjusted diluted EPS, a non-GAAP financial measure, in this press release as a supplemental disclosure, because we believe this measure is useful to management, investors and others in assessing our period-to-period operating performance.
Adjusted diluted EPS is a key measure used by management to demonstrate the impact of tax benefits from ASU 2016-09 on our diluted EPS and to provide investors and others with additional information about our potential future operating performance to supplement GAAP measures.
We believe this measure should be considered in addition to, not as a substitute for, diluted EPS presented in accordance with GAAP, and in the context of our other disclosures in this press release. Other companies may calculate this non-GAAP financial measure differently than we do, which may limit its usefulness as a comparative measure.
The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.
| (Unaudited) | Three Months Ended | |||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Diluted EPS | $ | 1.42 | $ | 2.04 | ||||
| ASU 2016-09 tax benefit | (0.10 | ) | (0.19 | ) | ||||
| Adjusted diluted EPS | $ | 1.32 | $ | 1.85 | ||||
FAQ
What were Pool 's (POOL) Q1 2025 earnings per share?
How much did POOL's net sales decline in Q1 2025?
What is Pool 's 2025 earnings guidance?
How did POOL's chemical sales perform in Q1 2025?
What was POOL's inventory position at the end of Q1 2025?
