Latham Group, Inc. - SWIM STOCK NEWS

Latham Group, Inc., a leading designer and manufacturer of in-ground residential swimming pools, announced the release of its financial results for Q1 fiscal 2023, scheduled for May 9, 2023, before market opening. A conference call to discuss these results will take place the same day at 9:00 a.m. Eastern Time. Participants can pre-register for the call to ensure streamlined access and receive a conference passcode. Latham Group operates across North America, Australia, and New Zealand, employing over 2,000 individuals at more than 30 locations. The company is poised to share critical financial metrics and insights that will inform investors on its performance and outlook.

Latham Group, Inc. has appointed DeLu Jackson, the current Executive Vice President and Chief Marketing Officer of ADT, to its Board of Directors, effective March 30, 2023. Jackson brings over 20 years of marketing experience across renowned brands, enhancing Latham's focus on digital initiatives. Additionally, Brian Pratt joins the Board, replacing Dane Derbyshire, who has stepped down. Pratt's experience in financial and operational matters supports Latham's growth strategy. With these changes, Latham maintains a robust independent board, set to further capitalize on consumer demand in the fiberglass pool market.

Latham Group, Inc. (Nasdaq: SWIM) announced its fourth quarter and full fiscal year 2022 results, revealing net sales of $107.9 million in Q4, down 22.3% year-over-year, and a net loss of $19.0 million. For the full year, net sales reached $695.7 million, a 10.4% increase, with an adjusted EBITDA of $143.3 million, up 2.5%. The company's outlook for FY 2023 predicts net sales between $565 million and $615 million and adjusted EBITDA of $90 million to $110 million, amid challenges in consumer demand and inventory normalization. The company continues to execute cost reduction initiatives and invest in its fiberglass manufacturing capacity.

Latham Group, Inc., the leading designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, will release its financial results for Q4 and fiscal year 2022 before market opening on March 7, 2023. Following the release, a conference call is scheduled for 9:00 a.m. Eastern Time to discuss these results. Interested participants can pre-register online to receive a confirmation email, including a conference passcode. A live audio webcast and related presentation materials will also be accessible on the company's investor relations website.

Latham Group, Inc. (Nasdaq: SWIM) announced the launch of two new fiberglass swimming pool models, Tuscan and Enchantment, aimed at enhancing its product lineup in 2023. These models reflect modern geometric designs and cater to a variety of consumer needs. The Tuscan pool features swim-up seating and slip-resistant steps, offering functionality and style. Meanwhile, the Enchantment model emphasizes relaxation with its resort-style splash deck and deep swimming area. Latham plans to roll out these models in the first half of 2023, further solidifying its position as the largest swimming pool designer and manufacturer in North America, Australia, and New Zealand.

Latham Group, Inc. (Nasdaq: SWIM) has launched Measure by Latham, an advanced AI-powered measuring tool designed to enhance the accuracy and efficiency of measuring swimming pool vinyl liners and safety covers. This innovative device utilizes cutting-edge 3D-awareness technology, providing dealers with precise measurements within minutes. The tool integrates seamlessly with the Latham Measure App, allowing for streamlined project management, quoting, and ordering processes. Latham aims to modernize the pool measurement landscape with this breakthrough technology, making traditional manual measuring obsolete.

Latham Group, Inc. (Nasdaq: SWIM) announced Mark Borseth as the Interim Chief Financial Officer, effective March 18, 2023, following Robert Masson's resignation due to family reasons. Borseth previously served as CFO and will guide the company while a permanent replacement is sought. Latham reaffirmed its fiscal 2022 guidance, projecting net sales between $685 million and $700 million with adjusted EBITDA of $140 million to $145 million. Additionally, expected capital expenditures are around $40 million. Financial results for Q4 and the full year will be reported in early March.

Latham Group, Inc. (Nasdaq: SWIM), the leading designer and manufacturer of in-ground residential swimming pools in North America, Australia, and New Zealand, announced that Scott Rajeski, President and CEO, along with CFO Rob Masson, will participate in investor meetings at the Truist Securities 4th Annual Industrials and Services Summit in New York on December 6, 2022. No formal presentation or webcast will be provided. Investors can access Latham's latest presentation on their investor relations website.

Latham Group reported a 16.9% increase in third-quarter net sales, reaching $189.4 million compared to last year. The company saw a net income of $11.9 million, a significant turnaround from the prior year's loss of $11.3 million. Adjusted EBITDA rose by 17.0% to $42.3 million, with a margin of 22.3%. For the nine months, net sales increased 19.6% to $587.8 million. However, Latham has implemented a cost reduction plan expecting annual savings of $12 million due to market challenges. Revised fiscal 2022 guidance reflects lower expected sales of $685-$700 million.