Latham Pool Products riding a sales wave
CEO says company’s ability to meet demand in the first quarter led to a 28.8 percent surge
Latham Pool Products saw substantial growth in the first quarter of 2022, although the company posted a slight loss in net income due in part to their compensation plan.
The company saw net sales of $191.6 million, up 28.8 percent over the same period in 2021.
Latham Pool reported a net loss of $2.8 million versus net income of $8.5 million in the prior-year period, representing a 1.5 percent net loss margin.
That stemmed from a stock conversion for their top executives.
The firm also executed a stock buyback plan. The company went public in 2021.
“Latham’s strong first-quarter results reflect our focus on operational excellence and the early excitement we are seeing from both consumers and dealers as we head into the peak pool building season,” said Scott Rajeski, Latham Pool’s president and CEO. “During the first quarter, we continued to enhance our ability to meet the strong pool demand as we fur
ther expanded our resin supply and improved North American fiberglass production. Lead times have improved across many of our fiberglass plants and models. Additionally, we are pleased to be tracking back toward normalized, competitive lead times in all our other product categories.”
Latham, also known as Latham Group, which trades as SWIM on the Nasdaq exchange, is the largest designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. As of April 2, the company had cash and cash equivalents of $18.7 million, $65 million undrawn on its revolving credit facility, and total debt of $324.1 million.
Their stock was trading at $10.79 on Thursday.