Pool Q2 Profit Rises, Meets View; Backs FY14 Forecast - Quick Facts

(RTTNews) - Pool Corp. (POOL), a wholesale distributor of swimming pool supplies, reported Thursday that its second-quarter net income increased 11 percent to $73.86 million from $66.53 million a year ago. Earnings per share was up 16 percent to $1.61 from $1.39 a year ago.

On average, nine analysts polled by Thomson Reuters expected earnings of $1.61 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 7 percent to $848.24 million from $790.39 million a year ago, while seven analysts estimated revenues of $852.41 million.

Base business sales went up 7 percent for the period. The company noted that replacement and remodel activity continued to drive sales growth with sustained double-digit sales increases in building materials. Meanwhile, prolonged cold and wet weather in seasonal markets, particularly Canada and the northern United States, limited second quarter sales growth in those markets. Manuel Perez de la Mesa, President and CEO, said, "Our second quarter results were generally as expected, with solid sales and gross profit growth and improvement in gross margin, albeit with sales below target in certain seasonal markets. The ongoing recovery of replacement and remodel activity and market share gains continued to contribute to our growth."

Looking ahead, the company said it looks forward to a strong second half of the year and reaffirm 2014 earnings guidance range of $2.35 to $2.45 per share. Analysts expect earnings of $2.41 per share for the year.