FMP
Pool Corporation Shares Drop 10% on Revised 2024 Earnings Guidance
Jun 25, 2024 4:53 PM - Davit Kirakosyan
Image credit: FMP
Pool Corporation (NASDAQ:POOL) experienced a significant drop of over 10% intra-day today following a revision of its 2024 earnings guidance due to reduced demand during the swimming pool season.
Recognizing the critical importance of the second quarter for its annual performance, Pool adjusted its expectations for both the second quarter and the entire 2024 fiscal year. Consequently, the company has lowered its projected diluted EPS range for the full year to $11.04 to $11.44 per share, down from the previous range of $13.19 to $14.19.
Peter D. Arvan, CEO of Pool, highlighted that recent data on pool permits indicates persistently weak demand for new pool construction. As the peak selling season draws to a close, the company now forecasts a 15% to 20% decline in new pool construction activity for the year, with remodel activity potentially decreasing by up to 15%.
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