Earnings Roundup: Pool Corp, US Foods and MSA Safety - Modern Distribution Management

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Earnings Roundup: Pool Corp, US Foods and MSA Safety

MDM looks at another round of earnings reports from industrial distributors and manufacturers.
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We’re in the midst of another quarterly earnings reporting period for publicly-traded industrial distributors and manufacturers. Read below to learn about the most recent sales and revenue numbers for companies MDM typically covers, including: Covington, Louisiana-based pool products distributor Pool Corp; Rosemont, Illinois-based US Foods Holding Corp.; and Pittsburgh, Pennsylvania-based facility safety products maker MSA Safety.

Pool Corp Annual Net Sales Increase 17% to $6.2 Billion

On Feb. 16, Pool Corp reported 2022 total net sales of $6.2 billion, a 17% increase over the prior year. Operating income for the year was $1 billion, up 23% from 2021.

Gross profit for 2022 reached a record $1.9 billion, a 20% increase over gross profit of $1.6 billion in 2021, the company said.

Net sales for 2022’s fourth quarter increased 6% to $1.1 billion, compared to $1 billion in 4Q 2021. Base business net sales increased 1%, while net sales benefited approximately 8% from inflationary product cost increases versus 10% last year. In 2022’s third quarter, Pool Corp said  it reached “record” 3Q net sales of $1.6 billion, up 14% from the same period in 2021.

“I am proud to present another year of record results with annual sales growth of 17% to $6.2 billion, nearly double our 2019 sales,” said Peter D. Arvan, President and CEO. “The relentless focus of our highly talented team on capacity creation and their dedication to serving our customers drove our operating income for the full year up 23% to a record $1.0 billion on top of 79% growth in 2021. We leveraged our strong capital position and operating capabilities to invest in inventory ahead of challenging supply chain and inflationary conditions to serve our customers and bring new products to the market in a dynamic environment. Our results speak to the strength of our team who work collaboratively with our customers and suppliers to make POOLCORP such an incredible business. We celebrate our successes over the past year and remain well-positioned to execute our long-term growth strategy and grow our industry-leading position.”

US Foods 4Q Sales Rise 11.5%

US Foods on Feb. 16 said that 2022 fourth-quarter net sales increase 11.5% over the prior year to $8.5 billion. Gross profit for 4Q increased 17.1% to $1.5 billion.

For 2022 overall, net sales increased 15.5% to $34.1 billion, while gross profit increased 18% to $5.5 billion.

“US Foods’ strong financial results this quarter reflect the growing positive momentum that our team built over the past year,” said CEO Dave Flitman. “In the fourth quarter, we grew case volume across nearly all customer types and doubled growth in independent restaurants over the prior quarter. That performance, coupled with gross margin optimization and cost structure improvements, drove 34% growth in Adjusted EBITDA. For the full year, we exceeded the high-end of our guidance by delivering Adjusted EBITDA of $1.31 billion, demonstrating the continued dedication of our team of 29,000 talented associates and solid execution against our long-range plan. I am excited to lead this next chapter for US Foods as we build upon our significant progress in delivering value to our shareholders, customers, associates and communities.”

Flitman joined the company as CEO on Jan. 5 after leaving Builders First Source.

MSA Safety Reports ‘Record’ Sales for 4Q & 2022

MSA Safety on Feb. 15 reported “record” fourth-quarter and full-year sales in 2022. MSA delivered 4Q net sales of $443 million, an 8% increase year-over-year and up 11% on a constant currency basis. The company had operating cash flow of $54 million and free cash flow of $40 million in 4Q. MSA’s 4Q performance outpaced its 3Q, in which MSA had sales of $382 million.

For the full year 2022, MSA had net sales of $1.53 billion, up 9% on a reported basis and up 12% on a constant currency basis compared to 2021. MSA had operating cash flow of $157 million and free cash flow of $115 million in 2022.

“2022 was a robust year for MSA Safety, with exceptional results in the fourth quarter,” MSA Safety Chairman, President and CEO Nish Vartanian said in a news release. “Strength across our product portfolio and healthy customer demand helped us deliver record sales and strong operating performance. Our outstanding team was able to navigate the challenging economic environment and executed well throughout the year. This execution, combined with our focus on advancing our mission and delivering innovative safety technologies and solutions to our customers, resulted in key wins and market share gains. We enter 2023 with strong momentum, and continue to see demand and growth opportunities across our markets.”

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