Pool Corp. (Nasdaq: POOL), Covington, Louisiana, a wholesale distributor of swimming pool and related backyard products, reported first-quarter earnings of $98.7 million and revenue of $1.06 billion.
The Pool & Spa sector flourished during the pandemic as homeowners took on projects such as installing new pools. That trend was further reflected in Pool Corp.’s Thursday earnings as it reported net sales increased 57% to a record $1.06 billion compared to $677.3 million in the first quarter of 2020 while base business sales grew 51%, which was also a new record.
“What an incredible quarter, backed by an incredible team,” says Pool Corp. President and CEO Peter D. Arvan, president and CEO. “We kicked off the year with truly remarkable results, including record net sales and phenomenal bottom line results. We achieved over $1 billion in net sales in the first quarter of 2021, a milestone in our company’s history and a reflection of our focus on providing extraordinary customer service.”
Reflecting that optimism, Pool Corp.’s 2021 earnings guidance increased to $11.85 to $12.60 per diluted share from the previous $9.12 to $9.62 range.