Latham Q3 2024 Earnings Report
Key Takeaways
Latham Group reported a decrease in net sales for Q3 2024, but managed to increase gross profit and margin due to production efficiencies and the acquisition of Coverstar Central. The company is focused on fiberglass pool adoption and automatic safety cover sales.
Net sales decreased by 6.4% year-over-year to $150.5 million due to lower sales volumes.
Gross profit increased slightly to $48.7 million, with gross margin expanding to 32.4%.
Net income remained relatively stable at $5.9 million, or $0.05 per diluted share.
Adjusted EBITDA decreased by 17.3% to $29.8 million, with a margin of 19.8%.
Latham
Latham
Forward Guidance
Latham narrowed its full year 2024 guidance ranges for net sales and Adjusted EBITDA to reflect the end of much of the pool building season and the potential impacts on shipments from recent hurricanes.