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Apr 02, 2022
Hayward Q1 2022 Earnings Report
Hayward Holdings reported strong first-quarter results driven by new product adoption and operational performance.
Key Takeaways
Hayward Holdings announced record net sales for the first quarter of fiscal year 2022, driven by aftermarket upgrades and consumer investments in outdoor living spaces. Net sales increased by 23% year-over-year to $410.5 million, and net income increased by 101% to $74.0 million. The company is reaffirming its full fiscal year 2022 guidance for net sales growth of 9% to 12% and adjusted EBITDA in the range of $460 million to $475 million.
Net sales increased 23% year-over-year to $410.5 million.
Net Income increased 101% year-over-year to $74.0 million.
Adjusted Net Income increased 34% year-over-year to $85.0 million.
Adjusted EBITDA increased 18% year-over-year to $126.2 million.
Hayward
Hayward
Forward Guidance
Hayward reaffirmed its outlook for net sales growth of 9% to 12% year-over-year and Adjusted EBITDA in the range of $460 million to $475 million, or a growth range of 9% to 13% year-over-year.
Positive Outlook
- Well positioned to achieve net sales and adjusted EBITDA growth for the full year following the strong start in the first quarter of 2022.
- Consumer demand for pool equipment products continues to be driven by healthy activity in the aftermarket as well as new construction.
- Continuing to see increased market adoption of products, specifically within the SmartPad conversion opportunities facilitated by the Omni platform
- Environmentally conscious technologies are seeing increased market adoption.
- Vertical integration and pricing power will continue to be leveraged to help substantially offset challenges.
Challenges Ahead
- Continue to experience areas of supply chain challenges
- Continue to experience cost inflation challenges
- Global market disruptions