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Apr 01, 2023
Hayward Q1 2023 Earnings Report
Hayward's first quarter results reflected strong execution amid channel inventory rightsizing and normalizing seasonal buying patterns.
Key Takeaways
Hayward Holdings reported a 49% decrease in net sales to $210.1 million for the first quarter of fiscal year 2023. Net income decreased by 89% to $8.4 million, and diluted EPS decreased by 87% to $0.04. The company is reaffirming its full year 2023 guidance.
Net sales decreased by 49% to $210.1 million.
Net income decreased by 89% to $8.4 million.
Diluted EPS decreased by 87% to $0.04.
Adjusted EBITDA decreased by 64% to $44.9 million.
Hayward
Hayward
Forward Guidance
Hayward is reaffirming its full year 2023 guidance reflecting current global economic conditions and reductions in channel inventory levels.
Positive Outlook
- Hayward remains positive about the health of the pool industry.
- The industry continues to benefit from secular demand tailwinds, including outdoor living.
- The industry continues to benefit from sunbelt migration.
- The industry continues to benefit from smart home technology adoption.
- The industry continues to benefit from environmentally sustainable products.
Challenges Ahead
- Net sales are expected to decrease 18% to 22% compared to the prior year.
- Adjusted EBITDA is expected to be $265 million to $285 million.
- Global economic conditions
- Reductions in channel inventory levels.
- Near-term demand across our industry remains below recent levels due to channel inventory reductions.