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Mar 30, 2024
Hayward Q1 2024 Earnings Report
Hayward's financial performance remained steady with a slight sales increase and improved profitability.
Key Takeaways
Hayward Holdings reported a 1% increase in net sales, reaching $212.6 million for the first quarter of fiscal year 2024. The company experienced a 17% increase in net income, totaling $9.8 million, and an adjusted EBITDA of $45.0 million. Diluted EPS was $0.04, with an adjusted diluted EPS of $0.08.
Net sales increased by 1% to $212.6 million.
Net income increased by 17% to $9.8 million.
Gross profit margin increased 260 basis points to 49.2%.
Adjusted diluted EPS increased by 14% to $0.08.
Forward Guidance
Hayward is reaffirming its full-year 2024 guidance, projecting sales and earnings growth driven by solid execution, positive price realization, and increasing technology adoption.
Positive Outlook
- Net sales are expected to be approximately $1.010 billion to $1.060 billion, an increase of approximately 2% to 7%.
- Adjusted EBITDA is projected to be $255 million to $275 million, an increase of approximately 3% to 11%.
- The pool industry remains attractive with sustainable secular demand trends in outdoor living.
- Hayward continues to leverage competitive advantages and drive adoption of SmartPad™ pool equipment.
- The company is confident in its long-term outlook for profitable growth and robust cash flow generation.
Challenges Ahead
- The guidance range contemplates uncertainty around global macro conditions.
- The guidance range contemplates uncertainty around consumer spending.
- The guidance range contemplates uncertainty coupled with progressively leaner channel inventory positions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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