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Dec 31, 2022
Hayward Q4 2022 Earnings Report
Hayward's Q4 2022 financial performance reflected a decrease in net sales and net income, impacted by lower volumes and macroeconomic uncertainty.
Key Takeaways
Hayward Holdings reported a 27% decrease in net sales to $259.0 million for the fourth quarter of fiscal 2022. Net income decreased by 75% to $16.0 million, and diluted GAAP EPS decreased by 72% to $0.07. The decline was attributed to lower volumes due to reduced channel inventory and macroeconomic uncertainty.
Net sales decreased 27% year-over-year to $259.0 million.
Net income decreased 75% year-over-year to $16.0 million.
GAAP diluted EPS decreased 72% year-over-year to $0.07.
Adjusted EBITDA decreased 50% year-over-year to $53.3 million.
Hayward
Hayward
Forward Guidance
For fiscal year 2023, Hayward expects net sales to decrease 18% to 22%, and Adjusted EBITDA of $265 million to $285 million.
Positive Outlook
- The pool industry remains attractive and continues to benefit from sustainable secular demand trends in outdoor living.
- Hayward continues to leverage our competitive advantages and drive increasing adoption of our leading SmartPadTM pool equipment products both in new construction and the aftermarket, which represents approximately 80% of our business.
- Hayward is confident in its long-term outlook for profitable growth and robust cash flow generation, driven by new product innovation, expanding commercial relationships, and operational excellence.
Challenges Ahead
- Hayward is introducing 2023 guidance that reflects more challenging macroeconomic conditions and consequently an additional reduction of channel inventory levels.