In a financial statement just released, Pool Corporation reported record results for the second quarter of 2014.
"Our second quarter results were generally as expected, with solid sales and gross profit growth and improvement in gross margin, albeit with sales below target in certain seasonal markets. The ongoing recovery of replacement and remodel activity and market share gains continued to contribute to our growth. Likewise, our second quarter results evidenced our ongoing efforts to provide exceptional value and our consistent investment in tools and resources to help our customers succeed," said Manuel Perez de la Mesa, President and CEO.
Net sales for the quarter ended June 30, 2014 increased 7% to a record $848.2 million compared to $790.4 million in the second quarter of 2013, with base business sales also up 7% for the period. Replacement and remodel activity continued to drive sales growth with sustained double-digit sales increases in building materials. Prolonged cold and wet weather in seasonal markets, particularly Canada and the northern United States, limited second quarter sales growth in those markets.
Overall, gross profit for the second quarter of 2014 increased 8% to a record $247.0 million from $228.2 million in the same period of 2013, the company said.
"We look forward to a strong second half of the year and reaffirm our 2014 earnings guidance range of $2.35 to $2.45 per diluted share. Through the remainder of 2014 and beyond, we have countless opportunities to add value. We know that our people will continually strive to operate more effectively and demonstrate their commitment to growing our customers' businesses," said Perez de la Mesa.
POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 326 sales centers in North America, Europe and South America, through which it distributes more than 160,000 national brand and private label products to more than 80,000 wholesale customers. For more information, please visit www.poolcorp.com.
