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Pool Corp Q2 FY20: sales of $1.28 bn; net income jumps 20%

Jul '20
Pic: Pool Corporation
Pic: Pool Corporation
Pool Corp, a distributor of swimming pool supplies, equipment and related leisure products, has announced the second quarter (Q2) FY20 and half year results that ended on June 30, 2020. Company reported a record sales growth by 14 per cent in Q2 FY20 to $1.28 billion (Q2 FY19: $1.12 billion). Net income jumped 20 per cent to $157.6 million ($131.4 million).
“The second quarter of 2020 presented a unique opportunity for our business as families continued to search for safe, at-home leisure activities, which drove earlier pool openings and increased demand for a variety of products,” Peter D Arvan, president and CEO at Pool Corporation, said in a press release.
Gross profit for the reported quarter rose 13 per cent to $373.5 million ($330.3 million). Selling and administrative expenses (operating expenses) increased 6 per cent to $167.6 million ($157.8 million). Operating income grew 19 per cent to $205.9 million ($172.5 million).
For H1 FY20, sales were up 14 per cent to $1.96 billion from $1.72 billion in same period last year. Net income for the six months increased 15 per cent to a record $188.5 million ($164.0 million).
“We believe that industry demand remains healthy, which is reflected through reports of significantly more leads and a larger than normal backlog from pool construction and remodel companies.  We are confident that our strong balance sheet, ample liquidity and robust supply chain, coupled with disciplined execution from our team, has positioned us to achieve solid results through the second half of the year,” Arvan said.

Fibre2Fashion News Desk (JL)

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