Earnings ·
Latham Group reports Q3 net sales of $182.2M, up 12.5%, and approves $100M share buyback
SWIMLatham Group, Inc.
Latham Group reported third-quarter net income of $12.1 million, or $0.10 per diluted share, a 48.5% increase from the prior year period. Net sales rose 12.5% to $12.2 million, driven by an 8.4% organic growth rate and strong performance in the Sand States. Adjusted EBITDA grew 18.1% to $45.3 million with a margin expansion of 110 basis points to 24.8%. The company narrowed its full-year net sales guidance midpoint to 11.7% growth and adjusted EBITDA guidance midpoint to 15.2% growth. Additionally, the Board approved a new three-year $100 million stock repurchase program. Latham Group is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand.