RTTNews | Jul 22, 2021 08:28AM EDT

08:27 Thursday, July 22, 2021 (RTTNews.com) - Pool Corporation (POOL), a wholesale distributor of swimming pool and related backyard products on Thursday announced results for the second quarter of 2021 logging a 65 percent growth in net income in the backdrop of robust sales growth. Sales and earnings also surpassed the Street expectations. The company also increased the 2021 earnings guidance.

Net Income for the period was $259.7 million or $6.37 per share as compared to $157.6 million or $3.87 per share in the previous second quarter. On an average, 7 analysts polled by Thomson Reuters were expecting the company to report earnings of $5.48 per share. Analysts typically exclude one-time items.

Adjusted EBITDA for the period was $349.5 million as compared to $216.6 million in the year-ago quarter.

Net Sales for the period increased to $1.79 billion, from the level of $1.28 billion in the second quarter of the previous financial year, registering a growth of 40 percent.

On an average, 9 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.73 billion during the quarter.

Operating Income was $338.6 million as compared to $205.9 million in the year-ago quarter, registering a growth of 64 percent.

As the second quarter results exceeded expectations, and with better visibility on demand, the company revised up its annual earnings guidance range to $13.75 to $14.25 per share, including the impact of year-to-date tax benefits of $0.29. The previous 2021 earnings guidance was $11.85 to $12.60 per share, including first quarter 2021 tax benefit of $0.10.

On an average 6 analysts polled by Thomson Reuters are expecting the company to report earnings of $12.42 per share for 2021.

The shares of Pool Corporation are trading in premarket at $472, up $14.31 or 3.13 percent from previous close.

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