Highlights
  • Net sales growth of 6% with base business net sales growth of 5% for Q1 2017, which is on top of 13% base business growth in Q1 2016
  • Operating income growth of 5% for Q1 2017, on top of an 89% increase in operating income in Q1 2016
  • Q1 2017 diluted EPS increased to $0.52 from $0.38 in Q1 2016, including a $0.12 favorable impact from new accounting pronouncement
  • Updated 2017 earnings guidance range to $4.12 - $4.32 per diluted share

COVINGTON, La., April 20, 2017 (GLOBE NEWSWIRE) -- Pool Corporation (NASDAQ:POOL) today reported record results for the first quarter of 2017.

"Building on strong momentum from 2016, we are pleased with our solid start to 2017.  As always, we are focused on enhancing execution, with our first quarter success being primarily attributable to delivering on our continuous improvements.  It should be noted that we had an extremely challenging comparison, given the very mild weather in the first quarter of 2016, yet we were still able to realize record sales and operating profit," said Manuel Perez de la Mesa, President and CEO.

Net sales for the first quarter of 2017 increased 6% to a record $546.4 million compared to $515.3 million in the first quarter of 2016.  We realized base business sales growth of 5% for the period, despite an estimated 2% decline in first quarter sales related to customer early buy purchases.  Overall, weather was not quite as beneficial in the first quarter of 2017 as it was in the same period last year, but better-than-normal weather for the 2017 period helped drive our sales growth.

Gross profit for the first quarter of 2017 increased 7% to a record $153.6 million from $143.0 million in the same period of 2016.  Base business gross profit improved 6% over the first quarter of last year.  Gross profit as a percentage of net sales (gross margin) increased just over 30 basis points to 28.1% compared to the first quarter of 2016.  This increase is primarily due to changes in customer and product mix for the quarter, including the impact of the timing of customer early buy purchases, which generally contribute lower margins due to applicable discounts.

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