Q4 2024 Pool Corp Earnings Call Transcript
Key Points
- Pool Corp (POOL) reported full-year revenue of $5.3 billion, slightly above their latest guidance, showcasing strong team execution.
- The company achieved a gross margin of 29.7% for 2024, indicating effective management despite a weaker product mix.
- POOL360 ecosystem and tools have shown significant traction, contributing to increased private label chemical sales.
- The company opened 10 new sales centers and added two through acquisitions, expanding their footprint to almost 450 sales centers.
- Commercial pool product sales grew by 9% for both the full year and the fourth quarter, highlighting successful investments in capabilities and market share growth.
- New pool construction declined by approximately 15% in 2024, with a 50% drop from the pandemic-driven peak, impacting overall sales.
- Fourth quarter sales were down 2% year-over-year, reflecting ongoing challenges in construction and renovation activities.
- Operating income for the fourth quarter decreased to $60.7 million from $79 million in the prior year, with a reduced operating margin of 6.1%.
- The company faces continued macroeconomic pressures, including high interest rates and inflation, which are expected to impact 2025 sales trends.
- Sales in Europe declined by 9% for the full year, indicating regional challenges and a need for improvement in international markets.
Good day, and welcome to the Pool Corporation fourth quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ms. Melanie Hart, Senior Vice President and Chief Financial Officer. Please go ahead, ma'am.
Thank you, and welcome to our fourth quarter and year-end 2024 earnings conference call. Our discussion, comments and responses to questions today may include forward-looking statements including management's outlook for 2025 and future periods.
Actual results may differ materially from those discussed today. Information regarding the factors and variables that could cause actual results to differ from projected results are discussed in our 10-K. In addition, we may make references to non-GAAP financial measures in our comments.
A description and reconciliation of our non-GAAP financial measures included in our press release are posted to our corporate website in the
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