Hayward reports Q1 EPS 8c, consensus 8c

Reports Q1 revenue $212.6M, consensus $209.04M.”I am pleased to report first quarter results consistent with expectations,” said Kevin Holleran, Hayward’s President and Chief Executive Officer. “We delivered strong gross margin expansion of 260 basis points and improved cash flow through continuous improvement in operations and working capital management. As we proactively manage our cost structure, we are funding our strategic growth initiatives and introducing innovative new pool solutions. The economic and interest rate environment remains uncertain, and our customers are taking a prudent approach. However, our team continues to demonstrate the ability to execute and drive robust profitability despite current market conditions. The year-over-year increase in our cash balance at the end of the first quarter and expected strong collections in the second quarter gave us the confidence and flexibility to initiate a voluntary early debt repayment subsequent to quarter end.”