Latham Group reports Q4 EPS (17c), consensus (7c)

Reports Q4 revenue $107.9M, consensus $101.66M. "We delivered fourth quarter results in line with our expectations, completing our 13th consecutive year of net sales and adjusted EBITDA growth," said Scott Rajeski, CEO. "In 2022, Latham achieved year-over-year net sales growth across all three of our product lines, including volume growth in fiberglass, while the industry saw U.S. in-ground pool installations decline versus 2021. Our fiscal 2022 performance was enabled by our progress in driving the material conversion from concrete to fiberglass swimming pools, strengthening our supply chain, and driving operational efficiency. Looking ahead, we are confident in our ability to navigate what we anticipate will be a challenging macroenvironment in 2023. We have taken necessary cost reduction actions and continue to execute on our lean and value engineering initiatives. We are partnering closely with our wholesale distribution partners as they normalize their packaged pool inventory levels. Latham continues to be a leader of innovation in the pool industry, highlighted by our digital marketing advancements, the launch of Measure by Latham, expansion of our premium fiberglass model product offering, and the planned opening of our new state-of-the-art fiberglass manufacturing facility in Kingston, Ontario later this year. We continue to see interest in pool ownership as indicated by our website traffic, leads, and dealer feedback. We believe our growth initiatives position us well to capitalize on this demand over time."