Pool Corporation Provides Market Update and Revises 2013 Earnings Guidance
COVINGTON, La., June 18, 2013 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq:POOL) today provided an update on market conditions and the impact on its 2013 earnings expectations.
"Our four largest, year-round markets remain on track," said Manuel Perez de la Mesa, President and CEO. "Our seasonal markets in North America and Europe, however, experienced cooler and wetter than normal conditions, resulting in later pool openings and reduced consumer purchases in these markets, causing sales to lag our expectations. Given the late start to the pool season and our review of sales results through mid-June, we have reduced our full year earnings guidance to a range of $2.03 to $2.13 per diluted share from our previous range of $2.13 to $2.23 per diluted share. While we are reducing our 2013 earnings expectations by approximately 5%, we expect a disproportionately greater impact on our second quarter results compared to the third and fourth quarters."
"The overall fundamentals of the industry are unchanged with a modest recovery shown in discretionary purchases in 2013, albeit below our anticipated levels in our seasonal markets. Despite adverse weather conditions, we still expect to grow earnings by 10% to 15% in 2013 with our medium to long term growth expectations remaining intact," Perez de la Mesa added.
POOLCORP is scheduled to announce its second quarter 2013 results and host its regular quarterly conference call on July 18, 2013 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
POOLCORP is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 318 sales centers in North America and Europe, through which it distributes more than 160,000 national brand and private label products to roughly 80,000 wholesale customers. For more information, please visit www.poolcorp.com.
This news release includes "forward-looking" statements that involve risk and uncertainties that are generally identifiable through the use of words such as "believe," "expect," "intend," "plan," "estimate," "project" and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions, changes in the economy and the housing market, our ability to maintain favorable relationships with suppliers and manufacturers, competition from other leisure product alternatives and mass merchants and other risks detailed in POOLCORP's 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission.
CONTACT: Mark W. Joslin
Jun 18, 2013
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
Matters discussed in this website contain forward-looking information that involves risks and uncertainties. Forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", "believe," "will likely result," "outlook," "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
Certain factors that may affect our business and could cause actual results to differ materially from those expressed in any forward-looking statements include the following:
the seasonality of our business and the sensitivity of the industry to weather conditions
intense competition and low barriers to entry in the industry
sensitivity of the industry to general economic and market conditions
our ability to:
penetrate new markets
identify appropriate acquisition candidates, complete acquisitions on satisfactory terms and successfully integrate acquired businesses
obtain short-term and long-term financing on satisfactory terms
generate sufficient cash flows to support expansion plans and general operating activities
maintain favorable supplier arrangements and relationships
identify and divest assets which do not continue to create value consistent with our objectives
changes in laws and regulations, including changes in accounting standards and taxation requirements (including tax rate changes, new tax laws and revised tax law interpretations)
changes in environmental, health and safety regulations and our ability to comply with such regulations
the risk of fire, safety and casualty losses and related liability claims inherent in the storage of the chemicals that we sell
acts of war or terrorist incidents
changes in public and consumer taste
future litigation or governmental proceedings
The foregoing factors are not exhaustive and new factors may emerge which impact our business. It is impossible for us to predict all such factors. Therefore, forward-looking statements should not be relied upon as a prediction of actual future results. We cannot guarantee that any future event or result will be realized, although we believe we have been prudent in our plans and assumptions. Should additional risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from those anticipated. Investors should bear this in mind as they consider forward-looking statements.
We undertake no obligation to publicly update forward-looking statements, whether as a result of subsequent events, new information or otherwise.
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