Pool Corporation (POOL) has reported a 36.10 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $22.28 million, or $0.52 a share in the quarter, compared with $16.37 million, or $0.38 a share for the same period last year. Revenue during the quarter grew 6.05 percent to $546.44 million from $515.25 million in the previous year period. Gross margin for the quarter expanded 36 basis points over the previous year period to 28.11 percent. Total expenses were 94.33 percent of quarterly revenues, up from 94.27 percent for the same period last year. That has resulted in a contraction of 6 basis points in operating margin to 5.67 percent.
Operating income for the quarter was $31 million, compared with $29.53 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $39.79 million compared with $36.66 million in the prior year period. At the same time, adjusted EBITDA margin improved 17 basis points in the quarter to 7.28 percent from 7.12 percent in the last year period.
"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 chief executive officer.
For financial year 2017, Pool Corporation forecasts diluted earnings per share to be in the range of $4.12 to $4.32.
Operating cash flow remains negative
Pool Corporation has spent $32.42 million cash to meet operating activities during the quarter as against cash outgo of $39.75 million in the last year period. The company has spent $19.12 million cash to meet investing activities during the quarter as against cash outgo of $15.81 million in the last year period.
Cash flow from financing activities was $42.47 million for the quarter, down 20.05 percent or $10.65 million, when compared with the last year period.
Cash and cash equivalents stood at $13.41 million as on Mar. 31, 2017, up 34.56 percent or $3.44 million from $9.96 million on Mar. 31, 2016.
Debt moves up
Pool Corporation has witnessed an increase in total debt over the last one year. It stood at $490.22 million as on Mar. 31, 2017, up 8.83 percent or $39.76 million from $450.46 million on Mar. 31, 2016.
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