Covington, Louisiana-based PoolCorp reported “record” second-quarter net sales of $2.1 billion, a 15% increase over the same quarter in 2021.
The company’s 2Q 2022 operating income was $418.9 million, up 24% from Q2 2021 with a 150 bps improvement in operating margin, PoolCorp said.
“Our net sales for the second quarter of 2022 increased 15%, exceeding $2 billion for the first time in our company’s history,” said Peter D. Arvan, president and CEO. “This accomplishment is even more impressive after considering our strong performance in the second quarter of 2021 when we achieved net sales of $1.8 billion and 40% growth. While we continue to be limited by supply chain and labor constraints, supply chain dynamics are improving. Our results in the second quarter, while challenged by unfavorable weather in certain markets, reflect the positive impact of growth in the installed base of pools, robust demand and heightened consumer interest in enhanced pool customizations. These favorable trends have benefited our industry, and we believe will continue to do so in the long term.”
Net sales benefited approximately 10% to 11% from elevated price inflation but were “unfavorably impacted 1% from currency exchange rate fluctuations,” the company said.
Gross profit increased 21% to a record $666.8 million in 2Q from $551.7 million in the same period of 2021, PoolCorp said.