COVINGTON — Pool Corp., a distributor of swimming pool and backyard supplies, said Thursday that its first-quarter net income fell 6 percent as higher costs more than offset slight sales growth.
The Covington-based company earned $3.4 million, or 7 cents per share, for the three months ended March 31, down from $3.7 million, or 8 cents per share, a year ago. Revenue rose 2 percent to $370.4 million from $362 million.
Despite the profit drop, the results beat Wall Street predictions. Analysts, on average, expected earnings of 5 cents per share on $365.8 million in revenue, according to FactSet.
Pool Corp. said it was happy with sales growth in light of the fact that its year-ago results included one additional sales day and were boosted by early spring weather in the Northeast and Midwest. It noted that sales in year-round pool markets increased about 10 percent during the first quarter of 2013, while sales in its more seasonal markets fell nearly 10 percent.
Pool Corp. backed its previous 2013 profit prediction of $2.13 to $2.23 per share. Analysts expect earnings of $2.20 per share.
Its shares finished at $47.08 on Wednesday.
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