COVINGTON — Pool Corp. on Tuesday lowered its 2013 earnings forecast by 5 percent, citing a late start to the pool season because of weather conditions.
“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.”
The Covington-based wholesale distributor of swimming pool and related backyard products reduced its full-year earnings guidance to a range of $2.03 to $2.13 per diluted share from its previous range of $2.13 to $2.23 per diluted share.
“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,” Perez de la Mesa said. “Despite adverse weather conditions, we still expect to grow earnings by 10 percent to 15 percent in 2013 with our medium- to long-term growth expectations remaining intact.”