Latham Group, Inc.
7.35-0.14 (-1.87%)
Oct 29, 4:00:00 PM EDT · NasdaqGS · SWIM · USD
Key Stats
Market Cap
856.58MP/E (TTM)
-Basic EPS (TTM)
-0.12Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Latham Group posted solid Q2 momentum with net sales up 7.8% y/y to $172.6M, fueled by autocover growth and the Coverstar Central acquisition closed August 2024 for $71.5M (cash and non-cash settlement), recognizing $22.0M goodwill and $38.2M dealer relationships (amortized over 13 years). Gross margin expanded 4.0pp to 37.1% on lean manufacturing gains, while operating income rose 23.3% y/y to $24.7M; diluted EPS climbed to $0.13 from $0.11, consistent with 119.4M weighted shares. Covers sales surged 46.0% y/y to $37.2M, offsetting softer pool demand. Cash dipped to $26.9M amid seasonal receivables buildup, but $75.0M revolver availability cushions the $281.5M term loan (due 2029 at ~9.24% effective rate). Free cash flow not disclosed in the 10-Q. Yet competition in pool distribution sharpens pricing risks.
8-K
Q2 sales up 7.8%, board adds expert
Latham Group reported Q2 2025 net sales of $172.6 million, up 7.8% year-over-year, with gross margin expanding 400 basis points to 37.1% from higher volumes, lean initiatives, and Coverstar acquisitions. Adjusted EBITDA rose 15.7% to $39.9 million, or 23.1% of sales, despite marketing investments. The company appointed industry veteran Jeffrey T. Jackson to its board and audit committee, effective August 5, 2025, adding financial expertise amid growth. Latham reconfirms full-year guidance for 8% sales growth and 19% Adjusted EBITDA growth at midpoints. Board expansion bolsters oversight.
10-Q
Q1 FY2025 results
Latham Group edged up net sales 0.7% year-over-year to $111.4M in Q1 FY2025 ended March 29, 2025, driven by volume gains in covers that offset softer pool and liner demand, while gross margin expanded 1.8 points to 29.5% on lean manufacturing efficiencies and Coverstar Central integration. Operating loss widened to $4.9M from $2.1M amid higher SG&A from sales investments and $7.2M amortization (up 12.2% y/y), yet net loss narrowed 24.2% to $6.0M or $(0.05) per diluted share on a $4.1M tax benefit and lower interest costs—reconciled consistently with 115.9M weighted shares. Cash dipped to $24.0M after $46.9M operating outflow from receivables buildup, but $50.0M revolver availability bolsters liquidity alongside $307M total debt (Term Loan at 9.31% effective rate, maturing 2029). The Coverstar Central deal closed August 2024 for $71.5M cash consideration, adding $22.0M goodwill and $37.8M dealer relationships (13-year life) for vertical integration gains. Competition from alternative pool materials remains a key risk.
8-K
Q1 sales up, margins expand
Latham Group reported Q1 2025 net sales of $111.4 million, up 0.7% year-over-year, driven by fiberglass pools and autocovers amid a sluggish pool industry. Gross margin expanded 190 basis points to 29.5% from lean manufacturing gains, though SG&A rose 16.6% on growth investments, yielding Adjusted EBITDA of $11.1 million and a narrower net loss of $6.0 million. The Sand States expansion advances steadily. Full-year guidance holds at $535-565 million in sales and $90-100 million in Adjusted EBITDA. Joshua Cowley resigns as Chief Commercial Officer effective May 16.
10-K
FY2024 results
Latham Group navigated a tough FY2024 with net sales dipping 10.2% y/y to $508.5M amid soft pool demand, yet Q4 showed sequential stabilization as fiberglass conversions gained traction in the Sand States. Gross margins expanded 3.2 points to 30.2% through lean manufacturing efficiencies and procurement gains, while operating income rose 13.3% to $18.3M despite higher sales investments. Adjusted EBITDA held steady at 15.8% margin, buoyed by the accretive August Coverstar Central acquisition that vertically integrated autocover sales and added $22M goodwill. Liquidity remains solid with $56.4M cash and full $75M revolver access, funding $20M capex focused on fiberglass capacity. No formal FY2025 guidance issued, but management eyes share gains on industry rebound. Adverse weather remains a key risk, potentially disrupting Q2-Q3 installation peaks.
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