By Christiana Sciaudone
Investing.com - More Americans are taking a dip as they stick close to home. That’s good news for Pool (NASDAQ:POOL) Corporation, which is up 4% Thursday to a record after boosting guidance and beating second quarter estimates.
Pool, the world's largest wholesale distributor of swimming pool and related backyard products, reported earnings per share of $3.72 on record net sales of $1.28 billion, compared to EPS of $3.17 and revenue of $1.16 billion estimated by analysts tracked by Investing.com.
Annual earnings guidance was bumped to a range of $6.90 to $7.30 per diluted share, compared to $5.30 to $5.90 previously.
"We believe that industry demand remains healthy, which is reflected through reports of significantly more leads and a larger than normal backlog from pool construction and remodel companies,” Chief Executive Officer Peter D. Arvan said in a statement.
Shares have almost doubled since March. Pool has five buy ratings and three holds, with no sells, according to data compiled by Investing.com.