(Reuters) - Pool (NASDAQ:POOL) Corporation beat estimates for fourth-quarter profit on Thursday as strength in its pool maintenance services offset weak consumer spending on big-ticket purchases like swimming pools.
The Covington, Louisiana-based company, which trades under PoolCorp, bill itself as the world's largest wholesale distributor of swimming pool supplies and related equipment. It also sells irrigation and landscape products.
New residential pool construction permits were lower as the high interest rates have put off consumers taking on significant financial debt in an uncertain economy.
The company was able to offset inflationary headwinds by expanding on its product portfolio, adding new services and diversifying its customer base.
On an adjusted basis, Pool reported a profit of $1.32 per share, beating analysts' average expectation of $1.25 per share, according to LSEG data.
Revenue at the company, which has operations in North America, Europe and Australia, was $1 billion, compared with $1.1 billion reported a year ago.
The pool-maker expects diluted earnings per share for the year 2024 between $13.10 and $14.10, compared with analysts' estimates of $14.10, as per LSEG data.