Latham (NASDAQ:SWIM) Posts Q1 Sales In Line With Estimates But Stock Drops
Residential swimming pool manufacturer Latham (NASDAQ:SWIM) met Wall Street's revenue expectations in Q1 CY2025, but sales were flat year on year at $111.4 million. The company's full-year revenue guidance of $550 million at the midpoint came in 2.5% above analysts' estimates. Its GAAP loss of $0.05 per share was 38.1% above analysts' consensus estimates.
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Latham (SWIM) Q1 CY2025 Highlights:
"we remain cautious on 2025 new pool starts, which we currently project to be roughly in line with 2024 levels. Additionally, we are closely monitoring the impact of elevated tariffs on imported raw materials. Imports represent approximately 15-20% of the raw materials used in our manufacturing process"
Revenue: $111.4 million vs analyst estimates of $111.3 million (flat year on year, in line)
EPS (GAAP): -$0.05 vs analyst estimates of -$0.08 (38.1% beat)
Adjusted EBITDA: $11.1 million vs analyst estimates of $10.94 million (10% margin, 1.4% beat)
The company reconfirmed its revenue guidance for the full year of $550 million at the midpoint
EBITDA guidance for the full year is $95 million at the midpoint, above analyst estimates of $90.47 million
Operating Margin: -4.4%, down from -1.9% in the same quarter last year
Free Cash Flow was -$50.33 million compared to -$39.86 million in the same quarter last year
Market Capitalization: $702.8 million
Commenting on the results, Scott Rajeski, President and CEO, said, 'Our first quarter results were in line with our expectations and reflected the relative strength of Latham's fiberglass pool and autocover product categories and the ongoing benefits from our lean manufacturing and value engineering initiatives.
Company Overview
Started as a family business, Latham (NASDAQ:SWIM) is a global designer and manufacturer of in-ground residential swimming pools and related products.
Sales Growth
A company's long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Unfortunately, Latham struggled to consistently increase demand as its $509.3 million of sales for the trailing 12 months was close to its revenue four years ago. This was below our standards and suggests it's a low quality business.
Latham Quarterly Revenue
Long-term growth is the most important, but within consumer discretionary, product cycles are short and revenue can be hit-driven due to rapidly changing trends and consumer preferences. Latham's recent performance shows its demand remained suppressed as its revenue has declined by 10.9% annually over the last two years.
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