Shares of Pool Corporation (NASDAQ:POOL) surged by 8.36% on Wednesday, October 24th, following the company's better-than-expected third-quarter earnings report. The pool supplies distributor's strong performance was driven by resilient demand for maintenance products, offsetting weakness in discretionary sales.
For the quarter ended September 30th, Pool reported adjusted earnings per share of $3.26, surpassing analysts' consensus estimate of $3.14. Despite a 2.8% year-over-year decline, the company's revenue of $1.43 billion also exceeded Wall Street's expectations of $1.40 billion.
President and CEO Peter Arvan attributed the company's solid results to "steady demand for maintenance products while the discretionary portions of our business continued to see pressure." As consumers tightened their discretionary spending, Pool's maintenance services and products remained resilient, underpinning the company's overall performance.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.