These Analysts Slash Their Forecasts On Leslie's Following Preliminary Results

Author: Avi Kapoor | July 18, 2024 08:54am

Leslie's, Inc. (NASDAQ:LESL) issued preliminary third-quarter financial results below estimates and cut its FY24 guidance on Wednesday.

After the market close on Wednesday, Leslie’s announced it now expects third-quarter revenue of approximately $570 million versus estimates of $615.407 million. The pool supply company anticipates third-quarter adjusted earnings of 32 cents to 33 cents per share versus Benzinga Pro estimates of 42 cents per share.

Leslie’s also cut its full-year 2024 revenue guidance from a range of $1.141 billion to $1.47 billion to a new range of $1321 billion to $1.347 billion. The company slashed its adjusted earnings forecast from a range of 25 cents to 33 cents per share to a new range of 3 cents to 9 cents per share.

"The cold and wet spring weather we experienced during the fiscal second quarter extended through May, reducing the number of pool days in non-seasonal markets and delaying the start of pool season in seasonal markets," said Mike Egeck, CEO of Leslie's.

Leslie's shares fell 0.2% to close at $4.08 on Wednesday.

These analysts made changes to their price targets on Leslie's following the announcement.

• B of A Securities analyst Elizabeth Suzuki maintained Leslie's with a Buy rating and lowered the price target from $6.4 to $5.15.
• Piper Sandler analyst Peter Keith maintained the stock with a Neutral rating, while cutting the price target from $6 to $3.
• Telsey Advisory Group analyst Dana Telsey maintained Leslie's with a Market Perform rating, while lowering the price target from $6 to $4.

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Posted In: LESL