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Summary and Outlook
"Through actions to improve our cost structure, drive productivity gains, and reduce working capital needs, we are effectively managing through challenging industry conditions in 2024. As a result of these actions, we have outpaced our initial expectations for full year 2024 adjusted EBITDA performance.
"Our revised full year 2024 guidance is contained in the table below. The increase in the midpoint of our sales guidance reflects the expected five-month contribution of the Coverstar Central acquisition. We increased the midpoint of our adjusted EBITDA guidance range by $15 million, $12 million of which is organic growth attributable to our ongoing business performance, and the remaining $3 million reflects a contribution from the acquisition.
FY 2024 Updated Guidance Ranges | ||
Updated | Original | |
Net Sales | $495-525 million | $490-520 million |
Adjusted EBITDA1 | $75-85 million | $60-70 million |
Capital Expenditures | $18-22 million | $18-22 million |
1) | A reconciliation of Latham's projected Adjusted EBITDA to net income (loss) for 2024 is not available without unreasonable effort due to uncertainty related to our future income tax expense. |
"As we navigate a year of lower pool starts, our priorities remain consistent, namely, to advance the adoption and awareness of both fiberglass pools and automatic safety covers, which represent key long-term growth drivers for Latham. We will continue to implement value engineering and lean manufacturing programs to reduce structural costs, while investing in organic growth initiatives and evaluating other opportunistic acquisitions that position Latham to rapidly grow as pool starts rebound," Mr. Rajeski concluded.
Posted In: SWIM