(RTTNews) - Pool Corp. (POOL) on Thursday reported that net income for the first quarter declined to $78.89 million or $2.04 per share from $101.70 million or $2.58 per share in the prior-year quarter.
Excluding the impact from ASU 2016-09 in both periods, adjusted earnings for the quarter were $1.85 per share, compared to $2.46 per share for the year-ago quarter.
Net sales for the quarter decreased 7 percent to $1.12 billion from $1.21 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.91 per share on revenues of $1.13 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, Pool now projects earnings in a range of $13.19 to $14.19 per share, up from the prior outlook range of $13.10 to $14.10 per share. The Street expects earnings of $13.27 per share for the year.
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