Stock Track | Latham Group Plunges Over 7% Pre-Market on Disappointing Q3 Results and Weaker 2024 Outlook

Stock Track11-06

Latham Group, Inc. (NASDAQ: SWIM), a leading designer and manufacturer of in-ground residential swimming pools, saw its stock plunge over 7.9% in pre-market trading on November 6, 2024, following the release of its third-quarter 2024 financial results.

The company reported a 6.4% year-over-year decline in net sales to $150.5 million, primarily due to lower sales volumes. Despite the revenue drop, Latham Group managed to expand its gross margin by 250 basis points to 32.4%, thanks to its lean manufacturing and value engineering programs.

However, adjusted EBITDA decreased by 17.3% from the prior year to $29.8 million, and the adjusted EBITDA margin contracted by 260 basis points to 19.8%. The company cited operational disruptions caused by hurricanes, including a week-long plant shutdown, as one of the factors impacting sales and shipments during the quarter.

Latham Group narrowed its full-year 2024 guidance, now expecting net sales of $500 million to $510 million and adjusted EBITDA of $77 million to $83 million. The company anticipates a 15% decline in new pool starts for 2024, reflecting challenging market conditions.

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(NASDAQ: SWIM), a leading designer and manufacturer of in-ground residential swimming pools, saw its stock plunge over 7.9% in pre-market trading on November 6, 2024, following the ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SWIM","symbol_name":"Latham Group, Inc.","start_time":0,"source_url":"","article_id":"1141792904","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1141792904","pubTimestamp":1730901653,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Latham Group, Inc. , a leading designer and manufacturer of in-ground residential swimming pools, saw its stock plunge over 7.9% in pre-market trading on November 6, 2024, following the release of its third-quarter 2024 financial results.The company reported a 6.4% year-over-year decline in net sales to $150.5 million, primarily due to lower sales volumes. 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