Shares of pool equipment and associated automation systems maker Hayward Holdings, Inc. (HAYW) are surging more than 21% Wednesday morning following robust first-quarter results.
The company reported net income of $36.9 million in the first quarter compared with net loss of $10.4 million in the same quarter a year ago. Excluding items, adjusted income was $63.6 million compared with $14.3 million a year ago.
Hayward posted loss per share of $0.85 in the quarter compared with loss per share of $8.80 last year.
Undistributed earnings, used as the numerator in EPS computation, is reduced by a non-cash charge due to the beneficial conversion feature related to the redemption of Class A shares for common shares. Such non-cash charge is treated as a deemed dividend which in turn reduces undistributed earnings. There is no current or future income statement impact, the company said.
Net sales increased 96% year-over-year to $334.4 million on higher volumes.
Looking forward to the full-year, Hayward expects net sales growth of 40% to 45%.
HAYW hit a new 52-week high of $24.50, before slipping to trade at $23.47 currently.
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