Pool Corp. (POOL) Tuesday lowered its earnings outlook for the full year 2013, citing "cooler and wetter" weather condition than anticipated that impacted its swimming pool business. Following the news, shares of Pool slipped six percent in after hours trade.
The Covington, Louisiana-based swimming pool products distributor now expect full-year 2013 earnings in the range of $2.03 to $2.13 per share, down from its previous estimate of $2.13 to $2.23 per share. Analysts polled by Thomson Reuters currently estimate earnings of $2.21 per share for the year. Analysts' estimates typically exclude one-time items.
Chief Executive Manuel Perez de la Mesa said, "Our seasonal markets in North America and Europe, however, experienced cooler and wetter than normal conditions, resulting in later pool openings and reduced consumer purchases in these markets, causing sales to lag our expectations."
The company said it sees a disproportionately greater impact on its second quarter results compared to the third and fourth quarters.
POOL closed Tuesday's trading at $54.72, up $1.37 or 2.57%, on the Nasdaq. The stock, however, slipped $3.47 or 6.34% in after hours trade.
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