Pool Corporation (POOL - Free Report) recently provided a business update based on the current market scenario in the wake of the coronavirus pandemic. Following the announcement, the company’s shares rose 0.6% during after-hours trading yesterday.
A glimpse of the company’s price trend reveals that Pool Corp has outperformed its industry so far this year. The stock has gained 19.8% compared with the industry’s 13.5% growth.
Although the coronavirus outbreak has been impacting the economy, Pool Corp has lately been experiencing some positive trends in its business. On Apr 23, the company said that sales declined in the range of 5-10% during the month-to-date period in April. However, sales trend improved in the latter part of April. The company also said that sales in May were picking up on strong demand.
The company is benefiting from increased use of residential swimming pools during stay-at-home restrictions during the second quarter. Also, easing of jurisdictional restrictions, allowing more contractors to return to work on existing and new projects, have driven pool usage and in turn industry demand.
Notably, it has been experiencing increased demand for both in-ground and above-ground pools and related components. Moreover, demand for residential pool maintenance supplies, such as chemicals, and replacement products, such as pool heaters, pumps, cleaners, lights and filters, has increased from the year-ago period.
Pool Corp — which shares space with Peloton Interactive, Inc. (PTON - Free Report) , Vista Outdoor Inc. (VSTO - Free Report) and Brunswick Corporation (BC - Free Report) in the Zacks Leisure and Recreation Products industry — has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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