Pool Corp. (POOL, Financial) filed Quarterly Report for the period ended 2011-03-31.
Pool Corp. has a market cap of $1.47 billion; its shares were traded at around $30.19 with a P/E ratio of 24.2 and P/S ratio of 0.9. The dividend yield of Pool Corp. stocks is 1.8%. Pool Corp. had an annual average earning growth of 5.9% over the past 10 years.
Total net receivables increased 10% to $173.8 million at March 31, 2011 from $157.6 million at March 31, 2010 due primarily to higher March 2011sales. Our allowance for doubtful accounts balance was $6.5 million at March 31, 2011, a decrease compared to March 31, 2010 of $3.5 million that reflects write-offs of certain fully reserved customer accounts and significant improvements in our receivable aging trends. The allowance for doubtful accounts has decreased approximately $0.6 million from December 31, 2010 to March 31, 2011. Days sales outstanding (DSO) improved between periods to 31.0 days at March 31, 2011 compared to 34.2 days at March 31, 2010.
Our inventory levels increased 15% to $438.8 million as of March 31, 2011 compared to $382.4 million as of March 31, 2010. Excluding approximately $9.3 million of inventory related to our 2010 acquisitions, inventories were up 12% reflecting both increased purchase levels in anticipation of the 2011 season and higher replenishment rates due to our first quarter sales trends. Our inventory turns, as calculated on a trailing twelve month basis, have increased to 3.3 times at March 31, 2011 compared to 3.1 times at March 31, 2010.
Based on our sales expectations for the full year and our ability to leverage our infrastructure, we expect to realize operating profit growth as a percentage of net sales growth (contribution margin) of approximately 20%. Factoring in our strong first quarter results and despite our projections for no meaningful improvement in major household discretionary expenditures, we have adjusted our 2011 earnings guidance to a range of $1.35 to $1.45 per diluted share from our initial guidance of $1.27 to $1.35 per diluted share. We expect cash provided by operations will approximate net income for fiscal 2011.
Operating expenses were up 8% compared to the first quarter of 2010, including a 6% increase in base business operating expenses. This increase was primarily due to higher variable expenses driven by base business sales growth, and included a $2.1 million increase in employee incentive costs and a $0.7 million increase in delivery costs, which also reflected higher fuel costs.
Net loss decreased to $0.6 million in the first quarter of 2011 from $6.1 million in the first quarter of 2010. Our net loss was $0.01 per diluted share for the first quarter of 2011 compared to a net loss of $0.12 per diluted share for the same period in 2010.
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Pool Corp. has a market cap of $1.47 billion; its shares were traded at around $30.19 with a P/E ratio of 24.2 and P/S ratio of 0.9. The dividend yield of Pool Corp. stocks is 1.8%. Pool Corp. had an annual average earning growth of 5.9% over the past 10 years.
Highlight of Business Operations:
Loss per diluted share for the first quarter of 2011 was $0.01 on a net loss of $0.6 million, compared to a loss of $0.12 per diluted share on a net loss of $6.1 million in the same period in 2010.Total net receivables increased 10% to $173.8 million at March 31, 2011 from $157.6 million at March 31, 2010 due primarily to higher March 2011sales. Our allowance for doubtful accounts balance was $6.5 million at March 31, 2011, a decrease compared to March 31, 2010 of $3.5 million that reflects write-offs of certain fully reserved customer accounts and significant improvements in our receivable aging trends. The allowance for doubtful accounts has decreased approximately $0.6 million from December 31, 2010 to March 31, 2011. Days sales outstanding (DSO) improved between periods to 31.0 days at March 31, 2011 compared to 34.2 days at March 31, 2010.
Our inventory levels increased 15% to $438.8 million as of March 31, 2011 compared to $382.4 million as of March 31, 2010. Excluding approximately $9.3 million of inventory related to our 2010 acquisitions, inventories were up 12% reflecting both increased purchase levels in anticipation of the 2011 season and higher replenishment rates due to our first quarter sales trends. Our inventory turns, as calculated on a trailing twelve month basis, have increased to 3.3 times at March 31, 2011 compared to 3.1 times at March 31, 2010.
Based on our sales expectations for the full year and our ability to leverage our infrastructure, we expect to realize operating profit growth as a percentage of net sales growth (contribution margin) of approximately 20%. Factoring in our strong first quarter results and despite our projections for no meaningful improvement in major household discretionary expenditures, we have adjusted our 2011 earnings guidance to a range of $1.35 to $1.45 per diluted share from our initial guidance of $1.27 to $1.35 per diluted share. We expect cash provided by operations will approximate net income for fiscal 2011.
Operating expenses were up 8% compared to the first quarter of 2010, including a 6% increase in base business operating expenses. This increase was primarily due to higher variable expenses driven by base business sales growth, and included a $2.1 million increase in employee incentive costs and a $0.7 million increase in delivery costs, which also reflected higher fuel costs.
Net loss decreased to $0.6 million in the first quarter of 2011 from $6.1 million in the first quarter of 2010. Our net loss was $0.01 per diluted share for the first quarter of 2011 compared to a net loss of $0.12 per diluted share for the same period in 2010.
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