Latham reports Q4 net sales down 22.3% YoY to $107.9M; guides FY2023 net sales $565M-$615M

Latham Group, Inc.

Q4 net loss of $19.0M ($0.17/share) vs. net loss of $6.0M a year ago; Adjusted EBITDA $4.4M (4.1% margin), down 84% YoY.
Full-year FY2022 net sales $695.7M (+10.4% YoY), net loss $5.7M, Adjusted EBITDA $143.3M (+2.5% YoY, margin 20.6%).
FY2023 guidance: net sales $565M-$615M, Adjusted EBITDA $90M-$110M, capex $35M-$40M; Q1 2023 net sales $120M-$130M, Adj. EBITDA $6M-$10M.
Cites macro uncertainty, wholesale destocking, and return to seasonality as headwinds; plans to open Kingston, Ontario fiberglass facility in 2023.
Cash $32.6M, total debt $312.9M, undrawn revolver $75M as of Dec 31, 2022.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Latham Group, Inc. reported preliminary financial results for the fiscal fourth quarter and year ended December 31, 2022.

Period: the fiscal fourth quarter and year ended December 31, 2022
Result: preliminary results

Exact text from the filing

On March 7, 2023, Latham Group, Inc. (the “Company”) issued a press release announcing its preliminary results for the fiscal fourth quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001104659-23-029306

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