Latham Q2 net income $13.3M, EBITDA margin 21.5%; acquires Coverstar for $64.5M; raises FY EBITDA guidance to $75-85M

Latham Group, Inc.

2024-Q2 EPS reported $0.05 revenue$270,751,000

Q2 net sales $160.1M, down 9.6% YoY; net income $13.3M ($0.11 diluted EPS) up from $5.7M.
Adjusted EBITDA $34.5M (21.5% margin), up 11.2% YoY; margin expanded 400 bps.
Acquired Coverstar Central for $64.5M cash; expected to add ~$20M annual sales and be immediately accretive.
FY2024 guidance raised: net sales $495-525M, adjusted EBITDA $75-85M (prior $60-70M).
Q2 operating cash flow $52M; net debt leverage fell to 2.1x from 2.7x in Q1.

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