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The Associated Press July 22, 2010, 4:59PM ET

Pool Corp. posts higher 2Q profit, sales

Swimming pool distributor Pool Corp. said Thursday its second-quarter profit increased as revenue grew in almost every product category and most of its markets.

The company earned $52.8 million, or $1.05 per share, up 9 percent from $48.4 million, or 99 cents per share, in the same period a year earlier.

Revenue rose 8 percent to $647.5 million from $602.1 million.

Analysts, on average, were expecting a profit of $1.03 per share on revenue of $623.4 million, according to a poll by Thomson Reuters.

"We believe our second quarter results provide strong evidence that the downturn in pool construction and pool refurbishment activities over the past several years has subsided," said Manuel Perez de la Mesa, president and CEO, in a statement.

Pool raised the lower end of its full-year profit outlook range. It now expects to earn between $1.10 and $1.15 per share, up from its earlier guidance of $1 to $1.15 per share. Analysts expect $1.13 per share.

Shares fell 70 cents, or 3.2 percent, to close at $20.89.

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