COVINGTON, La. (AP) -- Pool Corp., which distributes supplies for swimming pools, cut its profit estimate for the year because cool, wet weather in North America and Europe is hurting its sales.
The company said the unusually cool weather led to later pool openings and fewer purchases by consumers. Pool now expects to earn $2.03 to $2.13 per share for the year, down from its previous estimate of $2.13 to $2.23 per share.
Analysts were forecasting earnings of $2.21 per share, according to FactSet.
Pool is scheduled to report its second-quarter results July 18. Analysts are projecting net income of $1.53 per share, on average.
Shares of Pool Corp. rose 2.6 percent to $54.72 Tuesday, touching a record high of $54.88. The stock is up 29 percent in 2013. The shares were unchanged in aftermarket trading.
- Investment & Company Information