Reuters: Hot Stocks: Pool Corp trims forecast, shares fall

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Pool Corp trims forecast, shares fall Jul 19th 2012, 14:24 July 19 | Thu Jul 19, 2012 10:24am EDT July 19 (Reuters) - Swimming pool distributor Pool Corp posted lower-than-expected quarterly results as pricing pressure hurt gross margins, sending its shares down as much as 11 percent. The company also cut the upper end of its fiscal 2012 earnings forecast. It now expects to earn between $1.75 and $1.82 per share down from $1.75 to $1.85 per share. "We are cautious about the outlook for the second half of the year given the early peak of the 2012 season coupled with uncertainty in the economic environment," Chief Executive Manuel Perez de la Mesa said. Gross margin fell 50 basis points to 29.4 percent. The company, which supplies swimming pool equipment and related leisure products, blamed competitive pricing pressures and unfavorable changes in customer mix for the decline. Net income rose to $64.9 million, or $1.34 per share, for the second quarter, from $58.6 million, or $1.19 per share a year earlier. Revenue rose 7 percent to $757.2 million. Analysts on average were expecting earnings of $1.35 per share, on revenue of $770.1 million, according to Thomson Reuters I/B/E/S. Shares of the company were down 10 percent at $36.40 in morning trade on the Nasdaq. They touched a low of $36.00 earlier in the session. Link this Share this Digg this Email Reprints

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