Hayward reports Q4 adjusted EPS 11c, consensus 12c

Reports Q4 revenue $259.0M, consensus $260.17M. "Our Q4 performance was consistent with expectations, reflecting the continued reduction of channel inventory days on hand," said CEO Kevin Holleran. "2022 was characterized by record sell-through of Hayward products as reported by our primary channel partners in the core U.S. market, continued market share gain, and a normalization of channel inventory in the second half. Throughout the year, we took many proactive steps to strengthen Hayward’s position as a premier company in the attractive pool industry, including introducing innovative new solutions and demonstrating agile manufacturing capability. We remained focused on protecting structural gross profit margins through disciplined price actions and manufacturing cost control while funding our growth investments. We successfully executed our enterprise cost reduction program and are on track to deliver the targeted annual SG&A cost savings of $25M-$30M in 2023. We expect these actions to drive the company’s strong financial metrics and provide a solid foundation for future growth."