Net Sales Increase
Net sales were up 7.6% year-on-year, significantly outpacing the U.S. in-ground pool market, which is expected to be flat to slightly below 2024 levels.
Adjusted EBITDA Growth
Adjusted EBITDA increased by $8.5 million or 28.5%, with adjusted EBITDA margin increasing to 23.7%, up 390 basis points year-on-year.
Product Line Growth
All three product lines experienced year-on-year growth: in-ground pool sales increased modestly, and sales of covers and liners were up 15% and 13% respectively.
Gross Margin Expansion
Gross margin increased to 35.4%, up 300 basis points year-on-year, driven by lean manufacturing and value engineering initiatives.
Strong Financial Position
Ended the third quarter with $71 million in cash and a net debt leverage ratio of 2.3, expected to approach 2 by year-end.
Fiberglass Pool Market Share Gains
Fiberglass pools are poised to gain another 1% of the total in-ground pool market, expected to represent approximately 24% of total U.S. in-ground pool sales in 2025.