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In a remarkable display of resilience and growth, Latham Group Inc. (SWIM) stock has soared to a 52-week high, reaching a price level of $6.37. This significant milestone reflects a robust upward trend for the company, which has seen an impressive 1-year change of 60.78%. Investors have shown increased confidence in Latham Group's market position and growth prospects, propelling the stock to new heights over the past year. The achievement of this 52-week high serves as a testament to the company's strong performance and potential for future gains.
In other recent news, Latham Group has announced its Q2 2024 results, showing a 9.6% decrease in net sales, but an increase in adjusted EBITDA margin by 400 basis points. These results reflect the company's effective restructuring and cost management strategies amid challenging market conditions. Latham Group's acquisition of Coverstar Central is expected to enhance sales of automatic safety covers and improve margins. The company has revised its full-year EBITDA guidance upwards by $15 million, despite forecasting a 15% decline in new pool starts.
Net income rose to $5.4 million, a significant improvement from a loss in the previous year. Adjusted EBITDA increased by 11.4% to $46.8 million, and a 400 basis point increase in EBITDA margin to 17.3% was recorded. The company remains a leader in the fiberglass pool market and has completed the acquisition of Coverstar Central.
These are recent developments that reflect Latham Group's ongoing commitment to cost management and exploration of further mergers and acquisitions. The company maintains a strong financial position with $90.8 million in cash and $282.4 million in total debt. Despite the challenging macroeconomic conditions, Latham Group continues to navigate the market with strategic initiatives aimed at maintaining profitability and expanding market share.
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