Hayward Holdings, Inc. reported a financial performance for the fiscal year ending December 31, 2024, with net sales reaching $1.052 billion, a 6% increase from $992.5 million in the previous year. The company's gross profit also rose to $530.8 million, up 11.3% from $477 million, resulting in a gross profit margin of 50.5%, compared to 48.1% in 2023. Net income for the year was $118.7 million, reflecting a significant increase of 47.1% from $80.7 million in the prior year. This growth was attributed to price increases implemented to counter inflationary pressures, alongside a normalization of channel inventory movements.
In terms of operational developments, Hayward's North America segment, which accounted for approximately 85% of total net sales, saw a notable increase in sales to $895.5 million, up 8.8% from $823.3 million in 2023. This growth was driven by a combination of volume increases and net price adjustments. Conversely, the Europe & Rest of World segment experienced a decline in sales, dropping to $156.1 million from $169.2 million, primarily due to reduced volume in markets affected by geopolitical conflicts.
Strategically, Hayward completed the acquisition of ChlorKing HoldCo, LLC in June 2024, enhancing its portfolio with saline chlorinators and UV disinfection systems. This acquisition is expected to broaden the company's commercial product offerings and support its commitment to sustainable technology. The company also reported that approximately 20% of its gross sales in 2024 came from new or next-generation products launched in the last three years, indicating a strong focus on innovation and market adaptation.
As of December 31, 2024, Hayward employed approximately 2,080 full-time equivalent employees, with a significant portion of its workforce based in the United States. The company continues to invest in its workforce and operational capabilities, aiming to enhance its market position. Looking ahead, Hayward anticipates ongoing growth driven by the aging pool infrastructure, increased demand for energy-efficient products, and strategic geographic expansion, despite potential challenges from economic fluctuations and competitive pressures.
About Hayward Holdings, Inc.
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