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Hayward Holdings, Inc.(HAYW), a leading player in the indu stry, has released its unaudited condensed consolidated financial statements for the first quarter of 2023. The report highlights the company's net income of $8.41 million and revenue of $210.14 million for the quarter, showcasing the financial performance during the period.
The company's balance sheet as of April 1, 2023, shows total assets of $2.93 billion. The current assets amounted to $678.37 million, including cash and cash equivalents, accounts receivable, inventories, prepaid expenses, income tax receivable, and other current assets. The non-current assets, such as property, plant, and equipment, goodwill, trademark, customer relationships, and other intangibles, stood at $2.25 billion.
On the liabilities side, current liabilities amounted to $195.05 million, which included the current portion of long-term debt, accounts payable, accrued expenses, and income taxes payable. Non-current liabilities stood at $1.5 billion, comprising long-term debt, deferred tax liabilities, and other non-current liabilities.
The stockholders' equity was reported at $1.23 billion, with common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income contributing to the overall equity.
Analysis of Financial Performance
During the first quarter of 2023, Hayward Holdings, Inc. recorded net sales of $210.14 million, with a gross profit of $97.89 million. The company reported operating income of $27.85 million after accounting for selling, general, and administrative expenses, research, development, and engineering expenses, as well as acquisition and restructuring related expenses.
The company's interest expense, net, and other expenses totaled $18.60 million, resulting in income from operations before income taxes of $9.25 million. After considering the provision for income taxes, Hayward Holdings, Inc. achieved a net income of $8.41 million for the quarter.
The unaudited condensed consolidated statements of changes in redeemable stock and stockholders' equity revealed that the company's common stock issued increased to 212.78 million shares with an amount of $242 thousand. The additional paid-in capital rose to $1.07 billion, while treasury stock decreased to ($357.42) million. Retained earnings showed an increase to $508.63 million, and accumulated other comprehensive income stood at $6.18 million. The total stockholders' equity amounted to $1.23 billion as of April 1, 2023.
In addition to net income, the company's comprehensive income for the first quarter of 2023 included other comprehensive income elements. This consisted of foreign currency translation adjustments and changes in fair value of derivatives, resulting in a comprehensive income of $4.48 million.
The company's cash flow from operating activities resulted in a net cash usage of $90.88 million, primarily due to changes in operating assets and liabilities. Cash flow from investing activities showed a net cash usage of $6.24 million, mainly driven by purchases of property, plant, and equipment. On the other hand, cash flow from financing activities indicated a net cash inflow of $81.77 million, supported by proceeds from the revolving credit facility and other financing activities.
Hayward Holdings, Inc. reported net income of $8.41 million for the first quarter of 2023, showcasing a robust financial performance. Despite the challenges faced by the industry, the company demonstrated resilience and maintained a steady revenue stream of $210.14 million during the period. The management remains optimistic about the future and is committed to driving growth and value for its shareholders.