5 must-read analyst questions from Hayward’s Q3 earnings call

Hayward’s third quarter outperformed Wall Street’s expectations as the company leveraged robust aftermarket demand and continued share gains in North America. Management noted that higher volumes and effective pricing actions helped offset persistent inflationary pressures. CEO Kevin Holleran highlighted the “resilience of the aftermarket” and pointed to strong engagement with dealers and trade professionals as a foundation for the company’s volume growth, even as new pool construction remained subdued. The combination of disciplined cost management and expanded investment in product innovation further supported Hayward’s margin expansion in the quarter.

Is now the time to buy HAYW? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our top 5 analyst questions from Hayward’s Q3 earnings call

• Jeffrey Hammond (KeyBanc Capital Markets) asked about inventory management and early buy programs. CEO Kevin Holleran responded that channel inventory levels are healthy and early buy orders are tracking above last year, reflecting strong demand and prudent distributor practices.
• Rafe Jadrosich (Bank of America) inquired about cost inflation and future pricing. CFO Eifion Jones explained that inflation is running slightly above mid-single digits but recent pricing actions are expected to cover these pressures, with operational teams focused on cost reduction.
• Andrew Carter (Stifel) questioned where Hayward is realizing the most share gains. Holleran described share capture as broad-based across products, regions, and dealer types, with strong results in automation, sanitization, and LED lighting.
• Brian Lee (Goldman Sachs) asked if the composition of growth will shift from price to volume in the coming year. Holleran and Jones noted that early buy pricing increases are lower than previous years, with low single-digit volume growth expected as dealer conversions ramp up.
• Robert Davies (Wolfe Research) queried about potential replacement cycle benefits from pools installed during COVID. Holleran stated that replacement demand should begin to appear over the next year as equipment installed in 2020–2022 comes out of warranty.

Catalysts in upcoming quarters

Looking forward, our analysts will be watching (1) whether Hayward sustains above-market volume growth through continued dealer conversions and aftermarket product adoption, (2) the impact of operational improvements and automation investments on gross margins, and (3) progress on international margin enhancement, especially through the Wuxi facility in Europe. Emerging replacement cycle demand and the pace of early buy participation will also be critical signposts.

Hayward currently trades at $16.00, up from $13.03 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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