Pool News
Florida Pool Industry Braces For Hurricane Ian
As tropical storm Ian approaches and intensifies into a full-blown hurricane, the pool industry in Florida is bracing for its first serious storm of the year. Ian represents the ninth named storm of 2022 and is forecast to reach category 4 hurricane strength by the time it makes landfall in Florida and will be the first for the state since 2018.
Meteorologists began tracking Ian roughly 255 miles south of Kingston, Jamaica, Saturday evening moving west at 16 mph, according to the National Hurricane Center.
Typically after a hurricane, pool industry professionals will experience a spike in calls for service and maintenance. This can mean everything from removing branches, debris, and sometimes even patio furniture from swimming pools. Since stormwater has a higher pH, chemical maintenance calls are also in high frequency after a hurricane. Damage to pool covers, patio enclosures, and fences also has a higher probability during a hurricane.
Consequently, pool service technicians throughout any area where a hurricane has made landfall may find that they are inundated with calls afterward, depending on the severity of the storm. Homeowners may find difficulty finding an available pool technician right after a hurricane and should make preparations before hand to mitigate potential damage to their pool and backyard.
Due to the high-force winds and potential for costly damage in the backyard, pool owners are advised to take precautions to secure their swimming pool area before the storm hits. The Florida Swimming Pool Association has some practical advice on how to secure your backyard during a hurricane.
Hurricane #Ian Advisory 14A: Ian Continues to Intensify. Conditions in Western Cuba to Deteriorate This Evening and Tonight With Significant Wind and Storm Surge Impacts Expected. https://t.co/tW4KeFW0gB
— National Hurricane Center (@NHC_Atlantic) September 26, 2022
Preparing Your Backyard For a Hurricane
Trim Trees:
Look for dead or overhanging branches that could cause problems in high winds to your pool, patio enclosure, and home.
Secure Items:
All things not securely fastened down should be moved in case of a storm. (This includes smaller items like toys and decorations)
Preparing Your Pool For a Hurricane
Don’t Lower The Water Level In Your Pool
The first question people ask is, “Will the pool overflow, do I need to reduce the water level in my pool?”
Since most swimming pools are built with adequate drainage, the answer is “no”. You don’t need to lower the water level in your pool before a hurricane. In fact, the weight of the water in the pool is what can keep it from popping from the ground when a heavy storm causes excessive groundwater.
Turn Off Pool Equipment
Pump motors, lights, chlorinators, and heaters should all have their main circuit breakers turned off. In the event that flooding is anticipated, the best advice may be to simply disconnect your equipment and store it in a dry place until the storm is over.
Chlorinate Pool
Adding a dose of “shock” to the pool before a storm is a smart idea. The addition of liquid or granular chlorine will help prevent contamination from the expected debris and excessive storm water that will get into the pool.
Pool News
Landslide Damages Homes, Destroys Swimming Pool in California
A landslide wreaked havoc in Sherman Oaks early Wednesday morning, causing millions in damage and virtually destroying one homeowner’s swimming pool. The catastrophe unfolded at around 3 a.m. following reports from residents in the 3700 block of North Ventura Canyon Avenue, who noticed downed power lines and a large tree fallen into a backyard, as detailed in a press release by the Los Angeles Fire Department.
Upon arrival, firefighters encountered a significant portion of the hillside had shifted downward, endangering at least three homes and inflicting heavy damage on another under construction. Video footage captured by OnScene.TV revealed a gaping crack splitting through the backyard of one residence, with a section of the home visibly tilting to one side.
While no injuries were reported, several individuals were evacuated from at least one home, with firefighters resorting to pumping water out of a swimming pool to alleviate additional strain on the hillside. Unfortunately, part of the pool and home ultimately collapsed down a 30-foot cliff destroying another residence that was still under construction.
Responding to the crisis, the Los Angeles Department of Building and Safety initially deemed one home unsafe, red-tagging the structure. However, their assessment later extended to two homes deemed unsafe and a third severely damaged, marked with a yellow tag. Ongoing drone surveys by firefighters aim to assess the extent of the damage and potential risks.
At present, the exact cause of the landslide remains undetermined, according to LAFD spokesperson Nicholas Prange. Requests for comment from the Los Angeles Department of Building and Safety went unanswered.
Authorities seized the opportunity to remind residents of the necessity for year-round emergency preparedness, emphasizing the looming threats posed by wildfires and heavy rainstorms capable of triggering landslides.
The unfortunate incident follows March’s heavy precipitation in Southern California, with Sherman Oaks experiencing 1.95 inches of rainfall over March 6th and 7th, as reported by the National Weather Service.
Manufacturer
BofA Downgrades Latham Group Citing Weak Pool Construction Market
Latham Group (NASDAQ: SWIM), a prominent player in residential swimming pool construction, faced a setback as Bank of America downgraded its stock due to concerns over sluggish new pool construction and increased decrementals.
With the downgrade, SWIM’s stock plummeted by 23.78% during pre-market trading on Wednesday, settling at $2.50, marking an 11% dip below its 200-day simple moving average.
Bank of America revised its recommendation on Latham Group stock to Underperform, slashing the price target from $4.50 to $2.60.
In its 2024 guidance announcement, SWIM projected revenues between $490M and $520M, falling short of the consensus estimate of $533.09M. Similarly, adjusted EBITDA guidance ranged from $60M to $70M, representing an 8% to 35% decrease compared to previous expectations.
The downgrade stems from a sluggish start to 2024, subdued projections for new pool construction, operational challenges leading to deleverage, and constrained free cash flow.
Management anticipates a 15% year-over-year decline in new pool construction for 2024.
These developments contrast with the optimistic sentiment among some sell-side analysts, who maintain a Buy rating on SWIM with an average price target of $3.54.
Scott Rajeski, President and CEO, stated, “Latham navigated a very difficult market environment in 2023. We successfully implemented cost reduction programs and lean manufacturing initiatives that structurally reduced our cost basis, while maintaining our investments in future growth. These cost reduction programs improved margins as the year progressed and we expect they will enable us to considerably expand margins and overall profitability once volumes recover. At the same time, we increased productivity and efficiency for our dealers, developed new fiberglass pool models, and invested in digital tools that have enhanced the consumer’s pool buying experience. As a result of these actions, Latham is positioned for meaningful market share gains as overall industry conditions improve.”
Pool News
Fluidra Launches €20 Million Venture Capital Fund – Fluidra Ventures
The company will invest €20 million in tech-based startups that offer emerging solutions that can enhance the pool and wellness sector.
Fluidra, a global leader in connected equipment and solutions for the pool and wellness sector, is launching Fluidra Ventures, a €20 million corporate venture capital fund (CVC) investment to lead innovation in the sector.
The CVC will invest in each startup with the potential to revolutionize the industry on a global scale through their solutions, with a special focus on the United States and Europe. The goal of this first three-year phase is to build a solid portfolio of startups through investing in innovative companies.
The CVC will target startup initiatives that enhance efficiency, connectivity, sustainability and safety in the swimming pool and wellness business, leveraging IoT, computer vision and robotic solutions. It is looking for startups that add value to the pool and wellness sector with innovative business models, fostering direct customer interaction through sales, subscriptions and other channels. The CVC has already invested in Coral Smart Pool, a technology company aiming to transform the pool experience through Artificial Intelligence (AI) with an initial focus on pool safety.
Fluidra Ventures will also invest in companies that innovate in engineering and science to advance materials and products that deal with swimming pool manufacturing, efficiency and maintenance.
Four segments and eight strategic guidelines
The fund is focused on four different segments — Commercial, Residential, Wellness and Mass Market—and has an investment thesis that covers eight strategic guidelines, from connected pools, resource optimization, digital platforms, innovative materials, security systems, personalized experiences, robotics and innovative consumable products.
Fluidra Ventures is fueled by Fluidra Lab, Fluidra’s open innovation division, and any startups that want to submit their proposals can send their investment pitch decks to [email protected]. Offering more than just investments, Fluidra aims to leverage this initiative to become the top strategic collaborator for the most innovative startups with the tremendous benefits that being an industry leader brings, such as: resources, scale successful business models, expertise, experience, and sales options.
“This initiative joins several others that we have at Fluidra to promote innovation in our industry. This is why here at Fluidra Ventures we’re excited about the transformative potential that this venture will have for the pool and wellness industry, driving forward innovation, sustainability and technological advancement”, said Eloi Planes, Fluidra’s Executive Chairman.
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