UPDATE 2-Pool posts wider-than-expected Q1 loss
* Q1 loss $0.13/shr vs est loss $0.11/shr
* Q1 rev falls 18 pct to $276.6 mln vs est $301.9 mln * Says reduced headcount by 3 percent since year-end (Adds details from conference call, analyst comments)
By Mihir Dalal
BANGALORE, April 23 (Reuters) - Pool Corp (POOL.O), a distributor of swimming pool products, posted a quarterly loss that was wider than market estimates as it was hit by the real-estate crash in places like Florida, Texas and California -- some of the largest pool markets in the country.
New pool construction is below previously recorded levels, Chief Executive Manuel Perez de la Mesa said on a conference call with analysts, adding that sales in 2009 may "fall in low double-digit percentage over past year".
However, in a statement, the company said consensus estimate of a profit of 95 cents a share in 2009 was "reasonable."
In February, the company had said it would not forecast earnings until it gained more visibility in its seasonal business activities.
Wedbush Morgan analyst Joan Storms said that she does not expect base business sales, which refer to core sales that exclude acquisitions as well as consolidated, closed or new operations, to improve even in 2010.
"The worst is not over yet," she said by phone.
On the call, a company executive said that Pool has cut its headcount by 3 percent since year-end.
"There's only so much that cutting expenses and increasing gross margins can do. At some point you need to have improved sales," said Storms, who has a "sell" rating and a price target of $11 on the stock.
For the quarter ended March 31, net loss was $6.2 million, or 13 cents a share, compared with a loss of $3.2 million, or 7 cents a share, last year.
Net sales in its seasonally slow first quarter fell 18 percent to $276.6 million.
Analysts on average expected a loss of 11 cents a share, before items, on revenue of $301.9 million, according to Reuters Estimates.
Shares of the company were up 12 cents at $16.14 in volatile trade Thursday afternoon on Nasdaq. They had earlier touched a low of $14.89 and a high of $17.46. (Editing by Ratul Ray Chaudhuri, Himani Sarkar)
