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Pool Corporation (POOL)

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Pool Corporation (POOL) is a recognized leader in the swimming pools industry. The potential for market share gain is significant, and cost-containment initiatives augur well for the business. Pool's results reflect continued growth in its once struggling Green business.

Amid a tough business environment in terms of weak growth in new pool constructions and faltering consumer confidence, Pool's revenue has been growing in addition to the strength in earnings. The company expects the market condition to improve beyond 2012 as well. The company also raised its full-year guidance due to the return of activity to normal levels despite some pull-forward demand in the firsthalf of 2012, and bears an optimistic view for the near future.

Pool hopes to grow earnings per share over 20% this year which, if achieved, will be for the third year in a row. Hence, we upgrade the recommendation from Neutral to Outperform.

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