Hayward hits 4-month high after Q2 beat
** Shares of Hayward Holdings HAYW.N rise more than 14% on Tues after pool equipment supplier's results top Wall Street expectations
** HAYW shares rise as much as 14.2% to $15.40, highest since Mar 28. Stock last up 8.5% at $14.64
** Co early Tues posted Q2 adj EPS of 21 cents, beating LSEG consensus by a penny
** Sales in qtr grew to $284.4 mln compared to $283.5 mln a year ago, above consensus view of $282.6 mln
** Co said modest sales gain due to increases in price, partially offset by volume decline, pointing to market declines in the Middle East and Asia and lower new construction and remodels in U.S.
** For 2024, co said it narrowed guidance to reflect better than expected margins offset by more challenging demand environment
** It now expects FY sales of $1.01-$1.04 bln vs prior outlook of $1.01-$1.06 bln
** Jefferies, which rates HAYW "hold", said in flash note co's "solid" margins set stage for strong performance once volumes return
** Avg rating among 9 analysts covering stock is "hold" and median PT is $14 - LSEG
** With move on Tues, shares up ~8% YTD including 19% rally in Jul
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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