Hayward Holdings, Inc. (NYSE:HAYW) Q3 2023 Earnings Conference Call October 31, 2023 9:00 AM ET

Company Participants

Kevin Maczka - Vice President, Investor Relations

Kevin Holleran - President & Chief Executive Officer

Eifion Jones - Senior Vice President & Chief Financial Officer

Conference Call Participants

Jeff Hammond - KeyBanc Capital Markets

Ryan Merkel - William Blair

Andrew Carter - Stifel

Nigel Coe - Wolfe Research

Nick Cash - Goldman Sachs

Operator

Welcome to Hayward Holdings Third Quarter 2023 Earnings Call. My name is Svangel and I will be your operator for today's call. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Kevin Maczka, Vice President Investor Relations. Mr. Maczka you may begin.

Kevin Maczka

Thank you and good morning everyone. We issued our third quarter 2023 earnings press release this morning, which has been posted to the Investor Relations section of our website at investor.hayward.com. There you can also find an earnings slide presentation that we will reference during this call.

I'm joined today by Kevin Holleran, President and Chief Executive Officer; and Eifion Jones, Senior Vice President and Chief Financial Officer.

Before we begin, I would like to remind everyone that during this call, the company may make certain statements that are considered forward-looking in nature, including management's outlook for 2023 and future periods. Such statements are subject to a variety of risks and uncertainties including those discussed in our most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission that could cause actual results to differ materially. The company does not undertake any duty to update such forward-looking statements.

Additionally, during today's call, the company will discuss non-GAAP measures. Reconciliations of historical non-GAAP measures discussed on this call to the comparable GAAP measures can be found in our earnings release and the appendix to the slide presentation.

I would now like to turn the call over to Kevin Holler.

Kevin Holleran

Thank you, Kevin and good morning everyone. It's my pleasure to welcome all of you to Hayward's third quarter earnings call. I'll start on Slide 4 of our earnings presentation with today's key messages.

I'm pleased to report solid third quarter results consistent with expectations. The quarter was highlighted by continued execution in a challenging operating environment with strong profitability and cash flow generation.

Gross profit margins expanded nearly 400 basis points through a laser-focused on management of manufacturing freight costs and a higher mix of technology products. We also demonstrated our robust cash flow generation characteristics again this quarter.