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David John Manthey

Senior Research Analyst at Robert W. Baird & Co. Incorporated

David John Manthey is a Senior Research Analyst at Robert W. Baird & Co. Incorporated, specializing in Industrial Distribution and Environmental Services. He actively covers 23 companies, primarily in the Industrials sector, including major names like W.W. Grainger and Fastenal, and is well-regarded for his stock picking prowess, with a 73% success rate and an average return of 22.46%. Manthey began his career at Strong Capital Management before joining Baird in 1995, and has received recognition from Refinitiv StarMine, Thomson Reuters, and the Wall Street Journal for research excellence. He holds a BS from the University of Wisconsin, an MBA from Indiana University, and maintains relevant securities industry credentials.

David John Manthey's questions to POOL (POOL) leadership

David John Manthey's questions to POOL (POOL) leadership • Q3 2025

Question

David John Manthey asked about the weakness in chemical sales, requesting a breakdown of inflation/deflation across chemicals, building materials, and equipment, and whether the chemical trend represents a recent change. He also sought clarification on the SG&A growth algorithm, specifically how the 60-80% of top-line growth rule applies in a year of mid-single-digit growth, considering incentive compensation reinstatement.

Answer

President and CEO Peter Arvan explained that chemical deflation is primarily in the sanitizer category (Trichlor), which he considers a slight pressure rather than an alarming trend, noting overall chemical demand is stable. He described building materials inflation as slight and equipment pricing as consistent with recent years. SVP and CFO Melanie Hart confirmed the SG&A model remains intact, with initial recovery of variable expenses (drivers, warehouse personnel) and incentive compensation tracking sales growth.

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