Swimming pool manufacturer Latham Group (NASDAQ: SWIM) rode a wave of cost cuts to better-than-expected earnings. Investors are diving in, sending Latham shares up 42% as of 2:30 p.m. ET.

Latham designs and manufactures in-ground swimming pools in North America, Australia, and New Zealand. In the quarter, the company earned $0.11 per share, up 55% year over year and well above the $0.01 per share consensus estimate.

Revenue fell by about 10% year over year to $160.1 million, but the company boosted profitability via "improved cost structure and the impact of production efficiencies," according to CEO Scott Rajeski.

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Source Fool.com