SiteOne Landscape Supply, Inc. - SITE STOCK NEWS

SiteOne Landscape Supply to participate in the 43rd Annual William Blair Growth Stock Conference

SiteOne Landscape Supply, Inc. (NYSE: SITE) announced its first quarter 2023 earnings. Net sales increased by 4% to $837.4 million, while organic daily sales decreased by 2%. Gross profit increased by 7% to $287.1 million, and gross margin expanded by 90 basis points to 34.3%. SG&A as a percentage of net sales increased by 620 basis points to 34.8%. The company reported a net loss of $4.5 million, compared to net income of $32.3 million in the same period last year. Adjusted EBITDA decreased by 41% to $39.8 million, with an adjusted EBITDA margin of 4.8%. SiteOne also closed two acquisitions during the quarter: J&J Materials and Triangle Landscape Supplies.

SiteOne Landscape Supply, Inc. (NYSE: SITE) will release its first quarter 2023 results on May 3, 2023, before market opening. A conference call is scheduled for 8:00 a.m. (ET) on the same day to discuss the results, accessible via the Company’s Investor Relations website. A replay will be available post-call and will remain accessible until May 17, 2023.

As the largest national full product line wholesale distributor of landscape supplies in the U.S., SiteOne primarily serves residential and commercial landscape professionals involved in outdoor space management. Investors can listen to the live call by dialing specific numbers or through a provided link for instant access.

SiteOne Landscape Supply (NYSE: SITE) announced the successful acquisition of Triangle Landscape Supplies, a prominent distributor in the Raleigh-Durham area, known for its soil and mulch operations. This strategic move aligns with SiteOne's mission to be the leading full-line distributor for landscape professionals across the U.S. and Canada. This acquisition marks SiteOne's second in 2023, showcasing its commitment to expanding market presence and enhancing service offerings. Both SiteOne's CEO, Doug Black, and Triangle's President, Jeff Mangum, expressed enthusiasm about the merger and its potential to accelerate growth and service delivery.

SiteOne Landscape Supply (NYSE: SITE) has successfully completed the acquisition of J&J Materials, a prominent distributor of hardscapes with operations in Rhode Island and Southeastern Massachusetts. This strategic move marks SiteOne's first acquisition of 2023, aimed at enhancing its hardscapes offerings in these regions. Doug Black, CEO, emphasized the strong reputation of J&J for customer service, while John Ferreira, founder of J&J, expressed excitement about joining SiteOne to improve service for their clients. This acquisition aims to bolster SiteOne's market presence and product range in the landscape supply sector.

SiteOne Landscape Supply reported a strong fiscal year 2022 with net sales increasing by 16% to $4.01 billion and gross profit rising 17% to $1.42 billion. In Q4 2022, net sales reached $890 million, an 11% increase year-over-year, but the company also faced challenges, including a net loss of $0.9 million and a 37% decline in adjusted EBITDA to $38.9 million.

The Board authorized a $400 million share repurchase program, with $25 million repurchased so far. For 2023, SiteOne anticipates organic daily sales to be flat to down mid-single digits, while expected adjusted EBITDA ranges between $395 million and $425 million.

SiteOne Landscape Supply, the largest national wholesale distributor of landscape supplies in the U.S., will release its fourth quarter and full year 2022 results on February 15, 2023, before market opening. A conference call is scheduled for 8:00 a.m. (ET) the same day to discuss these results. Interested parties can access the live call via the Company’s Investor Relations website or through designated phone numbers for domestic and international callers. A replay will be available post-call until March 1, 2023.