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March 15, 2017
SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2016 Earnings
Fourth Quarter 2016 Highlights:
|||Net sales increased by 6% year-over-year to $361.8 million|
|||Organic Sales decreased by 3%, but Organic Daily Sales increased by 3%|
|||Gross profit increased 7% to $111.8 million; gross margin was 30.9%|
|||Net loss of $5.6 million during seasonally weak quarter, compared to a net loss of $5.9 million during the same period last year|
|||Adjusted EBITDA decreased slightly to $11.2 million, compared to $11.9 million for the prior year period|
|||Completed the acquisitions of Loma Vista Nursery and East Haven Landscape Products|
Full Year 2016 Highlights:
|||Net sales increased by 14% year-over-year to $1.65 billion|
|||Organic Sales increased by 3%, and Organic Daily Sales increased by 4%|
|||Gross profit increased 20% to $515.7 million; gross margin improved by 170 bps to 31.3%|
|||Net income for the year was $30.6 million, compared to $28.9 million in 2015|
|||Adjusted EBITDA increased 26% to $134.3 million, compared to $106.5 million in the prior year|
|||Free Cash Flow was $64.1 million; year-end net debt to Adjusted EBITDA was 2.8x|
|||Completed six acquisitions during the year with approximately $150 million in annualized net sales|
ROSWELL, Ga. (BUSINESS WIRE) SiteOne Landscape Supply, Inc. (the Company or SiteOne) (NYSE: SITE) announced earnings for its fourth quarter and full fiscal year ended January 1, 2017 (Fiscal 2016).
We are very pleased with the performance and growth that we delivered to finish 2016, despite a difficult comparison to the fourth quarter of 2015. Overall, during our first year as a public company, we built a significant foundation for the future while achieving double digit net sales growth, solid expansion of our gross margin and Adjusted EBITDA margin, excellent Adjusted EBITDA growth and strong cash flow, said Doug Black, SiteOne Chief Executive Officer. We are off to a good start for 2017 as our market drivers remain healthy, our organic growth initiatives gain momentum and our acquisition efforts continue with four transactions completed so far this year. We are still in the early innings of our development as a company and we remain excited about the long-term opportunity for SiteOne to create significant value for all of our stakeholders.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, March 15, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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