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May 10, 2017
SiteOne Landscape Supply Announces First Quarter 2017 Earnings
First Quarter 2017 Highlights:
|||Net sales increased 2% year-over-year to $335.0 million vs an increase of 45% during the same period last year|
|||Organic Daily Sales decreased by 2% vs an increase of 22% during the same period last year|
|||Gross profit increased 4% to $100.9 million; gross margin increased 60 basis points to 30.1%|
|||Net loss of $10.5 million during seasonally weak quarter, compared to a net loss of $5.6 million during the same period last year|
|||Adjusted EBITDA of $1.2 million, compared to $4.5 million for the same period last year|
|||Completed four acquisitions during the quarter: Aspen Valley, Stone Forest, Angelos, and AB Supply|
|||Closed 11,500,000 share secondary public offering of common stock on May 1, 2017|
ROSWELL, Ga. (BUSINESS WIRE) SiteOne Landscape Supply, Inc. (the Company or SiteOne) (NYSE: SITE) announced earnings for its first quarter ended April 2, 2017 (First Quarter 2017).
We are off to a good start in 2017 with positive growth in net sales and continued expansion of our gross margin. We were quite pleased with these results against a challenging comparison to the first quarter of last year when we experienced a very early spring which pulled forward significant sales from the second quarter and resulted in outsized growth. This year the weather returned to more normal seasonal patterns, said Doug Black, SiteOnes Chief Executive Officer. We continue to see good market demand as we execute on our strategic and operational initiatives and as we accelerate our acquisition activity with the addition of four strong companies. Overall, we remain confident in our outlook for the full year.
First Quarter 2017 Results
Net sales for the first quarter of 2017 increased to $335.0 million, or 2%, compared to $328.5 million for the prior-year period. Organic Daily Sales decreased 2% in the first quarter compared with the prior-year period. Organic Daily Sales in the first quarter reflected a more typical spring weather pattern compared to the prior-year period when the spring season began much earlier than normal and Organic Daily Sales grew 22%. Acquisitions contributed approximately $16.5 million in sales, or 5%, to our overall sales growth for the quarter.
Gross profit increased to $100.9 million, or 4%, compared to $97.0 million for the prior-year period. Gross margin improved by 60 bps to 30.1% for the first quarter 2017. Our gross margin expansion was driven by continued progress from our category management initiatives.
Selling, general and administrative expenses (SG&A) in the first quarter increased to $113.7 million from $104.6 million in the same period last year, primarily reflecting the impact from acquisitions. SG&A as a percent of net sales increased to 33.9% compared to 31.8% for the first quarter 2016, reflecting additional staff and operating expenses associated with the acquisitions completed since last year.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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