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August 9, 2017
SiteOne Landscape Supply Announces Second Quarter 2017 Earnings
Second Quarter 2017 Highlights (compared to Second Quarter 2016):
|||Net sales increased 19% to $608.6 million|
|||Organic Daily Sales increased by 8%|
|||Gross profit increased 20% to $202.4 million; gross margin increased 50 basis points to 33.3%|
|||Net income increased 64% to $44.2 million|
|||Adjusted EBITDA increased 23% to $92.3 million; Adjusted EBITDA margin increased 60 basis points to 15.2%|
|||Completed the acquisition of Evergreen Partners, expanding our nursery presence in the Carolinas|
|||Closed a 5.4 million share secondary offering on July 26, 2017, representing the remaining shares of our sponsors|
|||Completed the acquisition of South Coast Supply, expanding our hardscapes presence in Southern California|
ROSWELL, Ga. (BUSINESS WIRE) SiteOne Landscape Supply, Inc. (the Company or SiteOne) (NYSE: SITE) announced earnings for its second quarter ended July 2, 2017 (Second Quarter 2017).
We are pleased with our performance during the second quarter as we achieved growth across our business and delivered improved profitability. The strong second quarter results were consistent with the selected preliminary results that we released ahead of our successful secondary stock offering in July, said Doug Black, SiteOnes Chairman and CEO. We continue to execute on our strategic initiatives, invest for the future, and see favorable end-market conditions and a healthy acquisition pipeline supporting our performance and growth going forward.
Second Quarter 2017 Results
Net sales for the second quarter of 2017 increased to $608.6 million, or 19%, compared to $513.4 million for the prior-year period. Organic Daily Sales increased 8% in the second quarter compared with the prior-year period. Organic Daily Sales in the second quarter reflects strong growth across multiple product lines as well as normal seasonal patterns. Acquisitions contributed $53.7 million in sales, or 10%, to total net sales growth for the quarter.
Gross profit increased to $202.4 million, or 20%, compared to $168.5 million for the prior-year period. Gross margin improved by 50 bps to 33.3% for the second quarter of 2017. The gross margin improvement was primarily driven by our category management initiatives.
Selling, general and administrative expenses (SG&A) in the second quarter increased to $126.6 million from $118.0 million in the same period last year. The increase in SG&A for the quarter was driven by acquisitions and additional staff and operating expenses to support our organic growth and strategic initiatives. SG&A as a percent of net sales decreased to 20.8% compared to 23.0% for the second quarter of 2016 due to the growth in revenue as well as the absence of IPO and refinancing related costs compared to the prior-year period.
Net income for the second quarter was $44.2 million, compared to net income of $26.9 million during the same period in the prior year. The increase in net income for the quarter is attributable to higher net sales, improved profitability and the absence of costs related to the IPO and refinancing.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, August 9, 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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