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November 8, 2017
SiteOne Landscape Supply Announces Third Quarter 2017 Earnings
Third Quarter 2017 Highlights (compared to Third Quarter 2016):
|||Net sales increased 13% to $502.4 million|
|||Organic Daily Sales increased by 5%|
|||Gross profit increased 16% to $160.3 million; gross margin increased 80 basis points to 31.9%|
|||Net income increased 13% to $16.9 million|
|||Adjusted EBITDA increased 11% to $48.4 million; Adjusted EBITDA margin of 9.6%|
|||Completed the acquisitions of South Coast Supply and Marshall Stone, strengthening hardscapes presence in multiple markets|
|||Completed the acquisition of Harmony Gardens in October, adding nursery products to complete the product line offering in Colorado|
ROSWELL, Ga. (BUSINESS WIRE) SiteOne Landscape Supply, Inc. (the Company or SiteOne) (NYSE: SITE) announced earnings for its third quarter ended October 1, 2017 (Third Quarter 2017).
We continued to move our company forward during the third quarter despite unexpected headwinds created by hurricanes Harvey and Irma. We achieved Organic Daily Sales growth of 7% in both July and August before moderating to 2% in September when the hurricanes hit. Despite this short-term negative impact, we achieved double-digit growth in net sales, adjusted EBITDA and net income while achieving further expansion of our gross margin during the quarter, said Doug Black, SiteOnes Chairman and CEO. We continue to invest in our IT systems, supply chain, salesforce and our new e-Commerce platform which we believe will enable us to more consistently gain market share and further expand our EBITDA margins in the future. Additionally, we added depth to our product offerings across multiple regions with the acquisitions of South Coast Supply, Marshall Stone and most recently Harmony Gardens. The market environment is strong and we remain excited about our opportunity to further expand our position as the industrys leading distributor while delivering superior performance and growth.
Third Quarter 2017 Results
Net sales for the third quarter of 2017 increased to $502.4 million, or 13%, compared to $444.5 million for the prior-year period. The market remains strong and we continued to see growth in the third quarter as organic daily sales increased 5% compared with the prior-year period. Acquisitions contributed $34.1 million in sales, or 8%, to total net sales growth for the quarter.
Gross profit increased to $160.3 million, or 16%, compared to $138.4 million for the prior-year period. Gross margin improved by 80 bps to 31.9% for the third quarter of 2017. Category management initiatives continued to be a positive driver for the gross margin improvement.
Selling, general and administrative expenses (SG&A) in the third quarter increased to $128.1 million from $107.7 million in the same period last year. The increase in SG&A for the quarter was primarily driven by acquisitions and by our increased investment in IT systems, salesforce and our new e-Commerce platform. SG&A as a percentage of net sales increased to 25.5% compared to 24.2% for the third quarter of 2016.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, November 8, 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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