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February 20, 2018
SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2017 Earnings
Fourth Quarter 2017 Highlights:
|·||Net sales increased by 15% to $415.7 million|
|·||Organic Daily Sales increased by 7%|
|·||Gross profit increased 18% to $131.9 million; gross margin increased 80 basis points to 31.7%|
|·||Net income of $4.0 million, compared to a net loss of $5.6 million in the prior year period|
|·||Adjusted EBITDA increased 37% to $15.3 million|
|·||Completed the acquisition of Harmony Gardens|
Full Year 2017 Highlights:
|·||Net sales increased by 13% to $1.86 billion|
|·||Organic Daily Sales increased by 5%|
|·||Gross profit increased 15% to $595.5 million; gross margin increased 70 basis points to 32.0%|
|·||Net income for the year was $54.6 million, compared to $30.6 million in 2016|
|·||Adjusted EBITDA increased 17% to $157.2 million; adjusted EBITDA margin improved to 8.4%|
|·||Year-end net debt to Adjusted EBITDA was 2.9x|
|·||Completed eight acquisitions during the year with approximately $130.0 million in annualized net sales|
|·||Completed the acquisition of Pete Rose, Inc. and Atlantic Irrigation|
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 December 31, 2017 (“Fiscal 2017”).
“We finished 2017 with a strong fourth quarter performance and are pleased with our overall full-year financial results. During the year we improved organic sales growth, achieved solid contribution of sales and profits from acquisitions and expanded our adjusted EBITDA margin. The combination of these allowed us to deliver strong adjusted EBITDA and net income growth while keeping our leverage ratio within our targeted range,” said Doug Black, SiteOne’s Chairman and CEO. “We also made important investments in our salesforce, eCommerce, IT, and supply chain to strengthen our company and support future growth and profitability. With positive end-market growth trends, we are excited to continue to execute our strategy and create significant value for all of our stakeholders in the coming years. ”
Fourth Quarter 2017 Results
Net sales for the fourth quarter of Fiscal 2017 increased to $415.7 million, or 15%, compared to $361.8 million for the prior-year period. Organic Daily Sales increased 7% compared to prior year period as we saw strength in the construction, repair and remodel and golf markets. Acquisitions contributed approximately $31 million in sales, or 8%, to our overall growth for the quarter.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Tuesday, February 20, 2018 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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