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May 2, 2018
SiteOne Landscape Supply Announces First Quarter 2018 Earnings
First Quarter 2018 Highlights (compared to First Quarter 2017)
|·||Net sales increased by 11% to $371.4 million|
|·||Organic Daily Sales increased by 3%|
|·||Gross profit increased 8% to $108.5 million; gross margin decreased 90 basis points to 29.2%|
|·||Net loss of $17.0 million, compared to a net loss of $10.5 million in the prior-year period|
|·||Adjusted EBITDA loss of $5.1 million|
|·||Successfully opened two distribution centers and launched our new e-Commerce platform pilot|
|·||Completed the acquisitions of Pete Rose, Atlantic Irrigation, and Village Nurseries Landscape Centers|
|·||Completed the acquisition of Terrazzo & Stone Supply in April|
ROSWELL, Ga. — (BUSINESS WIRE) — SiteOne® Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its first quarter ended April 1, 2018 (“First Quarter 2018”).
“Our first quarter results reflect a late start to the spring season this year which delayed business during our seasonally slowest and traditionally loss-making quarter,” said Doug Black, SiteOne’s Chairman and CEO. “The quarter also included the opening of our two strategic distribution centers in California and Pennsylvania, completing our major supply chain investments. Given these factors, we are pleased with our overall 11% net sales growth in the quarter and with the underlying market trends that we see developing for the year. We continue to expect good organic growth and EBITDA margin expansion in 2018 driven by our strong teams and by the execution of our commercial and operational initiatives. We are also off to a great start with four acquisitions year to date and a healthy level of activity to support more acquisitions during the remainder of the year.”
First Quarter 2018 Results
Net sales for the First Quarter 2018 increased to $371.4 million, or 11%, compared to $335.0 million for the prior-year period. Organic Daily Sales increased 3% compared to the prior-year period driven by strength in our irrigation, hardscapes and ice melt product sales and positive pricing for the quarter. Partially offsetting the sales growth was the unfavorable weather patterns in March which negatively impacted nursery, fertilizer and control product sales. Acquisitions contributed approximately $27.9 million in sales, or 8%, to overall growth for the quarter.
Gross profit increased to $108.5 million, or 8%, compared to $100.9 million for the prior-year period. Gross margin declined by 90 bps to 29.2% for the First Quarter 2018. The decline in gross margin was due to the rollout of the new distribution centers and the adoption of the new revenue standard which impacted the timing of revenue and expense recognition for our customer loyalty rewards program.
Selling, general and administrative expenses (“SG&A”) in the First Quarter 2018 increased to $131.7 million from $113.7 million in the same period last year due to the additional contribution from acquisitions and continued investment in e-Commerce.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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