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August 1, 2018
SiteOne Landscape Supply Announces Second Quarter 2018 Earnings
Second Quarter 2018 Highlights (compared to Second Quarter 2017)
|·||Net sales increased by 13% to $687.8 million|
|·||Organic Daily Sales increased by 5%|
|·||Gross profit increased by 14% to $229.9 million; gross margin expanded 10 basis points to 33.4%|
|·||Net income increased by 43% to $63.1 million|
|·||Adjusted EBITDA increased by 12% to $103.0 million|
|·||Completed four acquisitions: Terrazzo Stone, Landscaper’s Choice, Auto-Rain, and All American Stone with approximately $25 million in combined annualized revenue|
|·||Completed four acquisitions: Landscape Express, Kirkwood, Stone Center, and CentralPro with approximately $75 million in combined annualized revenue|
ROSWELL, Ga. — (BUSINESS WIRE) — SiteOne® Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its second quarter ended July 1, 2018 (“Second Quarter 2018”).
“Our second quarter results reflect a prolonged winter that lasted through April but was followed by a strong acceleration in Organic Daily Sales growth of 8% to 9% in May and June. With good contributions from acquisitions, we delivered record quarterly Net sales,” said Doug Black, SiteOne’s Chairman and CEO. “We also experienced higher cost inflation during the quarter, and our modestly improved gross margin demonstrates our ability to rapidly pass through those costs. We believe that we are now positioned to achieve solid gross margin and EBITDA margin improvement during the rest of the year. We continued to be active on the acquisition front, adding four companies this quarter and four more in July. We have completed eleven acquisitions so far in 2018 comprising approximately $195 million in combined annual revenue. With our base business momentum and robust pipeline of acquisitions, we are confident in our ability to drive performance and growth in the second half of the year and beyond.”
Second Quarter 2018 Results
Net sales for the Second Quarter 2018 increased to $687.8 million, or 13%, compared to $608.6 million for the prior-year period. Organic Daily Sales increased 5% compared to the prior-year period driven by strength across most product lines and positive pricing for the quarter. While the spring season had a late start, activity significantly picked up beginning in late April and continued through the quarter. Acquisitions contributed approximately $48 million in sales, or 8%, to overall growth for the quarter.
Gross profit increased to $229.9 million, or 14%, compared to $202.4 million for the prior-year period. Gross margin expanded by 10 bps to 33.4% for the Second Quarter 2018. The increase in gross margin was due to pricing, category management and supply chain benefits that were partially offset by cost inflation.
The following information was filed by Siteone Landscape Supply, Inc. (SITE) on Wednesday, August 1, 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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