SiteOne Landscape Supply (SITE) Misses Q2 EPS by 9c, Revenues Miss

SiteOne Landscape Supply (NYSE: SITE) reported Q2 EPS of $1.48, $0.09 worse than the analyst estimate of $1.57. Revenue for the quarter came in at $687.8 million versus the consensus estimate of $688.99 million.

“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.”

For earnings history and earnings-related data on SiteOne Landscape Supply (SITE) click here.

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