SiteOne Landscape Supply (SITE) Tops Q3 EPS by 5c, Revenues Beat

SiteOne Landscape Supply (NYSE: SITE) reported Q3 EPS of $0.81, $0.05 better than the analyst estimate of $0.76. Revenue for the quarter came in at $652.8 million versus the consensus estimate of $642.91 million.

Third Quarter 2019 Highlights (compared to Third Quarter 2018)

• Net sales increased by 13% to $652.8 million
• Organic Daily Sales increased by 7%
• Gross profit increased by 13% to $215.2 million; gross margin of 33.0% was flat year-over-year
• SG&A as a percentage of net sales decreased 90 basis points to 25.3%
• Net income increased by 16% to $34.6 million
• Adjusted EBITDA increased by 18% to $70.5 million, adjusted EBITDA margin expanded 40 basis points to 10.8%
• Cash flow from operating activities increased by 8% to $75.8 million
• Completed two acquisitions: Voss Materials and Trendset Concrete Products

“In the third quarter we saw improved weather which enabled us to drive strong organic growth across our product lines and end markets,” said Doug Black, SiteOne’s Chairman and CEO. “We continued to execute well on our commercial and operational initiatives, driving good adjusted EBITDA margin expansion, including solid SG&A leverage and strong cash flow. We also continued to add excellent companies to SiteOne with the acquisition of Voss Materials, Trendset Concrete Products and more recently Design Outdoor. Each of these companies expands our hardscapes capabilities in the respective markets. With solid underlying market demand and a robust pipeline of additional acquisitions, our team will continue to execute our strategy for the benefit of our customers and suppliers as we build our company of excellence for long-term performance and growth.”

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

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