SiteOne Landscape Supply (NYSE: SITE) reported Q2 EPS of $1.83, $0.35 better than the analyst estimate of $1.48. Revenue for the quarter came in at $817.7 million versus the consensus estimate of $744.28 million.

Second Quarter 2020 Highlights (Compared to Second Quarter 2019):

• Net sales increased by 9% to $817.7 million
• Organic Daily Sales increased by 3%
• Gross profit increased 11% to $286.1 million; gross margin increased 70 basis points to 35.0%
• Net income increased 22% to $79.1 million
• Adjusted EBITDA increased 16% to $132.1 million; Adjusted EBITDA margin increased 100 basis points to 16.2%
• Net cash provided by operating activities increased to $184.7 million, compared to $37.1 million for the same period last year

“I am extremely proud of our team as we work together during this very challenging year to operate safely, provide exceptional service and support to our customers, manage our business well and take care of our associates all along the way,” said Doug Black, Chairman and CEO of SiteOne. “As a result, we delivered strong results for all stakeholders during the quarter. After a challenging April, sales recovered strongly in May and June as COVID-related restrictions were eased in most geographies. We have seen particular strength in residential repair & upgrade demand where stay-at-home orders are spurring homeowners to invest in their outdoor living spaces. Growth across the business, combined with effective cost management and good performance from our acquisitions helped drive meaningful improvement in year-over-year profitability and cash flow. We are now cautiously optimistic for the second half of the year given the robust recovery in residential construction, continued strength in repair & upgrade and steady maintenance demand. Given our more positive outlook, we have also resumed acquisition activities and now expect to close additional deals in the coming months. Overall, we remain well-positioned to navigate this uncertain environment in the near-term while leveraging our unique leadership position and capabilities to execute our strategy and deliver long-term performance and growth for all stakeholders.”

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