SiteOne Landscape Supply (SITE) Misses Q1 EPS by 22c, offers outlook

SiteOne Landscape Supply (NYSE: SITE) reported Q1 EPS of ($0.43), $0.22 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $904.8 million versus the consensus estimate of $865.82 million.

Outlook

“We have seen commodity price deflation continue through April and expect it to persist into the third quarter. For the full year 2024 we expect prices to be down approximately 2%, which is at the high end of our initial 1% to 2% range,” Doug Black continued. “In total, end market demand has been solid, and with the benefit of our commercial initiatives, we continue to expect sales volume to more than offset price deflation, yielding low single digit Organic Daily Sales growth for the full year 2024. With the benefit of our operational initiatives, SG&A management, and contribution from our acquisitions, we expect to increase adjusted EBITDA margin during the year.”

For Fiscal 2024, we continue to expect our Adjusted EBITDA to be in the range of $420 million to $455 million, which is unchanged from our previous guidance. Our guidance does not include any contributions from unannounced acquisitions.

Reconciliation for the forward-looking full-year 2024 Adjusted EBITDA outlook is not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation.

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

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