SiteOne Q2 net income down 12% to $124M; sales up 11% to $1.35B

SiteOne Landscape Supply, Inc.

2023-Q2 EPS reported $2.62 revenue$2,191,100,000

Net sales $1.35B (+11% YoY); organic daily sales +4% on volume growth; acquisitions contributed 7%.
Gross margin 36.2% (-170 bps); SG&A 23.7% of sales (+130 bps) from acquisitions and inflation.
Net income $124M (-12% from $140.7M); adjusted EBITDA $211.2M (-5%); margin 15.6% (-260 bps).
Operating cash flow $253.8M (+$159.1M YoY); net debt $385.4M; net debt/Adjusted EBITDA 0.9x.
FY2023 adjusted EBITDA guidance $400M-$425M; closed two acquisitions in Q2, one post-quarter.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SiteOne Landscape Supply, Inc. reported second quarter ended July 2, 2023 results: revenue $1.35 billion, net income $124.0 million. Guidance reaffirmed.

Period: second quarter ended July 2, 2023
Revenue: $1.35 billion
Net income: $124.0 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

August 2, 2023 SiteOne Landscape Supply Announces Second Quarter 2023 Earnings Second Quarter 2023 Highlights (Compared to Second Quarter 2022): • Net sales increased 11% to $1.35 billion • Organic Daily Sales increased 4% • Gross profit increased 6% to $489.4 million; gross margin contracted 170 basis points to 36.2% • SG&A as a percentage of Net sales increased

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Source: SEC EDGAR

accession 0001104659-23-086536

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