SITE 8-K: SiteOne Q3 net income falls 22% to $57.3M; guides FY23 EBITDA $400-410M

SiteOne Q3 net income falls 22% to $57.3M; guides FY23 EBITDA $400-410M

SiteOne Landscape Supply, Inc.

2023-Q3 EPS reported $3.87 revenue$3,336,200,000

Net sales $1.15B (+4% YoY); organic daily sales -2% on commodity price deflation.

Gross margin 33.9% (-130 bps); net income $57.3M (-22%); adjusted EBITDA $119.8M (-12%).

Closed six acquisitions; term loan increased by $120M.

Full-year 2023 adj. EBITDA guidance set at $400-410M; expects Q4 OSD decline.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SiteOne Landscape Supply, Inc. reported the third quarter ended October 1, 2023 results: revenue $1.15 billion, net income $57.3 million. Guidance lowered.

Period: the third quarter ended October 1, 2023
Revenue: $1.15 billion
Net income: $57.3 million
Guidance: lowered
Result: reported results

Exact text from the filing

Net sales for the Third Quarter 2023 increased to $1.15 billion, or 4%, compared to $1.10 billion for the prior-year period. Organic Daily Sales decreased 2% compared to the prior-year period driven by a decline in prices for commodity products such as PVC pipe, grass seed, and fertilizer compared to the prior-year period. Acquisitions contributed $64.7 million, or 6%, to Net sales growth for the quarter. Gross profit was $388.1 million for the Third Quarter 2023 which was similar to prior-year period gross profit of $388.6 million. Gross margin contracted 130 basis points to 33.9% for the Third Quarter 2023 primarily due to lower prices and the absence of the price realization benefit in the prior year, partially offset by the positive impact of acquisitions and lower freight costs. Selling, general and administrative expenses (“SG&A”) for the Third Quarter 2023 increased to $311.8 million from $289.2 million for the prior-year period. SG&A as a percentage of Net sales increased 100 b

View on SEC.gov