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Sep 29, 2024
SiteOne Q3 2024 Earnings Report
SiteOne faced market headwinds but achieved organic sales volume growth.
Key Takeaways
SiteOne Landscape Supply announced its Q3 2024 earnings, revealing a net sales increase to $1.21 billion, a 6% rise compared to the previous year. Despite market challenges including price deflation, the company achieved 2% Organic Daily Sales volume growth. Net income attributable to SiteOne was $44.4 million, while Adjusted EBITDA decreased to $114.8 million.
Net sales increased by 6% to $1.21 billion compared to the prior-year period.
Gross profit increased by 6% to $411.0 million with gross margin improving 10 basis points to 34.0%.
Net income attributable to SiteOne was $44.4 million, reflecting the Organic Daily Sales decline and lower gross margin in the Base Business.
Adjusted EBITDA decreased to $114.8 million, with adjusted EBITDA margin contracting 100 basis points to 9.5%.
Forward Guidance
SiteOne anticipates a low single digit Organic Daily Sales decline for the remainder of the year. Adjusted EBITDA is expected to be in the range of $370 million to $380 million for Fiscal 2024, including a $5 million one-time charge.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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