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. Gross profit was $388.1 million for the Third Quarter 2023 which was similar to prior-year period gross profit of $388.6 million. Acquisitions contributed $64.7 million, or 6%, to Net sales growth for the quarter. 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. Net sales for the Third Quarter 2023 increased to $1.15 billion, or 4%, compared to $1.10 billion for the prior-year period. Overall, we remain confident in our long-term strategy and in our ability to drive performance and growth.”

While certain areas of the economy have slowed, customer demand has remained resilient, and we continue to build our capabilities to consistently gain market share. We also added six excellent companies to SiteOne during the quarter, expanding our position in key markets and increasing our ability to serve customers and grow. “These same headwinds negatively affected gross margin and EBITDA margin. “Against the headwinds of softer markets and commodity price deflation, we were pleased to achieve continued growth in Net sales during the third quarter with positive sales volume growth and good contribution from acquisitions,” said Doug Black, SiteOne’s Chairman and CEO. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its third quarter ended Octo(“Third Quarter 2023”). Successfully increased term loan by $120 million Operating cash flow decreased $47.4 million to $88.7 millionĬlosed six acquisitions: Hickory Hill Farm & Garden, New England Silica, Timothy’s Center for Gardening, Pioneer Landscape Centers, Regal Chemical, and JMJ Organics Net income decreased 22% to $57.3 millionĪdjusted EBITDA decreased 12% to $119.8 million Adjusted EBITDA margin was 10.5% SG&A as a percentage of Net sales increased 100 basis points to 27.2% Gross profit of $388.1 million was largely unchanged gross margin contracted 130 basis points to 33.9% Third Quarter 2023 Highlights (Compared to Third Quarter 2022): Landscape Supply Announces Third Quarter 2023 Earnings was incorporated in 2013 and is headquartered in Roswell, Georgia. It markets its products primarily to residential and commercial landscape professionals who specializes in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces through branch network and direct distribution. The company offers its products under the LESCO, SiteOne Green Tech, and Pro-Trade brand names. It also offers consultative services consisting of assistance with irrigation project take-offs, commercial project planning, generation of sales leads, business operations, and product support services, as well as a series of technical and business management seminars and distributes branded products of third parties. The company provides irrigation products, including controllers, valves, sprinkler heads, irrigation pipes, micro irrigation, and drip products fertilizer, grass seed, and ice melt products control products, such as herbicides, fungicides, rodenticides, and other pesticides landscape accessories that include mulches, soil amendments, drainage pipes, tools, and sods nursery goods, which consist of deciduous and evergreen shrubs, ornamental, shade, evergreen trees, field grown and container-grown nursery stock, roses, perennials, annuals, bulbs, and plant species and cultivars hardscapes, such as pavers, natural stones, blocks, and other durable materials and outdoor lighting products that include lighting fixtures, LED lamps, wires, transformers, and accessories.

SiteOne Landscape Supply, Inc., together with its subsidiaries, engages in the wholesale distribution of landscape supplies in the United States and Canada.

Site one landscape supply