SiteOne Landscape Supply Inc (NYSE:SITE)
$ 152.54 2.02 (1.34%) Market Cap: 6.88 Bil Enterprise Value: 7.67 Bil PE Ratio: 49.37 PB Ratio: 4.24 GF Score: 92/100
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Q2 2024 SiteOne Landscape Supply Inc Earnings Call Transcript

Jul 31, 2024 / 12:00PM GMT
Release Date Price: $146.68 (+2.16%)

Key Points

Positve
  • SiteOne Landscape Supply Inc (SITE) achieved a 4% net sales growth in the second quarter, driven by acquisitions.
  • The company added four high-performing companies during the quarter and one in July, expanding its market presence and product lines.
  • SiteOne Landscape Supply Inc (SITE) continues to build its capabilities, strengthen teams, and expand its branch network across the US and Canada.
  • The company has a robust acquisition pipeline and expects to continue adding new companies to support growth.
  • SiteOne Landscape Supply Inc (SITE) has a strong balance sheet and available liquidity of approximately $543 million, ensuring financial flexibility.
Negative
  • Organic daily sales declined by 3% due to weak demand and price deflation in select products like PVC pipe and grass seed.
  • Adjusted EBITDA margin declined by 70 basis points to 14.9%, impacted by negative organic growth and lower gross margin.
  • SG&A as a percentage of net sales increased by 60 basis points to 24.3%, primarily driven by acquisitions.
  • The company expects price deflation to persist throughout 2024, impacting overall sales growth.
  • SiteOne Landscape Supply Inc (SITE) faces challenges in the repair and upgrade market, which is expected to be down high single digits in 2024.
Operator

Greetings from to the SiteOne Landscape Supply second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

At this time, I would like to hand the call over to John Guthrie, Executive Vice President and Chief Financial Officer. Thank you, sir. You may begin.

John Guthrie
SiteOne Landscape Supply Inc - Chief Financial Officer, Executive Vice President, Assistant Secretary

Thank you, and good morning, everyone. We issued our second quarter 2024 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com. I'm joined today by Doug Black, our Chairman and Chief Executive Officer; and Scott Salmon, Executive Vice President, Strategy and Development.

Before we begin, I would like to remind everyone that today's press release, slide presentation, and the statements made during the call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are

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