SiteOne Landscape reaffirms FY23 adjusted EBITDA view $395M-$425M

"Net sales improved in April with the arrival of spring in the North and with more favorable weather in the West. While we expect demand for the full year to be lower than in 2022, we are pleased that our markets have remained resilient so far this year," said Doug Black, CEO. "Additionally, we have seen high product inflation continue to moderate, and we expect prices in the second half of 2023 to be relatively flat versus the second half of 2022. Taken together with our ability to gain market share, we continue to expect Organic Daily Sales to be flat to down mid-single digits for the full year. We also continue to expect gross margin and EBITDA margin to normalize this year without the substantial benefits that we saw in 2022 due to our strategic inventory purchases ahead of the rapid inflation. Acquisitions will increase gross margin but will also increase SG&A, thereby having a minimal effect on EBITDA margin. For FY23, we continue to expect our Adjusted EBITDA to be in the range of $395M-$425M. Our guidance does not include any contributions from unannounced acquisitions."