SiteOne Landscape reports Q1 EPS (10c), consensus 12c

Reports Q1 revenue $837.4M, consensus $793.68M. "Given the difficult weather this year and tough comparisons with the first quarter of last year, in which we achieved 17% Organic Daily Sales growth and strong margin expansion, I am pleased to report that SiteOne delivered Net sales growth and gross margin expansion in the Q1," said Doug Black, SiteOne’s Chairman and CEO. "We are serving our customers well and effectively managing the slowing pace of inflation to drive better-than-market organic growth. We also continue to execute our acquisition strategy, adding two excellent companies to the SiteOne family during the quarter, with many more opportunities in the pipeline. Our increase in SG&A as a percentage of Net sales reflects the business mix and seasonality of our recent acquisitions and a later start to the spring selling season. Overall, we are off to a solid start to the year, and we feel good about the resilient market demand and our outlook for 2023. With strong teams, a robust acquisition pipeline, and a winning strategy to create significant value for our stakeholders, we are confident in our ability to continue delivering exceptional performance and growth in the years to come."