SiteOne Landscape reports Q4 EPS (8c), consensus (18c)

Reports Q4 revenue $965M, consensus $942.28M. “We were pleased to finish the year strongly in the fourth quarter with sales volume growth mostly mitigating commodity price deflation, combined with continued gross margin recovery and tight SG&A management resulting in modest adjusted EBITDA growth. Overall, 2023 was a tough year where we faced many challenges including softer markets, operating cost inflation, gross margin normalization, and commodity price deflation. Despite these challenges, our teams continued to drive our initiatives and gain market share to deliver mid-single digit growth in Net sales, Adjusted EBITDA that was just above the top end of our guidance range, and record operating cash flow,” said Doug Black, SiteOne’s Chairman and CEO. “During the year we also added eleven excellent companies to the SiteOne family, representing a record $320 million in trailing twelve-month sales. As we look to 2024, we feel good about our momentum and are encouraged by the underlying demand across our end markets. We remain well positioned to continue executing our strategy and driving attractive performance and growth in the years to come.”