Fourth Quarter 2024 Highlights (Compared to Fourth Quarter
2023):
- Net sales increased 5% to $1.01 billion
- Organic Daily Sales increased 1%
- Gross profit increased 3% to $337.6 million; gross margin
decreased 50 basis points to 33.3%
- SG&A as a percentage of Net sales increased 150 basis
points to 36.0%
- Net loss attributable to SiteOne of $21.7 million
- Adjusted EBITDA1 decreased 20% to $31.8 million; Adjusted
EBITDA margin was 3.1%
- Cash provided by operating activities increased $11.8 million
to $119.4 million
- Repurchased $30.0 million of shares under the share repurchase
authorization
- Closed two acquisitions: Custom Stone and OakStreet Wholesale
Nursery
Full Year 2024 Highlights (Compared to Full Year
2023):
- Net sales increased 6% to $4.54 billion
- Organic Daily Sales decreased 1%
- Gross profit increased 5% to $1.56 billion; gross margin
decreased 30 basis points to 34.4%
- SG&A as a percentage of Net sales increased 130 basis
points to 30.5%
- Net income attributable to SiteOne decreased 29% to $123.6
million
- Adjusted EBITDA1 decreased 8% to $378.2 million; Adjusted
EBITDA margin was 8.3%
- Repurchased $51.6 million of shares under the share repurchase
authorization
- Closed seven acquisitions during the year with approximately
$200 million in trailing twelve months Net sales
- Refinanced and extended the maturity of term loan
- Net debt to Adjusted EBITDA at year-end was 1.1x, compared to
0.9x at year-end 2023
Post Quarter Highlights
- Closed one acquisition: Pacific Nurseries
SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”)
(NYSE: SITE) announced earnings for its fourth quarter (“Fourth
Quarter 2024”) and full fiscal year ended December 29, 2024
(“Fiscal 2024”).
“We were pleased to finish a challenging year in 2024 on a more
positive note, achieving 1% Organic Daily Sales growth in the
fourth quarter against the headwind of 3% deflation. Throughout the
year, we made significant progress on our strategic initiatives and
acquisition integrations, which positions us well for positive
sales growth, SG&A leverage, and EBITDA margin expansion in
2025,” said Doug Black, SiteOne’s Chairman and CEO. “While
commodity price deflation remains a near-term headwind, we are
seeing conditions normalize with price increases coming through in
the non-commodity products. With steady demand across our end
markets, we anticipate a more balanced operating environment in
2025. Accordingly, with the benefit of our commercial and
operational initiatives creating significant value for our
customers and suppliers, combined with our leading market position
and robust acquisition pipeline, we expect to deliver solid
performance and growth and strong long-term value for our
shareholders.”
Fourth Quarter 2024 Results
Net sales for the Fourth Quarter 2024 increased to $1.01
billion, or 5%, compared to $965.0 million for the prior-year
period. Organic Daily Sales increased 1% compared to the prior-year
period driven by higher volume, partially offset by lower pricing
due to commodity product deflation. Acquisitions contributed $43.0
million, or 4%, to Net sales growth for the quarter.
Gross profit increased 3% to $337.6 million for the Fourth
Quarter 2024 compared to $326.6 million for the prior-year period.
Gross margin decreased 50 basis points to 33.3%, due to higher
freight expense, customer discounts, and a negative impact from
acquisitions.
Selling, general and administrative expenses (“SG&A”) for
the Fourth Quarter 2024 increased to $364.5 million from $332.8
million for the prior-year period. SG&A as a percentage of Net
sales increased 150 basis points to 36.0% primarily due to the
impact of acquisitions, and branch consolidations and closures.
Net loss attributable to SiteOne for the Fourth Quarter 2024 was
$21.7 million, compared to a Net loss of $3.4 million for the same
period in the prior year due to lower gross margin and higher
SG&A expense.
Adjusted EBITDA1 for the Fourth Quarter 2024 decreased 20% to
$31.8 million, compared to $39.9 million for the prior-year period.
Adjusted EBITDA margin contracted 100 basis points to 3.1%.
Fiscal 2024 Results
Net sales for Fiscal 2024 increased to $4.54 billion, or 6%,
compared to $4.30 billion for the fiscal year ended December 31,
2023 (“Fiscal 2023”). Organic Daily Sales for Fiscal 2024 decreased
1% compared to Fiscal 2023 due to commodity price deflation
offsetting volume growth. Acquisitions contributed $286.0 million,
or 7%, to Net sales growth for Fiscal 2024.
Gross profit for Fiscal 2024 increased to $1.56 billion, up 5%
compared to $1.49 billion for the prior year. Gross margin for the
year decreased by 30 basis points to 34.4% compared to 34.7% in
Fiscal 2023. The decrease in gross margin reflects lower price
realization, partially offset by the positive impact of
acquisitions.
SG&A for Fiscal 2024 increased to $1.39 billion from $1.26
billion in Fiscal 2023. SG&A as a percentage of Net sales
increased by 130 basis points to 30.5% compared to the prior year
primarily due to the impact of acquisitions with higher operating
costs. SG&A for the Base Business in Fiscal 2024 was flat
compared to the prior year.
Our effective tax rate for Fiscal 2024 was 22.4% compared to
22.3% for Fiscal 2023. We currently expect our 2025 effective tax
rate will be between 25.0% and 26.0%, excluding discrete items such
as excess tax benefits.
Net income attributable to SiteOne for Fiscal 2024 decreased to
$123.6 million, or 29%, compared to $173.4 million for Fiscal 2023.
The decrease in Net income for the year primarily reflects the
negative impact of deflation and lower price realization.
For the year, Adjusted EBITDA1 decreased 8% to $378.2 million,
compared to $410.7 million in Fiscal 2023. Adjusted EBITDA margin
contracted 120 basis points to 8.3%, compared to Fiscal 2023.
Cash provided by operating activities decreased $14.1 million to
$283.4 million in Fiscal 2024 compared to $297.5 million in Fiscal
2023, primarily due to the decrease in Net income.
Balance Sheet and Liquidity
Net debt, calculated as long-term debt (net of issuance costs
and discounts) plus finance leases, net of cash and cash
equivalents on our balance sheet as of December 29, 2024, was
$411.7 million compared to $382.0 million as of December 31, 2023.
Net debt to Adjusted EBITDA1 for the last twelve months was 1.1
times compared to 0.9 times at the end of the prior fiscal
year.
As of December 29, 2024, Cash and cash equivalents was $107.1
million and available capacity under the ABL Facility was $581.2
million.
1.
Adjusted EBITDA includes contribution from
non-controlling interest of $0.8 million and $2.5 million for the
Fourth Quarter 2024 and Fiscal 2024, respectively.
Outlook
“As we enter 2025, there is much uncertainty with interest
rates, potential tariffs, and labor supply that could affect our
markets. Against this backdrop, we expect commodity price deflation
to continue moderating in 2025 with declines in products like PVC
pipe mitigated by increases across our other products. Overall, we
expect pricing to be flat to slightly down for the full year 2025,”
Doug Black continued. “In terms of end markets, we expect overall
demand to be flat to slightly up with modest growth in maintenance
and resilient demand in repair and upgrade, new residential, and
new commercial construction. With the benefit of our commercial
initiatives, we expect sales volume to more than offset price
deflation, yielding low single-digit Organic Daily Sales growth for
the full year. With the strong actions taken in 2024 to reduce cost
combined with our continued operational initiatives, ongoing
SG&A management, and contributions from acquisitions, we expect
to increase Adjusted EBITDA margin in 2025."
Given these trends, we expect our Adjusted EBITDA to be in the
range of $400 million to $430 million. Our guidance does not
include any contributions from unannounced acquisitions.
Reconciliation for the forward-looking full-year 2025 Adjusted
EBITDA outlook is not being provided, as the Company does not
currently have sufficient data to accurately estimate the variables
and individual adjustments for such reconciliation.
Conference Call Information
SiteOne management will host a conference call today, February
12, 2025, at 8:00 a.m. Eastern Time, to discuss the Company’s
financial results. The conference call can also be accessed by
dialing 877-704-4453 (domestic) or 201-389-0920 (international), or
by clicking on this link for instant telephone access to the call.
A telephonic replay will be available approximately two hours after
the call by dialing 844-512-2921, or for international callers,
412-317-6671. The passcode for the replay it is 13750904. The
replay will be available until 11:59 p.m. (ET) on February 26,
2025.
Interested investors and other parties can listen to a webcast
of the live conference call by logging onto the Investor Relations
section of the Company's website at http://investors.siteone.com.
The online replay will be available for 30 days on the same website
immediately following the call. A slide presentation highlighting
the Company’s results and key performance indicators will also be
available on the Investor Relations section of the Company’s
website.
To learn more about SiteOne, please visit the company's website
at http://investors.siteone.com.
About SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. (NYSE: SITE), is the largest and
only national full product line wholesale distributor of landscape
supplies in the United States and has a growing presence in Canada.
Its customers are primarily residential and commercial landscape
professionals who specialize in the design, installation and
maintenance of lawns, gardens, golf courses and other outdoor
spaces.
Forward-Looking Statements
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements relating to our 2025 Adjusted EBITDA outlook and our
share repurchase program. Some of the forward-looking statements
can be identified by the use of terms such as “may,” “intend,”
“might,” “will,” “should,” “could,” “would,” “expect,” “believe,”
“estimate,” “anticipate,” “predict,” “project,” “potential,” or the
negative of these terms, and similar expressions. You should be
aware that these forward-looking statements are subject to risks
and uncertainties that are beyond our control. Further, any
forward-looking statement speaks only as of the date on which it is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances. New factors emerge from time
to time that may cause our business not to develop as we expect,
and it is not possible for us to predict all of them. Factors that
may cause actual results to differ materially from those expressed
or implied by the forward-looking statements include, but are not
limited to, the following: cyclicality in residential and
commercial construction markets; general business, financial
market, and economic conditions; severe weather and climate
conditions; seasonality of our business and its impact on demand
for our products; prices for the products we purchase may
fluctuate; market variables, including inflation and elevated
interest rates for prolonged periods; increases in operating costs;
climate, environmental, health and safety laws and regulations;
hazardous materials and related materials; laws and government
regulations applicable to our business that could negatively impact
demand for our products; public perceptions that our products and
services are not environmentally friendly or that our practices are
not sustainable; competitive industry pressures, including
competition for our talent base; supply chain disruptions, product
or labor shortages, and the loss of key suppliers; inventory
management risks; ability to implement our business strategies and
achieve our growth objectives; acquisition and integration risks,
including increased competition for acquisitions; risks associated
with our large labor force and our customers’ labor force and labor
market disruptions; retention of key personnel; construction defect
and product liability claims; impairment of goodwill; adverse
credit and financial markets events and conditions; inefficient or
ineffective allocation of capital; credit sale risks; performance
of individual branches; cybersecurity incidents involving our
systems or third-party systems; failure or malfunctions in our
information technology systems; security of personal information
about our customers; intellectual property and other proprietary
rights; unanticipated changes in our tax provisions; threats from
terrorism, violence, uncertain political conditions, and
geopolitical conflicts such as the ongoing conflict between Russia
and Ukraine, the conflict in the Gaza Strip, and unrest in the
Middle East; risks related to our current indebtedness and our
ability to obtain financing in the future; financial institution
disruptions; risks related to our common stock; and other risks, as
described in Item 1A, “Risk Factors”, and elsewhere in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, as
may be updated by subsequent filings under the Securities Exchange
Act of 1934, as amended, including Forms 10-Q and 8-K.
Non-GAAP Financial Information
This release includes certain financial information, not
prepared in accordance with U.S. GAAP. Because not all companies
calculate non-GAAP financial information identically (or at all),
the presentations herein may not be comparable to other similarly
titled measures used by other companies. Further, these measures
should not be considered substitutes for the information contained
in the historical financial information of the Company prepared in
accordance with U.S. GAAP that is set forth herein.
We present Adjusted EBITDA in order to evaluate the operating
performance and efficiency of our business. Adjusted EBITDA
represents EBITDA as further adjusted for items permitted under the
covenants of our credit facilities. EBITDA represents Net income
(loss) plus the sum of income tax expense (benefit), interest
expense, net of interest income, and depreciation and amortization.
Adjusted EBITDA represents EBITDA as further adjusted for
stock-based compensation expense, (gain) loss on sale of assets and
termination of finance leases not in the ordinary course of
business, financing fees, as well as other fees and expenses
related to acquisitions, and other non-recurring (income) loss.
Adjusted EBITDA includes Adjusted EBITDA attributable to
non-controlling interest. Adjusted EBITDA does not include
pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a
measure of our liquidity or financial performance under U.S. GAAP
and should not be considered as an alternative to Net income,
operating income or any other performance measures derived in
accordance with U.S. GAAP, or as an alternative to cash flow from
operating activities as a measure of our liquidity. The use of
Adjusted EBITDA instead of Net income has limitations as an
analytical tool. Because not all companies use identical
calculations, our presentation of Adjusted EBITDA may not be
comparable to other similarly titled measures of other companies,
limiting its usefulness as a comparative measure. Net debt is
defined as long-term debt (net of issuance costs and discounts)
plus finance leases, net of cash and cash-equivalents on our
balance sheet. Leverage Ratio is defined as Net debt to trailing
twelve months Adjusted EBITDA. Free Cash Flow is defined as Cash
Flow from Operating Activities, less capital expenditures. Base
Business is defined as SiteOne operations excluding acquired
branches that have not been under our ownership for at least four
full fiscal quarters at the start of the fiscal year. We define
Organic Daily Sales as Organic Sales divided by the number of
Selling Days in the relevant reporting period. We define Organic
Sales as Net sales, including Net sales from newly-opened
greenfield branches, but excluding Net sales from acquired branches
until they have been under our ownership for at least four full
fiscal quarters at the start of the fiscal year. Selling Days are
the number of business days, excluding Saturdays, Sundays, and
holidays, that SiteOne branches are open during the relevant
reporting period.
SiteOne Landscape Supply,
Inc.
Consolidated Balance Sheets
(Unaudited)
(In millions, except share and
per share data)
Assets
December 29, 2024
December 31, 2023
Current assets:
Cash and cash equivalents
$
107.1
$
82.5
Accounts receivable, net of allowance for
doubtful accounts of $26.9 and $27.3, respectively
547.1
490.6
Inventory, net
827.2
771.2
Income tax receivable
12.3
—
Prepaid expenses and other current
assets
55.9
61.0
Total current assets
1,549.6
1,405.3
Property and equipment, net
292.1
249.4
Operating lease right-of-use assets,
net
415.3
388.9
Goodwill
518.1
485.5
Intangible assets, net
261.0
280.8
Deferred tax assets
18.5
5.3
Other assets
16.2
13.7
Total assets
$
3,070.8
$
2,828.9
Liabilities, Redeemable Non-controlling
Interest, and Stockholders' Equity
Current liabilities:
Accounts payable
$
315.5
$
270.8
Current portion of finance leases
29.7
21.8
Current portion of operating leases
90.2
83.6
Accrued compensation
70.9
74.2
Long-term debt, current portion
4.3
5.3
Income tax payable
—
8.0
Accrued liabilities
130.2
114.6
Total current liabilities
640.8
578.3
Other long-term liabilities
11.0
11.5
Finance leases, less current portion
100.9
69.8
Operating leases, less current portion
342.3
313.3
Deferred tax liabilities
—
2.3
Long-term debt, less current portion
383.9
367.6
Total liabilities
1,478.9
1,342.8
Commitments and contingencies
Redeemable non-controlling interest
19.4
—
Stockholders’ equity:
Common stock, par value $0.01;
1,000,000,000 shares authorized; 45,601,760 and 45,404,091 shares
issued, and 44,913,296 and 45,082,070 shares outstanding at
December 29, 2024 and December 31, 2023, respectively
0.5
0.5
Additional paid-in capital
626.5
601.8
Retained earnings
1,039.9
916.3
Accumulated other comprehensive income
(loss)
(6.1
)
4.2
Treasury stock, at cost, 688,464 and
322,021 shares at December 29, 2024 and December 31, 2023,
respectively
(88.3
)
(36.7
)
Total stockholders’ equity
1,572.5
1,486.1
Total liabilities, redeemable
non-controlling interest, and stockholders’ equity
$
3,070.8
$
2,828.9
SiteOne Landscape Supply,
Inc.
Consolidated Statements of
Operations (Unaudited)
(In millions, except share and
per share data)
For the Quarter
For the Year
September 30, 2024 to December
29, 2024
October 2, 2023 to December
31, 2023
January 1, 2024 to December
29, 2024
January 2, 2023 to December
31, 2023
Net sales
$
1,013.1
$
965.0
$
4,540.6
$
4,301.2
Cost of goods sold
675.5
638.4
2,980.5
2,810.0
Gross profit
337.6
326.6
1,560.1
1,491.2
Selling, general and administrative
expenses
364.5
332.8
1,385.1
1,256.6
Other income
2.0
4.3
17.3
15.7
Operating income (loss)
(24.9
)
(1.9
)
192.3
250.3
Interest and other non-operating expenses,
net
6.7
6.5
31.9
27.1
Income (loss) before taxes
(31.6
)
(8.4
)
160.4
223.2
Income tax expense (benefit)
(10.1
)
(5.0
)
36.0
49.8
Net income (loss)
(21.5
)
(3.4
)
124.4
173.4
Less: Net income attributable to
non-controlling interest
0.2
—
0.8
—
Net income (loss) attributable to
SiteOne
$
(21.7
)
$
(3.4
)
$
123.6
$
173.4
Net income (loss) per common
share:
Basic
$
(0.48
)
$
(0.08
)
$
2.73
$
3.84
Diluted
$
(0.48
)
$
(0.08
)
$
2.71
$
3.80
Weighted average number of common
shares outstanding:
Basic
45,217,624
45,162,695
45,244,491
45,112,977
Diluted
45,217,624
45,162,695
45,635,077
45,686,268
SiteOne Landscape Supply,
Inc.
Consolidated Statements of
Cash Flows (Unaudited)
(In millions)
For the year January 1, 2024
to December 29, 2024
For the year January 2, 2023
to December 31, 2023
For the year January 3, 2022
to January 1, 2023
Cash Flows from Operating Activities:
Net income
$
124.4
$
173.4
$
245.4
Adjustments to reconcile Net income to net
cash provided by operating activities:
Amortization of finance lease right-of-use
assets and depreciation
75.3
64.1
51.6
Stock-based compensation
25.0
25.7
18.3
Amortization of software and intangible
assets
63.7
63.6
52.2
Amortization of debt related costs
1.3
1.2
1.1
Loss on extinguishment of debt
1.8
—
0.6
(Gain) loss on sale of equipment
0.5
(0.5
)
(0.8
)
Deferred income taxes
(11.0
)
(14.5
)
(5.2
)
Other
0.9
(5.6
)
2.3
Changes in operating assets and
liabilities, net of the effects of acquisitions:
Receivables
(41.6
)
(17.4
)
(44.6
)
Inventory
19.0
38.1
(99.3
)
Income tax receivable
(11.2
)
10.9
(7.6
)
Prepaid expenses and other assets
2.1
(4.3
)
3.5
Accounts payable
29.7
(35.1
)
8.9
Income tax payable
(8.0
)
7.9
—
Accrued expenses and other liabilities
11.5
(10.0
)
(9.2
)
Net Cash Provided By Operating
Activities
$
283.4
$
297.5
$
217.2
Cash Flows from Investing Activities:
Purchases of property and equipment
(40.5
)
(32.1
)
(27.1
)
Purchases of intangible assets
(4.3
)
(3.9
)
(14.6
)
Acquisitions, net of cash acquired
(138.2
)
(192.7
)
(244.9
)
Proceeds from the sale of property and
equipment
5.9
2.7
2.2
Net Cash Used In Investing
Activities
$
(177.1
)
$
(226.0
)
$
(284.4
)
Cash Flows from Financing Activities:
Equity proceeds from common stock
5.6
5.2
3.6
Repurchases of common shares
(51.3
)
(12.0
)
(24.4
)
Borrowings under term loan
220.1
120.0
—
Repayments under term loan
(197.0
)
(3.2
)
(2.6
)
Borrowings on asset-based credit
facilities
381.9
434.3
732.8
Repayments on asset-based credit
facilities
(398.3
)
(526.8
)
(632.8
)
Payments of debt issuance costs
(2.2
)
(1.8
)
(2.3
)
Payments on finance lease obligations
(26.7
)
(18.5
)
(12.6
)
Payments of acquisition related contingent
obligations
(5.6
)
(8.0
)
(10.0
)
Other financing activities
(7.4
)
(7.5
)
(8.3
)
Net Cash (Used In) Provided By
Financing Activities
$
(80.9
)
$
(18.3
)
$
43.4
Effect of exchange rate on cash
(0.8
)
0.2
(0.8
)
Net Change In Cash
24.6
53.4
(24.6
)
Cash and cash equivalents:
Beginning
82.5
29.1
53.7
Ending
$
107.1
$
82.5
$
29.1
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the year for interest
$
29.8
$
26.8
$
15.5
Cash paid during the year for income
taxes
$
57.6
$
46.0
$
82.1
SiteOne Landscape Supply, Inc.
Adjusted EBITDA to Net Income Reconciliation (Unaudited)
(In millions)
The following table presents a reconciliation of Adjusted EBITDA
to Net income (loss):
2024 Fiscal Year
2023 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net income (loss)
$
124.4
$
(21.5
)
$
44.6
$
120.6
$
(19.3
)
$
173.4
$
(3.4
)
$
57.3
$
124.0
$
(4.5
)
Income tax expense (benefit)
36.0
(10.1
)
15.8
40.0
(9.7
)
49.8
(5.0
)
17.5
40.0
(2.7
)
Interest expense, net
31.9
6.7
9.5
9.0
6.7
27.1
6.5
6.4
7.3
6.9
Depreciation & amortization
139.0
35.6
35.9
34.6
32.9
127.7
34.6
31.3
31.0
30.8
EBITDA
331.3
10.7
105.8
204.2
10.6
378.0
32.7
112.5
202.3
30.5
Stock-based compensation(a)
25.0
5.5
5.2
3.8
10.5
25.7
5.0
5.0
7.1
8.6
(Gain) loss on sale of assets(b)
0.5
1.5
0.3
(0.3
)
(1.0
)
(0.5
)
(0.1
)
(0.2
)
0.2
(0.4
)
Financing fees(c)
0.5
—
0.5
—
—
0.5
—
0.4
0.1
—
Acquisitions and other adjustments(d)
20.9
14.1
3.0
2.8
1.0
7.0
2.3
2.1
1.5
1.1
Adjusted EBITDA(e)
$
378.2
$
31.8
$
114.8
$
210.5
$
21.1
$
410.7
$
39.9
$
119.8
$
211.2
$
39.8
___________________________________________
(a)
Represents stock-based compensation
expense recorded during the period.
(b)
Represents any gain or loss associated
with the sale of assets and termination of finance leases not in
the ordinary course of business.
(c)
Represents fees associated with our debt
refinancing and debt amendments.
(d)
Represents professional fees and
settlement of litigation, performance bonuses, and retention and
severance payments related to historical acquisitions. Also
included is the cost of inventory that was stepped up to fair value
during the second quarter of 2024 related to the purchase
accounting of Devil Mountain and charges during the fourth quarter
of 2024 for consolidating or closing certain Pioneer locations. We
cannot predict the timing or amount of any such fees or payments.
These amounts are recorded in Cost of goods sold and Selling,
general and administrative expenses in the Consolidated Statements
of Operations.
(e)
Adjusted EBITDA excludes any earnings or
loss of acquisitions prior to their respective acquisition dates
for all periods presented. Adjusted EBITDA includes Adjusted EBITDA
attributable to non-controlling interest of $2.5 million for the
2024 Fiscal Year, and $0.8 million, $0.8 million, and $0.9 million
for the fourth, third, and second quarter of 2024,
respectively.
SiteOne Landscape Supply, Inc. 2024
Organic Daily Sales to Net Sales Reconciliation (In
millions, except Selling Days; unaudited)
The following table presents a reconciliation of Organic Daily
Sales to Net sales:
2024 Fiscal Year
2023 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net sales
$
4,540.6
$
1,013.1
$
1,208.8
$
1,413.9
$
904.8
$
4,301.2
$
965.0
$
1,145.1
$
1,353.7
$
837.4
Organic sales(a)
4,134.1
912.3
1,089.6
1,291.5
840.7
4,180.7
907.2
1,103.2
1,334.5
835.8
Acquisition contribution(b)
406.5
100.8
119.2
122.4
64.1
120.5
57.8
41.9
19.2
1.6
Selling Days
252
61
63
64
64
252
61
63
64
64
Organic Daily Sales
$
16.4
$
15.0
$
17.3
$
20.2
$
13.1
$
16.6
$
14.9
$
17.5
$
20.9
$
13.1
_____________________________________
(a)
Organic sales equal Net sales less Net
sales from branches acquired in 2024 and 2023.
(b)
Represents Net sales from acquired
branches that have not been under our ownership for at least four
full fiscal quarters at the start of the 2024 Fiscal Year. Includes
Net sales from branches acquired in 2024 and 2023.
SiteOne Landscape Supply, Inc. 2025
Organic Daily Sales to Net Sales Reconciliation (In
millions, except Selling Days; unaudited)
The following table presents a reconciliation of Organic Daily
Sales to Net sales:
2025 Fiscal Year
2024 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net sales
--
--
--
--
--
$
4,540.6
$
1,013.1
$
1,208.8
$
1,413.9
$
904.8
Organic sales(a)
--
--
--
--
--
4,430.8
971.9
1,166.9
1,387.2
904.8
Acquisition contribution(b)
--
--
--
--
--
109.8
41.2
41.9
26.7
--
Selling Days
252
61
63
64
64
252
61
63
64
64
Organic Daily Sales
--
--
--
--
--
$
17.6
$
15.9
$
18.5
$
21.7
$
14.1
_____________________________________
(a)
Organic sales equal Net sales less Net
sales from branches acquired in 2025 and 2024.
(b)
Represents Net sales from acquired
branches that have not been under our ownership for at least four
full fiscal quarters at the start of the 2025 Fiscal Year. Includes
Net sales from branches acquired in 2025 and 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212083049/en/
Investor Relations: SiteOne Landscape Supply, Inc.
Investor Relations 470-270-7011 investors@siteone.com
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