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SiteOne Landscape Supply Announces Third Quarter 2018 Earnings

SiteOne Landscape Supply, Inc. (the "Companya?? or "SiteOnea??)
(NYSE:SITE) announced earnings for its third quarter ended September 30,
2018 ("Third Quarter 2018a??).


"The SiteOne team delivered double-digit topline growth, expanded our
adjusted EBITDA margin and generated robust cash flow, despite weather
and inflationary headwinds during the quarter,a?? said Doug Black,
SiteOnea??s Chairman and CEO. "The combination of hurricane Florence and
an overall very wet September delayed our fall season and moderated our
organic sales growth to 5% from a higher pace in May and June. In
addition, we continued to experience rising cost inflation in the
quarter and our teams remained focused and disciplined in working with
our customers to pass through these higher costs. Given these
conditions, we are very pleased to have delivered a strong performance.
Further, we continued to execute our acquisition strategy by adding four
outstanding companies during the quarter and one more in October. With
good underlying market demand and a healthy acquisition pipeline, we
remain confident in the opportunities for SiteOne as we continue to
execute our strategies and create a company of excellence.a??


Third Quarter 2018 Results


Net sales for the Third Quarter 2018 increased to $578.5 million, or
15%, compared to $502.4 million for the prior-year period. Organic Daily
Sales increased 5% compared to the prior-year period. Momentum from May
and June continued into July, however, market growth decelerated as the
quarter progressed and was impacted by wet weather during September.
Acquired sales growth was approximately $53.9 million, or 11% of the
overall growth for the quarter.


Gross profit increased to $191.0 million, or 19%, compared to $160.3
million for the prior-year period. Gross margin expanded by 110 bps to
33.0% for the Third Quarter 2018. The increase in gross margin was due
to improved pricing and margin contribution from acquisitions, partially
offset by higher material and freight costs.
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