SiteOne Landscape Supply (SITE) Misses Q1 EPS by 16c, Miss on Revenues

SiteOne Landscape Supply (NYSE: SITE) reported Q1 EPS of ($0.43), $0.16 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $371.4 million versus the consensus estimate of $377.9 million.

First Quarter 2018 Highlights (compared to First Quarter 2017)

• Net sales increased by 11% to $371.4 million
• Organic Daily Sales increased by 3%
• Gross profit increased 8% to $108.5 million; gross margin decreased 90 basis points to 29.2%
• Net loss of $17.0 million, compared to a net loss of $10.5 million in the prior-year period
• Adjusted EBITDA loss of $5.1 million
• Successfully opened two distribution centers and launched our new e-Commerce platform pilot
• Completed the acquisitions of Pete Rose, Atlantic Irrigation, and Village Nurseries Landscape Centers

Outlook

For fiscal 2018, we continue to expect Adjusted EBITDA to be in the range of $180 million to $192 million.

Reconciliation for the forward-looking full-year 2018 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.

For earnings history and earnings-related data on SiteOne Landscape Supply (SITE) click here.

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