SiteOne Landscape Supply (SITE) Misses Q3 EPS by 24c, provides outlook

SiteOne Landscape Supply (NYSE: SITE) reported Q3 EPS of $0.97, $0.24 worse than the analyst estimate of $1.21. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.19 billion.

Outlook

“Our maintenance and new construction markets remain resilient, but we continue to experience soft demand driven primarily by a weaker repair and remodel end market. In addition, we estimate that hurricanes Helene and Milton have negatively impacted Net sales by approximately $15 million ($8 million in the fourth quarter). The pricing environment continues to be challenging and will have a negative impact on both our sales growth and gross margin. Against these headwinds, our teams are executing our commercial and operational initiatives well, and we expect to continue outperforming the market with a low single digit Organic Daily Sales decline for the remainder of the year,” Doug Black continued. “We are managing our SG&A tightly and making the necessary changes to optimize our cost structure for the long run. As a part of these efforts, we plan to consolidate or close 16 branches in the fourth quarter, resulting in an expected one-time charge to adjusted EBITDA of approximately $5 million.”

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

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