NYSE$SITE
SiteOne Landscape Supply Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
SiteOne's performance reflected market softness and price deflation, with strategic acquisitions and cost control measures partially offsetting these challenges.
SiteOne Landscape Supply announced its second quarter 2024 earnings, with net sales increasing to $1.41 billion, a 4% rise compared to the previous year. Despite a 3% decrease in Organic Daily Sales due to soft demand and price deflation, acquisitions contributed significantly to sales growth. The company's adjusted EBITDA was comparable to the prior year, and it expects overall sales growth to be positive in the second half of 2024, albeit with a lower adjusted EBITDA margin.
- Net sales increased by 4% to $1.41 billion compared to the prior-year period.
- Organic Daily Sales decreased by 3% due to soft demand and price deflation.
- Gross profit increased by 4% to $510.3 million, while gross margin contracted slightly.
- Adjusted EBITDA decreased marginally to $210.5 million, with a 70 basis points decrease in adjusted EBITDA margin.
Headline financials
Revenue & EPS history
SiteOne · Revenue · Quarterly
$1.41B
Forward guidance
SiteOne anticipates continued market softness and deflation impacting results for the remainder of 2024 but expects to outperform the market with a low single-digit Organic Daily Sales decline. Overall sales growth is expected to be positive due to acquisitions, but with a lower adjusted EBITDA margin than the previous year. The company projects an Adjusted EBITDA in the range of $380 million to $400 million for fiscal year 2024.
Tailwinds
- Maintenance and new construction markets remain resilient.
- Teams are executing commercial and operational initiatives well.
- Expect to continue outperforming the market.
- Overall sales growth to be positive in the second half of 2024 with the benefit of acquisitions.
- Clear leadership position in wholesale landscape distribution.
Headwinds
- Continuing to experience soft demand driven primarily by a weaker repair and remodel end market.
- Pricing continues to have a negative impact on growth due to the ongoing deflation in commodities.
- Expect those trends to continue throughout the second half of 2024.
- Expect a low single digit Organic Daily Sales decline for the remainder of the year.
- Expect a lower adjusted EBITDA margin than last year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.6%
Avg return
Earnings day
+2.1%
Avg return
5 days after
+2.1%
Avg return
30 days after
55%
23 / 42 earnings
Positive
+10.0%
Q2 2021
Best reaction
-15.7%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -15.7% | -12.3% | -24.1% | |
| Q4 2025 | +9.7% | +5.6% | -12.8% | |
| Q3 2025 | +7.0% | +1.2% | +9.0% | |
| Q1 2025 | +0.6% | +5.9% | +2.4% | |
| Q4 2024 | +2.8% | +9.7% | -7.9% | |
| Q3 2024 | -2.3% | +2.1% | +7.2% | |
| Q2 2024 | -2.8% | -7.6% | -1.2% | |
| Q1 2024 | -4.2% | +0.8% | -1.3% | |
| Q4 2023 | +9.3% | +7.6% | +10.5% | |
| Q3 2023 | -7.3% | -8.3% | +6.8% | |
| Q2 2023 | -7.6% | -5.3% | -0.8% | |
| Q1 2023 | +4.2% | +4.4% | -2.4% | |
| Q4 2022 | -2.5% | -2.6% | -14.9% | |
| Q3 2022 | -5.4% | -3.6% | +9.5% | |
| Q2 2022 | -4.5% | -1.0% | -13.7% | |
| Q1 2022 | -7.8% | -12.9% | -7.1% | |
| Q4 2021 | -7.4% | -9.6% | +0.1% | |
| Q3 2021 | +2.8% | +1.3% | -1.5% | |
| Q2 2021 | +10.0% | +11.3% | +17.9% | |
| Q1 2021 | +4.0% | +8.4% | -12.9% | |
| Q4 2020 | +1.8% | +7.2% | +16.2% | |
| Q3 2020 | +0.8% | +2.2% | +11.6% | |
| Q2 2020 | +2.1% | +9.6% | +5.0% | |
| Q1 2020 | +2.5% | -2.2% | +23.0% | |
| Q4 2019 | +8.0% | +6.2% | -37.6% | |
| Q3 2019 | +9.8% | +11.3% | +10.7% | |
| Q2 2019 | +4.9% | +3.5% | +13.7% | |
| Q1 2019 | -11.4% | -4.3% | -3.6% | |
| Q4 2018 | -1.5% | +0.3% | +3.6% | |
| Q3 2018 | +7.2% | +5.5% | -2.2% | |
| Q2 2018 | -0.0% | +3.0% | +1.4% | |
| Q1 2018 | +6.3% | +7.5% | +14.0% | |
| Q4 2017 | -8.8% | -6.0% | -6.7% | |
| Q3 2017 | -0.8% | +7.2% | +10.6% | |
| Q2 2017 | -3.0% | -2.2% | -1.7% | |
| Q1 2017 | +1.3% | -1.1% | +2.6% | |
| Q4 2014 | +9.7% | +11.1% | +12.9% | |
| Q4 2016 | +9.7% | +11.1% | +12.9% | |
| Q3 2016 | +0.3% | +7.4% | +10.7% | |
| Q2 2016 | -2.5% | +3.6% | +2.9% | |
| Q2 2015 | -2.5% | +3.6% | +2.9% | |
| Q1 2015 | +9.3% | +7.0% | +20.6% | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro