The 2020 Mid-Year Economic Update_long

SiteOne Sales Jump 15% in 2020

Landscape supply distributor SiteOne Landscape Supply Inc. also reported that revenue grew 26% in the fourth quarter.
SiteOne Landscape Supply

SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, on Wednesday announced sales for 2020 of $2.7 billion, up 15% from 2019. Net income was up 56% to $121.3 million.

“The stay-at-home trend associated with COVID-19 has increased demand for new homes and accelerated investment in outdoor living, both of which have increased demand for landscaping products,” said Doug Black, SiteOne’s chairman and CEO. “This strong demand, coupled with our market share gains, helped us to achieve 8% Organic Daily Sales growth for the year. Our teams leveraged the strong sales growth through disciplined cost management and great execution of our initiatives to achieve excellent Adjusted EBITDA growth, Adjusted EBITDA margin expansion and record operating cash flow.”

For the fourth quarter, SiteOne reported sales of $675.1 million, up 26% from the same period a year ago. Net income increased to $11.5 million from $2.5 million. The company closed five acquisitions during the period — BURNCO Landscape Centres, Hedberg Supply, Alpine Materials, Dirt & Rock, and Stone Center of Virginia.

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