The 2020 Mid-Year Economic Update_long

SiteOne Sales Jump 15% in 3Q

Landscape supply distributor SiteOne Landscape Supply Inc. also saw net income increase 39% to $48.2 million as the company benefited from two acquisitions during the quarter.
SiteOne Landscape Supply

SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, on Wednesday announced sales for the third quarter of $751.9 million, up 15% from the same period a year ago. Net income increased 39% to $48.2 million.

The company notched two acquisitions during the period — BURNCO Landscape Centres and Hedberg Supply.

“Our acquisitions completed last year and early this year performed well, and I am pleased that we were able to restart our acquisition program by adding four additional companies to SiteOne in the last three months,” said Doug Black, Chairman and CEO of SiteOne. “Furthermore, through our equity offering and strong cash flow, we lowered our Net debt to Adjusted EBITDA ratio to less than 1x at the end of the quarter, providing ample flexibility to pursue acquisitions and strategic investments going forward. Overall, we continue to strengthen our company and build our capabilities, having successfully adjusted to the COVID-19 operating challenges. We are well-positioned to take advantage of the current favorable residential market dynamics and execute our strategy for superior long-term performance and growth.”

For the first nine months, SiteOne reported sales of $2 billion, up 11.4% from the same period of 2019. Net income was up 46% to $109.8 million.

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