SiteOne Sales Up 25%

SiteOne Landscape Supply Inc. reported 2021 3Q sales of $936.4 million, a 25% increase over the same period last year.
SiteOne 2021 3Q sales up 25%

SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, had 2021 third-quarter sales of $936.4 million, a 25% increase over the same period last year.

The company’s 3Q net income also increased year-over-year, by 66% to $80 million.

SiteOne reported gross profit of $340.5 million for 3Q, a 36% jump over last year.

“Our excellent momentum in 2021 continued in the third quarter as our outstanding field and functional teams worked together to overcome select product shortages, trucking challenges and rapidly rising product costs in order to take advantage of the solid demand for landscaping products and services. With strong contributions from our acquisitions, we delivered another quarter of excellent organic and inorganic Net sales growth, EBITDA margin improvement and EBITDA growth,” said Doug Black, SiteOne’s Chairman and CEO. “Our teams are executing at a high level and thereby leveraging our market leadership position and significant commercial and operational capabilities to gain market share. During the quarter, we also published our annual ESG report which shares our broader objective to build a true company of excellence and create significant value for our associates, customers, suppliers, shareholders, and communities. Lastly, we added another terrific company to SiteOne through acquisition and have several more active deals that we expect to close over the coming months. Overall, I am very proud of the entire SiteOne team as we continue to execute our strategy and build our company. With ongoing positive market trends, a robust acquisition pipeline and steady improvement in our capabilities, we are confident in our ability to deliver superior results to our stakeholders during the remainder of 2021 and beyond.”

Adjusted EBITDA for the 2021 3Q increased 46% to $128.2 million, compared to $87.8 million for the prior-year period. Adjusted EBITDA margin increased 200 basis points to 13.7% driven by net sales growth and improved profitability.

As of Oct. 3, cash on hand was $158 million and available capacity under the Company’s ABL Facility was $364.1 million, the company said.

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