Earnings ·
SiteOne reports Q3 net income up 8% to $63.9M, authorizes $500M buyback increase
SITESiteOne Landscape Supply, Inc.
SiteOne Landscape Supply reported third-quarter net sales of $1,291.1 million, a 3% increase year-over-year, driven by price inflation and acquisitions that offset a 1% decline in organic daily sales due to soft market demand and adverse weather. Net income attributable to the company rose 8% to $63.9 million, while adjusted EBITDA grew 8% to $138.3 million with margin expansion to 10.7%. The board authorized a $500 million increase to its share repurchase program, bringing total authorization to approximately $538.3 million. SiteOne operates as the largest nationwide wholesale distributor of landscape supplies in the United States.