Free Post Earnings Research Report: SiteOne’s Quarterly Revenues Jumped 15%; Turned Profitable Y-O-Y

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LONDON, UK / ACCESSWIRE / April 03, 2018 / Active-Investors.com has just released a free earnings report on SiteOne Landscape Supply, Inc. (NYSE: SITE) ("SiteOne"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SITE. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 20, 2018. The distributor of landscape supplies reported better than expected revenues and earnings. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for P&F Industries, Inc. (NASDAQ: PFIN), which also belongs to the Industrial Goods sector as the Company SiteOne Landscape Supply. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SiteOne Landscape Supply most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=SITE

Earnings Highlights and Summary

For the fourth quarter of the fiscal year 2017, SiteOne's net sales jumped 15% to $415.7 million compared to $361.8 million in Q4 2016. The Company's revenue numbers topped analysts' estimates by $5.22 million.

During Q4 2017, SiteOne's organic daily sales (ODS) increased 7% on a y-o-y basis. The increase was attributed to a strength in the construction, repair and remodel, and golf markets. The Company's ODS for construction-related products, such as irrigation, nursery, and hardscapes grew 9% in the reported quarter, while ODS grew 2% for agronomic products.

For Q4 2017, SiteOne's gross profit advanced 18% to $131.9 million compared to $111.8 million in Q4 2016. The Company's gross margin improved by 80 basis points (bps) to 31.7% in the reported quarter. The Company's selling, general, and administrative expenses (SG&A) increased to $133.8 million in Q4 2017 from $116.2 million in Q4 2016, due to the additional contribution from acquisitions. SiteOne's SG&A increased to 32.2% of net sales, an increase of 10 basis points compared to the year ago same period.

SiteOne reported a net income of $4.0 million, or $0.09 per diluted share, in Q4 2017 compared to a net loss of $5.6 million, or $0.14 loss per diluted share, in Q4 2016. The improvement in net income was driven by a lower effective tax rate, higher sales, and increased profitability. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) surged 37% to $15.3 million in the reported quarter versus $11.2 million in the prior year's comparable period. SiteOne's earnings came in ahead of Wall Street's estimates of a loss of $0.0.5 per share.

For the full year FY17, SiteOne's net sales rose 13% to $1.86 billion compared to $1.65 billion in FY16. The Company's ODS increased 5% on a y-o-y basis in FY17, driven by sales of the Company's construction related products like hardscapes, nursery, landscape accessories, and irrigation.

SiteOne's effective tax rate was 24.8% in FY17 compared to 41.0% in FY16. The decrease in the effective rate was primarily due to a benefit of $6.8 million related to ASU 2016-09, and a benefit of $3.2 million related to the Tax Cuts and Jobs Act 2047 (TCJA).

For FY17, SiteOne's net income totaled $54.6 million compared to $30.6 million in FY16. The increase in net income was attributable to the sales growth, the gross margin improvement, and the lower effective tax rate. For FY17, SiteOne's adjusted EBITDA increased 17% to $157.2 million compared to $134.3 million in FY16.

Cash Matters

During Q4 2017, SiteOne generated a positive cash flow from operations of $31 million compared to $64 million in Q4 2016. The reduction in operating cash flow was primarily attributable to accounts receivable, which decreased less on a y-o-y basis due to the stronger sales in Q4 2017. The Company also noted a change in customer mix with greater sales to the commercial and golf markets, both of which have longer payment terms.

SiteOne made cash investments of $22 million in Q4 2017 and $99 million in FY17 compared to $12 million in Q4 2016 and $75 million in FY17. The Company's net debt was $459 million at the end of the year, while its leverage ratio was 2.9x of adjusted EBITDA for the trailing 12 months, which is within SiteOne's targeted range of 2x to 3x.

Outlook

For the full fiscal year 2018, SiteOne is forecasting adjusted EBITDA to be in the range of $180 million to $192 million.

Stock Performance Snapshot

April 02, 2018 - At Monday's closing bell, SiteOne Landscape Supply's stock dropped 4.39%, ending the trading session at $73.66.

Volume traded for the day: 232.72 thousand shares.

Stock performance in the last month – up 7.61%; previous six-month period – up 28.35%; and past twelve-month period – up 54.91%

After yesterday's close, SiteOne Landscape Supply's market cap was at $2.94 billion.

Price to Earnings (P/E) ratio was at 59.84.

The stock is part of the Industrial Goods sector, categorized under the Small Tools & Accessories industry.

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