SiteOne Landscape Supply Q3 Earnings Fall, Misses Estimates; But Revenue Rises

(RTTNews) - SiteOne Landscape Supply, Inc. (SITE), a distributor of landscape supplies, on Wednesday reported lower earnings for the third quarter, particularly on higher SG&A expenses despite a 4 percent increase in revenues. Earnings also missed the Street view.

Further, the company lowered its adjusted EBITDA outlook for fiscal 2023.

Quarterly profit decreased 22 percent to $57.3 million, or $1.25 per share from $73.3 million or $1.60 per share same period last year, on higher selling and general administration expenses.

On average, nine analysts polled by Thomson Reuters expected earnings of $1.45 per share for the year. Analysts' estimates typically exclude special items.

Revenue however, increased to $1.145 billion from $1.102 billion in the prior year. The street estimate for revenue was $1.14 billion.

Looking ahead to the full year, the company said it now expects adjusted EBITDA to be in the range of $400 million to $410 million compared to the previous expectation of $400 million to $425 million.

On Tuesday, SiteOne Landscape shares closed at $137.77 up 0.32% on the New York Stock Exchange.