SiteOne Landscape Supply Slips 7% As Q2 Sales Come In Below View

(RTTNews) - Shares of landscape supplies distributor SiteOne Landscape Supply, Inc. (SITE) are falling more than 7% Wednesday morning after reporting second-quarter sales below analysts' view.

Net sales for the quarter increased to $1.216 billion from $1.084 billion for the prior-year period, but missed the average estimate of analysts polled by Thomson Reuters of $1.24 billion.

Net income for the second quarter increased 14% to $140.7 million or $3.07 per share from $123.5 million or $2.70 per share a year ago. The consensus estimate stood at $3.04 per share.

SITE is at $130.77 currently. It has traded in the range of $108.77 - $260.00 in the past 1 year.