SITEONE LANDSCAPE SUPPLY Reports Fourth Quarter FY2022 Earnings with 103.3% Decrease in Revenue
March 14, 2023
Earnings Overview
SITEONE LANDSCAPE SUPPLY ($NYSE:SITE) released its financial results for the fourth quarter of FY2022 on February 15, 2023, with total revenues of -$0.9 million, representing a decrease of 103.3% year-over-year. Net income was reported at $890.0 million, an increase of 10.5%.
Transcripts Simplified
Siteone Landscape Supply reported a net sales increase of 11% to $890 million in the fourth quarter and 16% to $4 billion for the full year. Organic daily sales increased by 7% in the fourth quarter and 11% for the full year, mainly driven by price inflation, which contributed 12% to organic daily sales growth for the quarter and 18% for the full year. Volume declined 5% for the fourth quarter and 7% for the full year due to higher prices and softening economic conditions.
Organic daily sales for landscaping products grew 8% for the fourth quarter and 12% for the full year, while agronomic products grew 5% for the quarter and 7% for the year. Price inflation is expected to be low single-digit this year, with the majority of it in the first half.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SITE. More…
| Total Revenues | Net Income | Net Margin |
| 4.01k | 245.4 | 6.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SITE. More…
| Operations | Investing | Financing |
| 217.2 | -284.4 | 43.4 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SITE. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.53k | 1.23k | 29.01 |
Key Ratios Snapshot
Some of the financial key ratios for SITE are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 19.4% | 38.7% | 8.3% |
| FCF Margin | ROE | ROA |
| 4.4% | 15.9% | 8.2% |
Share Price
Despite these dismal numbers, the company still managed to close the day up by 1.8%, with the stock price opening at $150.2 and closing at $159.1, higher than the previous day’s closing price of 156.3. Given the current economic circumstances, the company’s performance could be seen as a success, as they were still able to generate a profit despite the tumultuous market. While their revenue may have decreased significantly, the fact that they were still able to gain ground in their stock price shows that investors are still confident in their ability to remain a reliable business.
It will be interesting to see how SITEONE LANDSCAPE SUPPLY fares in the coming quarters, but it is clear that the company is still determined to remain profitable despite the difficult conditions. Investing in SITEONE LANDSCAPE SUPPLY may be a risky endeavor, but those who take the chance may be rewarded for their boldness. Live Quote…
Analysis
We at GoodWhale have performed an analysis of SITEONE LANDSCAPE SUPPLY’s wellbeing. Our Risk Rating system has determined that, based on financial and business aspects, SITEONE LANDSCAPE SUPPLY is a medium risk investment. During our assessment of the balance sheet, we have identified one risk warning. If you would like to find out more, register with us today and we’ll be able to provide you with further information. More…
Peers
The company offers a wide range of products, including irrigation supplies, nursery stock, landscape tools and accessories, and more. SiteOne Landscape Supply Inc competes with Hydrofarm Holdings Group Inc, MAX Co Ltd, Thorpe (F W) PLC, and others in the landscape supplies industry.
– Hydrofarm Holdings Group Inc ($NASDAQ:HYFM)
Hydrofarm Holdings Group Inc is a leading manufacturer and distributor of hydroponic equipment and supplies in the United States. The company has a market cap of 102.81M as of 2022 and a Return on Equity of -41.86%. Hydrofarm Holdings Group Inc is a publicly traded company on the NASDAQ stock exchange under the ticker symbol HYFG. The company’s products are used by commercial and hobbyist growers to produce fruits, vegetables, and herbs.
– MAX Co Ltd ($TSE:6454)
As of 2022, Daikin Industries, Ltd. has a market capitalization of 97.87 billion dollars and a return on equity of 7.15%. Daikin is a Japanese multinational air conditioning manufacturing company with headquarters in Osaka. The company makes a wide range of products including air conditioners, refrigerators, and chemicals. It also provides services such as installation, repair, and maintenance.
– Thorpe (F W) PLC ($LSE:TFW)
Thorpe (F W) PLC is a British engineering company. The company is headquartered in Derby, England. Thorpe (F W) PLC designs, manufactures, and supplies equipment and services for the rail, construction, and mining industries. The company’s products and services include locomotives, railway cars, and railway infrastructure. Thorpe (F W) PLC has a market cap of 474.63M as of 2022, a Return on Equity of 10.79%.
Summary
Investors should take note of SITEONE LANDSCAPE SUPPLY’s fourth quarter FY2022 earnings results, which were reported on February 15, 2023. Total revenue decreased by 103.3% year-over-year, though net income saw a 10.5% increase. This could indicate that the company is successfully managing costs and focusing on profitable operations. It is important to keep in mind that these results may have been affected by the pandemic and that further analysis may be necessary to truly understand the company’s performance.
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