Siteone Landscape Supply Reports FY2023 Q2 Earnings Results for June 30, 2023
August 8, 2023
🌥️Earnings Overview
SITEONE LANDSCAPE SUPPLY ($NYSE:SITE) reported its Q2 earnings results for the fiscal year 2023, which ended on June 30, on August 2. Revenue for the quarter amounted to USD 1353.7 million, a 11.3% increase compared to the same period in 2023. Net income, however, decreased by 11.9% to USD 124.0 million from the same quarter in the previous year.
Share Price
On Wednesday, SITEONE LANDSCAPE SUPPLY released their financial results for the second quarter ending June 30, 2023. Their stock opened at $171.1 and closed at $162.2, a decrease of 6.8% from the prior closing price of 174.0. This decrease signals a slower growth in the company’s second quarter earnings compared to the first quarter of 2023. The company attributes the drop in stock price to lower sales in the second quarter. Despite the decrease, SITEONE LANDSCAPE SUPPLY remains optimistic that their third quarter earnings will show an improvement.
As the economy gradually recovers, they expect their sales to increase and stock prices to rise. SITEONE LANDSCAPE SUPPLY’s financial results were lower than expected but the company remains confident that their financial performance will improve in the upcoming quarters. With continued focus on customer service, new product development, and strategic acquisitions, they are confident that they can remain competitive in the landscape supply market in the long-term. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SITE. More…
| Total Revenues | Net Income | Net Margin |
| 4.18k | 191.9 | 4.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SITE. More…
| Operations | Investing | Financing |
| 342 | -214.6 | -107.5 |
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 |
| 2.87k | 1.44k | 31.85 |
Key Ratios Snapshot
Some of the financial key ratios for SITE are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 19.3% | 23.2% | 6.5% |
| FCF Margin | ROE | ROA |
| 7.3% | 12.5% | 5.9% |
Analysis
GoodWhale conducted an analysis of SITEONE LANDSCAPE SUPPLY’s wellbeing, and the results demonstrate a high health score of 9/10 with regard to its cashflows and debt. This indicates that the company is capable of safely riding out any crisis without the risk of bankruptcy. SITEONE LANDSCAPE SUPPLY has been classified as a ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. This makes it an attractive potential investment to many investors. In terms of specific metrics, SITEONE LANDSCAPE SUPPLY is strong in growth, profitability, and medium in asset. It has a weaker score in dividend, which could be improved to further enhance the attractiveness of potential investments. 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
SITEONE LANDSCAPE SUPPLY reported its FY2023 Q2 earnings results on August 2 2023, showing an increase of 11.3% in total revenue to USD 1353.7 million from the same period last year.
However, net income for the quarter was USD 124.0 million, a decrease of 11.9% from the same period the previous year. The stock price reacted negatively to these results, indicating that investors are not satisfied with these figures. Although the company’s revenue growth is strong, investors are concerned about its declining net income and may be wary of investing in the company until it shows sustained profitability. It will be interesting to see how SITEONE LANDSCAPE SUPPLY performs in coming quarters to assess investor sentiment and whether the company can continue to deliver strong revenues.
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