Gross margin increased 90 basis points to 34.3% for the First Quarter 2023 as lower freight costs and contributions from acquisitions with higher gross margin offset the absence of the large price realization benefit in the First Quarter 2022. Gross profit increased 7% to $287.1 million for the First Quarter 2023 compared to $269.2 million for the prior-year period. Acquisitions contributed $56.5 million, or 7%, to Net sales growth for the quarter. Organic Daily Sales decreased 2% compared to the prior-year period primarily due to unfavorable weather in Western and Northern markets and moderating economic conditions. Net sales for the First Quarter 2023 increased to $837.4 million, or 4%, compared to $805.3 million for the prior-year period. With strong teams, a robust acquisition pipeline, and a winning strategy to create significant value for our stakeholders, we are confident in our ability to continue delivering exceptional performance and growth in the years to come.” Overall, we are off to a solid start to the year, and we feel good about the resilient market demand and our outlook for 2023. Our increase in SG&A as a percentage of Net sales reflects the business mix and seasonality of our recent acquisitions and a later start to the spring selling season. We also continue to execute our acquisition strategy, adding two excellent companies to the SiteOne family during the quarter, with many more opportunities in the pipeline. “We are serving our customers well and effectively managing the slowing pace of inflation to drive better-than-market organic growth. “Given the difficult weather this year and tough comparisons with the first quarter of last year, in which we achieved 17% Organic Daily Sales growth and strong margin expansion, I am pleased to report that SiteOne delivered Net sales growth and gross margin expansion in the first quarter of 2023,” said Doug Black, SiteOne’s Chairman and CEO.

(the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its first quarter ended Ap(“First Quarter 2023”).

Net loss of $4.5 million, compared to Net income of $32.3 millionĪdjusted EBITDA decreased 41% to $39.8 million Adjusted EBITDA margin was 4.8%Ĭlosed two acquisitions: J&J Materials and Triangle Landscape Supplies SG&A as a percentage of Net sales increased 620 basis points to 34.8% Gross profit increased 7% to $287.1 million gross margin expanded 90 basis points to 34.3% SiteOne Landscape Supply Announces First Quarter 2023 Earningsįirst Quarter 2023 Highlights (Compared to First Quarter 2022):

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