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SiteOne Landscape (SITE - Free Report) announced that it has acquired AC Florida Pavers, LLC, which operates under the trade name Hardscape.com. This buyout will expand SITE’s ability to provide hardscapes products to its Florida customers and is a significant addition to its existing premium hardscapes offerings nationally.
Hardscape.com is a producer and supplier of porcelain pavers. It has exclusive rights to the premier line of Saxa Gres Italian porcelain products and serves the U.S. and Canada markets from its four locations in Florida.
This is the third acquisition for SiteOne Landscape so far in 2024. The company made 11 acquisitions in 2023. This spree reflects its ongoing expansion strategy to broaden its presence across various markets.
On Apr 29, SiteOne Landscape announced the acquisition of Eggemeyer, a wholesale distributor of bulk landscape supplies. It caters to the greater central and south Texas market from a location in New Braunfels, TX. This addition strengthens SITE’s position as the leading bulk landscape distributor in the rapidly growing central Texas region.
On Apr 30, the company announced that it has purchased a majority stake in Devil Mountain Wholesale Nursery, LLC (Devil Mountain), with the option to purchase the remaining interest in future years. Devil Mountain is the largest wholesale distributor of landscape trees and plants in California. It has eight wholesale nursery distribution branches and six growing facilities across the state.
As of the end of the first quarter, SiteOne Landscape had more than 690 branches and four distribution centers covering 45 U.S. states and six Canadian provinces. Despite being the industry leader and three times larger than its closest competitor, SITE currently holds only a 17% share of the $25 billion wholesale landscaping products distribution market. Backed by its solid acquisition pipeline and strong balance sheet, the company has the potential to capture a larger share of the market.
In the first quarter, the company’s net sales increased 8% year over year to $904.8 million. Organic daily sales increased 1% compared with the prior-year quarter due to solid demand. However, pricing declined 4% as double-digit deflation in commodity products like fertilizer, seed and PVC pipe more than offset modest cost increases in other product lines. SiteOne Landscape reported a loss of 43 cents per share compared with a loss of 10 cents per share incurred in the year-ago quarter as higher net sales were offset by lower gross margin and increased SG&A expense.
SiteOne Landscape anticipates prices to be down approximately 2% in 2024. However, improved volumes will reflect solid end market demand. The company thus expects organic daily sales growth in the low single digits . SITE expects EBITDA margins to improve aided by operational initiatives, SG&A management and contribution from acquisitions. Adjusted EBITDA is expected to be in the range of $420 - $455 million.
Price Performance
Shares of SiteOne Landscape plunged 22% over the past year compared with the industry’s 17.7% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
SiteOne Landscape currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for earnings has remained unchanged in the past 60 days. The estimate indicates year-over-year growth of 125%. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 97.8% in the past three months.
Lakeland Industries has an average trailing four-quarter earnings surprise of 22.10%. The Zacks Consensus Estimate for LAKE’s 2024 earnings is pinned at $1.75 per share, which indicates year-over-year growth of 63.6%. Estimates have moved 39% north in the past 60 days. The company’s shares have gained 14.6% in the past three months.
The Zacks Consensus Estimate for Valmont Industries’ 2024 earnings is pegged at $15.94 per share. The consensus estimate for earnings has gone up 7% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 13%. VMI shares have gained 18.5% in the past three months.
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SiteOne Landscape (SITE) Buys Hardscape.com, Boosts Offerings
SiteOne Landscape (SITE - Free Report) announced that it has acquired AC Florida Pavers, LLC, which operates under the trade name Hardscape.com. This buyout will expand SITE’s ability to provide hardscapes products to its Florida customers and is a significant addition to its existing premium hardscapes offerings nationally.
Hardscape.com is a producer and supplier of porcelain pavers. It has exclusive rights to the premier line of Saxa Gres Italian porcelain products and serves the U.S. and Canada markets from its four locations in Florida.
This is the third acquisition for SiteOne Landscape so far in 2024. The company made 11 acquisitions in 2023. This spree reflects its ongoing expansion strategy to broaden its presence across various markets.
On Apr 29, SiteOne Landscape announced the acquisition of Eggemeyer, a wholesale distributor of bulk landscape supplies. It caters to the greater central and south Texas market from a location in New Braunfels, TX. This addition strengthens SITE’s position as the leading bulk landscape distributor in the rapidly growing central Texas region.
On Apr 30, the company announced that it has purchased a majority stake in Devil Mountain Wholesale Nursery, LLC (Devil Mountain), with the option to purchase the remaining interest in future years. Devil Mountain is the largest wholesale distributor of landscape trees and plants in California. It has eight wholesale nursery distribution branches and six growing facilities across the state.
As of the end of the first quarter, SiteOne Landscape had more than 690 branches and four distribution centers covering 45 U.S. states and six Canadian provinces. Despite being the industry leader and three times larger than its closest competitor, SITE currently holds only a 17% share of the $25 billion wholesale landscaping products distribution market. Backed by its solid acquisition pipeline and strong balance sheet, the company has the potential to capture a larger share of the market.
In the first quarter, the company’s net sales increased 8% year over year to $904.8 million. Organic daily sales increased 1% compared with the prior-year quarter due to solid demand. However, pricing declined 4% as double-digit deflation in commodity products like fertilizer, seed and PVC pipe more than offset modest cost increases in other product lines. SiteOne Landscape reported a loss of 43 cents per share compared with a loss of 10 cents per share incurred in the year-ago quarter as higher net sales were offset by lower gross margin and increased SG&A expense.
SiteOne Landscape anticipates prices to be down approximately 2% in 2024. However, improved volumes will reflect solid end market demand. The company thus expects organic daily sales growth in the low single digits . SITE expects EBITDA margins to improve aided by operational initiatives, SG&A management and contribution from acquisitions. Adjusted EBITDA is expected to be in the range of $420 - $455 million.
Price Performance
Shares of SiteOne Landscape plunged 22% over the past year compared with the industry’s 17.7% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
SiteOne Landscape currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. (IDN - Free Report) , Lakeland Industries (LAKE - Free Report) and Valmont Industries (VMI - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for earnings has remained unchanged in the past 60 days. The estimate indicates year-over-year growth of 125%. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 97.8% in the past three months.
Lakeland Industries has an average trailing four-quarter earnings surprise of 22.10%. The Zacks Consensus Estimate for LAKE’s 2024 earnings is pinned at $1.75 per share, which indicates year-over-year growth of 63.6%. Estimates have moved 39% north in the past 60 days. The company’s shares have gained 14.6% in the past three months.
The Zacks Consensus Estimate for Valmont Industries’ 2024 earnings is pegged at $15.94 per share. The consensus estimate for earnings has gone up 7% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 13%. VMI shares have gained 18.5% in the past three months.