Black calls SiteOne’s IPO ‘successful’ in Q2 earnings report

August 17, 2016 -  By

SiteOne_webSiteOne Landscape Supply reported earnings for its second quarter, which ended July 2. The Rowell, Ga.-based landscape products distributor went public in May.

“We are confident in our ability to achieve strong performance and growth for the full-year 2016 given the continued strength in residential and commercial construction markets, further progress with our commercial and operational initiatives, and a robust pipeline of acquisitions,” said Doug Black, SiteOne’s CEO, calling the May IPO “successful.”

During the second quarter SiteOne also completed the acquisition of Blue Max Materials in April. In August, it added Bissett, the company’s first nursery and equipment distribution locations in the Long Island/New York City area.

Net income for the second quarter was $26.9 million, compared to $33.2 million during the same period from the prior year. The company attributed the decrease in net income for the second quarter to debt recapitalization and IPO-related costs of $7.4 million on an after-tax basis.

Net sales for the quarter increased 7 percent to $513.4 million, compared to $481.5 million for the prior-year period.The company said second quarter organic sales were negatively affected by the “pull forward benefit” experienced in the first quarter and the unfavorable April and May weather, which were partially offset by improving sales growth in June.

LM Staff

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