SiteOne Landscape Supply, Inc.: Organic Expansion & Market Share Gains Driving Our ‘Outperform’ Rating!

SiteOne Landscape Supply, Inc. reported its financial results for the third quarter of 2024, highlighting several notable developments and challenges faced by the company. The results depict a mixed performance influenced by a combination of market challenges, strategic acquisitions, and internal operational improvements. On the positive side, SiteOne achieved a 6% increase in net sales totaling $1.21 billion for the quarter. This increase primarily stemmed from acquisitions, which contributed 7% to the growth. Organic sales volume showed resilience with a 2% increase, despite facing a 3% decline in prices, particularly for commodity products like PVC pipe and grass seed.