SiteOne Landscape Supply (SITE) Q4 2024 earnings summary

Executive summary

• Net sales for FY 2024 rose 6% to $4.54B, with acquisitions contributing 7% to growth and organic daily sales declining 1% due to commodity price deflation, offsetting volume gains.

• Q4 2024 net sales increased 5% to $1.01B, with organic daily sales up 1% despite a 3% price deflation headwind.

• Net income for 2024 fell 29% to $123.6M, with a Q4 net loss of $21.7M, reflecting margin pressure and higher SG&A.

• Adjusted EBITDA for 2024 decreased 8% to $378.2M, with margin down 120 bps to 8.3%.

• Seven acquisitions completed in 2024, adding ~$200M in trailing sales; $51.6M in share repurchases.

Financial highlights

• Q4 gross profit rose 3% to $337.6M, but gross margin contracted 50 bps to 33.3%.

• SG&A as a percent of net sales increased 130 bps to 30.5% for the year, mainly due to acquisitions and branch consolidations.

• Cash from operating activities was $283.4M for 2024; working capital increased to $908.8M.

• Net debt at year-end was $411.7M, leverage at 1.1x adjusted EBITDA, within the 1–2x target range.

• Available liquidity at year-end was $688M, including $107.1M cash and $581.2M available borrowing.

Outlook and guidance

• 2025 guidance: adjusted EBITDA expected between $400M–$430M, not including unannounced acquisitions.

• Anticipates low single-digit organic daily sales growth in 2025, with price deflation moderating to flat to down 1%.

• Expects gross margin and adjusted EBITDA margin to improve in 2025, driven by initiatives and acquisitions.

• End markets: new residential and commercial construction expected flat; maintenance to grow; repair/upgrade flat to slightly down.

• Effective tax rate for 2025 expected between 25.0% and 26.0%.