SiteOne Landscape Supply, Inc. (NYSE: SITE) reported sales for its third quarter 2023 ended Oct. 1, 2023, were $1.15 billion, up 4% from the prior-year period.
Organic daily sales fell 2% driven by a decline in prices for commodity products such as PVC pipe, grass seed and fertilizer compared to the prior-year period. Acquisitions contributed $64.7 million, or 6%, to sales growth for the quarter.
Profit for the quarter was $57.3 million.
Sales for the first nine months of the year were $3.3 billion, up from $3.1 billion in the prior-year period. Profit was $246.3 million.
SiteOne is a distributor of landscape supplies in the U.S. and Canada, serving residential and commercial landscape professionals.
“Against the headwinds of softer markets and commodity price deflation, we were pleased to achieve continued growth in net sales during the third quarter with positive sales volume growth and good contribution from acquisitions,” said Doug Black, SiteOne’s CEO. “These same headwinds negatively affected gross margin and EBITDA margin. We also added six excellent companies to SiteOne during the quarter, expanding our position in key markets and increasing our ability to serve customers and grow. While certain areas of the economy have slowed, customer demand has remained resilient, and we continue to build our capabilities to consistently gain market share. Overall, we remain confident in our long-term strategy and in our ability to drive performance and growth.”