SiteOne Landscape Supply Inc. reported first-quarter net sales of $939.4 million, up 3.8% from $904.8 million a year earlier, as acquisitions offset a 1% decline in organic daily sales.
But the company’s net loss widened to $27.3 million, a 41.5% increase from a $19.3 million loss in Q1 2024. “We are pleased to achieve a solid start to 2025 with 4% net sales growth and 6% growth,” said Chairman and CEO Doug Black. “Despite the challenging weather and later spring season, our teams executed well, and we benefited from strong cost control actions taken in 2024.”
Black said SiteOne gained momentum in March and April and continues to outperform the market. “We expect sales volume to be positive in 2025,” he added. “When coupled with modest price inflation, we expect low-single-digit organic daily sales growth for the full year.”
SiteOne’s digital sales surged 140% year over year in Q1 2025, building on 180% growth in full-year 2024. Black credited investments in e-commerce, customer onboarding, and digital adoption as key drivers. “Customers engaged with us digitally grew significantly faster than those who are not,” he said. Digital tools such as siteone.com and DispatchTrack also contributed to productivity improvements.
But tariff uncertainty also is coming into play, the company says.
“Our revised 2025 pricing outlook is now flat to up 1%, up from flat previously,” said chief financial officer John Guthrie. “We are starting to see some tariff-related cost increases from suppliers, which we expect to pass through to the market.”
Organic daily sales in agronomic products—including fertilizer, ice melt, and pest control—grew 7% year over year, while landscaping products—such as irrigation, nursery, and hardscapes—fell 4%.
The company said its direct import exposure is under 2%, but 10%–15% of sales may be indirectly affected through supplier sourcing in China and Mexico. “While the direct impact of tariffs is relatively small and manageable, the broader economic uncertainty they create remains a wildcard,” Black said.
Suppliers have begun implementing targeted price increases—typically in the 4% to 8% range—on affected product categories such as lighting, drainage, and irrigation. “Historically, we’ve been able to pass through pricing with margin intact,” Guthrie said. The company expects no meaningful elasticity impact, citing that material costs are only 10–25% of a typical landscaping project.
SiteOne completed two acquisitions year-to-date: Pacific Nurseries in California and Green Trade Nursery in Georgia, adding $20 million in trailing 12-month sales. Since 2014, the company has acquired 100 businesses totaling $2 billion in revenue. However, Black said 2025 could be a “lighter than normal” year for mergers and acquisitions (M&A) due to market uncertainty.
David Manthey of Baird called the Q1 report “encouraging,” citing execution on SG&A control and digital growth. “They’re clearly gaining share in a choppy market,” he said.
William Blair’s Ryan Merkel said, “We think SiteOne can hit low-single-digit organic growth in Q2, with pricing flat to slightly positive.” He noted that April trends and supplier pricing actions support management’s expectations.
UBS analyst Damian Karas and Goldman Sachs’ Charles Perron-Pich both questioned inventory risk, but Guthrie emphasized that higher inventory levels were strategic and tariff-driven.
SiteOne is using scale, technology, and acquisitions to drive growth in a fragmented $25 billion landscaping supply market. While inflation and tariffs pose risks, its expanding digital business, cost discipline, and exposure to stable maintenance demand position the company to outperform.
“We are continuing to improve our capability to drive organic growth, increase gross margin and achieve operating leverage,” Black said. “Our long-term opportunity to gain share remains significant.”
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