The following is a summary of the SiteOne Landscape Supply, Inc. (SITE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SiteOne reported Q1 net sales growth of 8% due to organic daily sales growth and growth through acquisitions.

• The company incurred a net loss of $19.3 million in Q1 2024, influenced by increased SG&A expenses and reduced gross margin.

• Despite a slight decrease in gross margin, gross profit witnessed a 5% uptick.

• The company significantly boosted its operating cash flow to $53 million in Q1 2024, majorly due to efficient working capital management and supply chain initiatives.

• SiteOne ended Q1 2024 with a net debt of around $508 million.

Business Progress:

• SiteOne continues to expand its footprint with over 690 branches and four distribution centers across the U.S. and Canada.

• Recent acquisitions, including Devil Mountain, have aided in accelerating growth, specifically in the nursery product line.

• With 60% of its branches being bilingual, SiteOne has enhanced customer relations and expanded its customer base.

• The company's growth strategy involves maintaining a robust acquisition pipeline for 2024 and beyond.

• The integration of new acquisitions, specifically Pioneer and Devil Mountain, is a key focus, which will also benefit from their geographic and business diversity.

More details: SiteOne Landscape Supply IR

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