stry News Industry News Industry News Industry News Industry News Industry Ne
SITEONE SiteOne Landscape Supply , Inc . reported its financial results for the first quarter ended March 31 , 2024 , with net sales increasing by 8 % to $ 904.8 million compared to $ 837.4 million in the same quarter last year .
“ During the first quarter of 2024 we experienced continued significant commodity pricing deflation which dampened our near-term results . Against this headwind we were pleased to achieve positive organic daily sales growth , good net sales growth , and improved operating cash flow for the quarter ,” said Doug Black , SiteOne chairman and CEO . “ Our acquisition pipeline remains very active .”
SiteOne reported an increase in gross profit of 5 % to $ 301.2 million for the Q1 2024 compared to $ 287.1 million for the prior-year period . Gross margin decreased 100 basis points to 33.3 % for Q1 of 2024 primarily due to lower price realization , partially offset by a positive impact from acquisitions .
“ For the full year 2024 we expect prices to be down approximately 2 %,” said Doug Black . “ In total , end market demand has been solid , and with the benefit of our commercial initiatives , we continue to expect sales volume to more than offset price deflation and … we expect to increase adjusted EBITDA margin during the year .”
SCOTT ’ S The Scotts Miracle Grow Company announced its financial results for the second quarter ended March 30 , 2024 . Total sales were approximately flat at $ 1.53 billion compared to a year ago . U . S . consumer net sales increased 2 % to $ 1.38 billion from $ 1.36 billion in the same period last year . Favorability in the segment , said the company in its filing , was mainly driven by increased listings and early season promotions .
“ Through the first six months of our fiscal year , we exceeded operating plan targets and made progress on the most important financial metrics driving our business ,” said Jim Hagedorn , chairman , CEO and president . “ We ’ re in a favorable position to achieve our fiscal 2024 guidance as well as meet our goals for cash flow generation , debt reduction and gross margin improvement .
Hawthorne segment sales for the quarter decreased 28 % to $ 66.4 million compared to $ 92.7 million last year . The decline was largely due to the company ’ s previously announced focus on its proprietary signature brands and discontinuation of its third-party distributed brands business , along with continued pressure on the indoor and hydroponic industry as a whole .
The company ’ s portfolio includes well-known brands such as Scotts , Miracle-Gro , and Ortho . Scotts also leads in the North American cannabisgrowing equipment sector through its Hawthorne segment . The majority of its sales are to major retailers like Home Depot , Lowe ’ s and Walmart .
BRIGHTVIEW On May 1 , Brightview reported unaudited results for its second quarter ended March 31 , 2024 . It reported that total revenue increased 3.5 % yearover-year to $ 672.9 million , and net income increased 253 % year-overyear to $ 33.7 million . The company also recorded a $ 43.9 million gain on divestiture of the non-core U . S . Lawns business it sold for $ 51.6 million in early 2024 .
“ During the quarter we continued to advance our strategy on profitable growth and a unified go-to-market offering under One BrightView . Our ability to deliver on these key initiatives resulted in an increase in revenue , and robust EBITDA growth and margin expansion ,” said BrightView president and CEO Dale Asplund . “ I am pleased to report we are reaffirming our breakthrough EBITDA guidance for fiscal 2024 , while raising our Free Cash Flow guidance .”
In the first quarter of fiscal year 2024 , ended Dec . 31 , 2023 , Brightview reported that total revenue decreased 4.5 % yearover-year to $ 626.7 million . The decrease , Brightview said , was driven by a $ 22.1 million decrease in snow removal revenue and an $ 18.8 million decrease in our commercial landscaping business .
STANLEY BLACK & DECKER Reporting on Q1 2024 results , Stanley Black & Decker announced net sales for the quarter were $ 3.9 billion , down 2 % versus prior year due to volume ( -1 %) and currency ( -1 %).
By segment , the company ’ s Tools & Outdoor net sales were down 1 % versus Q1 2023 as volume growth in Dewalt was more than offset by a muted market demand backdrop which contributed to lower volume ( -1 %).
“ Looking forward , we expect mixed demand trends to persist across our businesses in 2024 , and we are driving supply chain cost improvements designed to expand margins , deliver earnings growth and generate strong cash flow . At the same time , the long-term growth and market share gains we are focused on achieving will be driven by introducing exciting new products within our most powerful brands designed to deliver enhanced productivity for end users ,” said Donald Allan , Jr ., Stanley Black & Decker ’ s president & CEO .
www . OPE-Plus . com May 2024 OPE + 9