SiteOne Landscape Supply, Inc. (NYSE: SITE) reported first‑quarter 2026 results on April 29, 2026, with net sales of $940.1 million, a modest $0.7 million increase from the same period a year earlier. The company posted a net loss of $26.6 million, while adjusted EBITDA rose to $25.5 million, a 14% increase from the prior year and an adjusted EBITDA margin of 2.7%.
The company’s earnings per share fell short of expectations, reporting an actual EPS of $-0.60 versus a consensus estimate of $-0.34. The miss was driven by a 1% decline in organic daily sales, largely attributable to unfavorable weather and softness in new residential construction and repair/upgrade markets, which outweighed the 3% pricing lift that helped offset volume pressure.
Revenue also missed consensus estimates, coming in at $940.1 million against a forecast of $981.8 million. The shortfall reflects the 1% drop in organic daily sales and the impact of a delayed spring season, which reduced volume in April. The company’s gross margin improved to 33.9%, up 90 basis points from the prior year, driven by higher price realization and commercial initiatives that increased the mix of higher‑margin products.
Adjusted EBITDA margin expanded to 2.7%, up 30 basis points, reflecting the company’s pricing strategy and disciplined SG&A management. The margin growth helped offset the revenue miss and contributed to the 14% year‑over‑year increase in adjusted EBITDA.
Acquisitions contributed $12.4 million to net sales, including the completion of the Reinders acquisition on March 16, 2026. Reinders, a Midwest market leader in irrigation, agronomics and landscape lighting, is expected to add to SiteOne’s growth this year and expand its presence in the Midwest.
Management guidance for fiscal 2026 remains unchanged, with adjusted EBITDA projected in the range of $425 million to $455 million. The company expects flat or modestly positive organic daily sales growth and continued margin expansion, while maintaining a lean SG&A structure and leveraging private‑label and digital platforms to drive higher‑margin revenue streams.
Doug Black, President, Chairman of the Board & CEO, said, "We are pleased with our first quarter 2026 performance as we overcame the weather and market‑related softness in sales volume and delivered 14% adjusted EBITDA growth compared to the prior year period with meaningful gross margin expansion and tight SG&A management." He added, "Furthermore, during the quarter, we acquired Reinders, a strong fifth‑generation market leader in irrigation, agronomics and landscape lighting in the Midwest, which will contribute to our growth this year."
Eric Elema, Executive VP, CFO & Assistant Secretary, noted, "Organic daily sales decreased 1% as a result of a 4% decline in volume, partially offset by a 3% increase in pricing." He also said, "we expect prices to contribute 2% to 3% to 2026 sales growth."
Doug Black on the Reinders acquisition added, "As a very successful fifth‑generation, family owned company, Reinders is well‑known and respected in the green industry for quality and reliability, a commitment to exceptional customer service and for helping their customers succeed — values we share at SiteOne. This acquisition expands our ability to offer the full line of landscape supplies to our combined customers, enhances our presence in the market, and provides an avenue for further expansion in the growing Midwest market."
The company faces headwinds from unfavorable weather, a slowdown in new residential construction, and softer repair/upgrade markets, all of which contributed to the revenue miss. However, the company’s pricing power, margin expansion, and strategic acquisitions position it to navigate short‑term challenges while pursuing long‑term growth in a fragmented industry.
The market reaction reflected a mix of optimism about margin expansion and caution over revenue and EPS misses, with analysts adjusting their outlooks accordingly.
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