SiteOne Landscape sees FY24 adjusted EBITDA $370M-$380M

FY24 adjusted EBITDA view includes the $5M one-time charge. “Our maintenance and new construction markets remain resilient, but we continue to experience soft demand driven primarily by a weaker repair and remodel end market. In addition, we estimate that hurricanes Helene and Milton have negatively impacted Net sales by approximately $15M vs. $8M in the Q4. The pricing environment continues to be challenging and will have a negative impact on both our sales growth and gross margin. Against these headwinds, our teams are executing our commercial and operational initiatives well, and we expect to continue outperforming the market with a low single digit Organic Daily Sales decline for the remainder of the year,” said Doug Black, SiteOne’s Chairman and CEO. “We are managing our SG&A tightly and making the necessary changes to optimize our cost structure for the long run. As a part of these efforts, we plan to consolidate or close 16 branches in the Q4, resulting in an expected one-time charge to adjusted EBITDA of approximately $5M.”