Agriculture products company SiteOne Landscape Supply (NYSE:SITE) will be announcing earnings results this Wednesday before market hours. Here’s what you need to know.
SiteOne beat analysts’ revenue expectations by 0.6% last quarter, reporting revenues of $939.4 million, up 3.8% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.
Is SiteOne a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting SiteOne’s revenue to grow 3.9% year on year to $1.47 billion, in line with the 4.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.93 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. SiteOne has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2% on average.
Looking at SiteOne’s peers in the industrial distributors segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Richardson Electronics delivered year-on-year revenue growth of 9.5%, missing analysts’ expectations by 3.7%, and United Rentals reported revenues up 4.5%, topping estimates by 0.8%. Richardson Electronics traded up 10.9% following the results while United Rentals was also up 9.5%.
Read our full analysis of Richardson Electronics’s results here and United Rentals’s results here.
There has been positive sentiment among investors in the industrial distributors segment, with share prices up 6.5% on average over the last month. SiteOne is up 8.3% during the same time and is heading into earnings with an average analyst price target of $136.30 (compared to the current share price of $131).
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