SITE - SiteOne Landscape Supply Inc. (SITE) Q4 2023 Earnings Call Transcript

2024-02-14 11:56:04 ET

SiteOne Landscape Supply Inc. (SITE)

Q4 2023 Earnings Conference Call

February 14, 2024, 08:00 AM ET

Company Participants

Doug Black - Chairman & CEO

John Guthrie - EVP & CFO

Scott Salmon - EVP, Strategy & Development

Conference Call Participants

David Manthey - Baird

Ryan Merkel - William Blair

Steve Volkmann - Jefferies

Mike Dahl - RBC Capital Markets

Damian Karas - UBS

Andrew Carter - Stifel

Matthew Bouley - Barclays

Presentation

Operator

Greetings. And welcome to the SiteOne Landscape Supply Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, John Guthrie, Executive Vice President, and Chief Financial Officer. Thank you sir. You may begin.

John Guthrie

Thank you, and good morning, everyone. We issued our fourth quarter and full year 2023 earnings press release this morning, and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com. I'm joined today by Doug Black, our Chairman and Chief Executive Officer, and Scott Salmon, Executive Vice President, Strategy and Development.

Before we begin, I would like to remind everyone that today's press release, slide presentation, and the statements made during this call, include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission.

Additionally, during today's call, we will discuss non-GAAP measures which we believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release and in the slide presentation.

I would now like to turn the call over to Doug Black.

Doug Black

Thanks, John. Good morning, and thank you for joining us today. We finished 2023 with a strong fourth quarter as our teams achieved good sales volume growth, which mostly mitigated commodity product price declines. We achieved a modest increase in adjusted EBITDA with 8% growth in net sales, recovering gross margin, and good SG&A management balanced with the seasonal dilution of recent acquisitions....

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