SITE Enhances Its Market Presence With Custom Stone Acquisition

Acquisition Strategy - SiteOne Landscape Supply, Inc. has acquired Custom Stone, a wholesale distributor of hardscapes products, enhancing its position as the leading provider in major Texas markets including Austin, Dallas, Fort Worth, and Houston [1][7] - This acquisition marks SiteOne's seventh acquisition in 2024 and the second in December, reflecting a strong commitment to expansion [2] Financial Performance - SiteOne reported revenues of $1.21 billion for the third quarter of 2024, exceeding the Zacks Consensus Estimate of$1.18 billion, with a year-over-year increase of 2.4% [9] - The company recorded an adjusted EPS of 97 cents in Q3 2024, which fell short of the Zacks Consensus Estimate of $1.18, compared to earnings of$1.25 per share in Q3 2023 [13] Market Position - The acquisition of Custom Stone strengthens SiteOne's leadership in hardscapes across high-growth Texas markets, aligning with its ongoing expansion strategy [7][8] - In addition to Custom Stone, SiteOne also acquired OakStreet Wholesale Nursery, positioning itself as the leader in nursery products in the Dallas market [12] Stock Performance - Over the past year, SiteOne's shares have decreased by 18.5%, contrasting with the industry's growth of 3.9% [14] - Currently, SiteOne carries a Zacks Rank of 3 (Hold), indicating a neutral outlook [15]