SiteOne Landscape Supply, Inc. (NYSE:SITE) Q2 2024 Earnings Conference Call July 31, 2024 8:00 AM ET

Company Participants

John Guthrie - EVP & CFO
Doug Black - Chairman & CEO
Scott Salmon - EVP, Strategy and Development

Conference Call Participants

Ryan Merkel - William Blair
David Manthey - Baird
Keith Hughes - Truist Securities
Matthew Bouley - Barclays
Andrew Carter - Stifel
Mike Dahl - RBC Capital Markets
Jeff Stevenson - Loop Capital Markets

Operator

Greetings, and welcome to the SiteOne Landscape Supply Second Quarter 2024 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded. At this time, I would like to hand the call over to 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 second quarter 2024 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 the 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. As we announced in early-June, we are experiencing softer demand driven by a weak repair and upgrade end market and more persistent commodity price deflation in select products like grass seed and PVC pipe. We now believe that these trends will continue through the full year and will have a negative effect on our organic sales growth and adjusted EBITDA margin.

Against these headwinds, we were pleased to achieve solid results for the second quarter with only a 3% organic daily sales decline and adjusted EBITDA that was comparable to last year. We were also pleased to add 4 high-performing companies to SiteOne during the quarter and one in July, including Devil Mountain, which is an exciting new platform for growth in our nursery product line in the Western U.S.