SiteOne Landscape Supply, Inc. (NYSE:SITE) Q3 2024 Earnings Conference Call October 30, 2024 8:00 AM ET

Company Participants

John Guthrie - Executive Vice President & Chief Financial Officer
Doug Black - Chairman & Chief Executive Officer
Scott Salmon - Executive Vice President, Strategy and Development

Conference Call Participants

Ryan Merkel - William Blair
David Manthey - Baird
Damian Karas - UBS
Keith Hughes - Truist Securities
Charles Perron-Piché - Goldman Sachs
Mike Dahl - RBC Capital Markets
Andrew Carter - Stifel
Jeffrey Stevenson - Loop Capital Markets

Operator

Greetings and welcome to the SiteOne Landscape Supply, Inc. Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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. You may begin.

John Guthrie

Thank you and good morning, everyone. We issued our third quarter's 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 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 like to turn the call over to Doug Black.

Doug Black

Thanks, John. Good morning and thank you for joining us today. During the third quarter, we continued to experience significant market headwinds, including commodity price deflation, reduced repair and upgrade end market demand and the effects of Hurricane Helene, all negatively impacting our sales growth, gross margin, adjusted EBITDA growth and adjusted EBITDA margin. Against these headwinds, we were pleased to achieve sales volume growth of 2%, partially offsetting the 3% price decline. We also added 7% sales growth from acquisitions and welcomed one additional company to SiteOne during the quarter.