SiteOne Landscape (SITE) Buys Newsom Seed, Boosts Its Offerings
SiteOne Landscape SITE announced that it acquired Newsom Seed — a wholesale distributor of agronomics products. This move will help SiteOne Landscape expand its product offering and capabilities throughout the Mid-Atlantic region.
Founded in 1985, Newsom Seed delivers high-quality service and seed. It operates in two locations in Maryland, serving the Baltimore and Washington, DC, markets. It specializes in custom seed blending, which will allow SiteOne Landscape to provide a broader range of products to combined customers.
The recent acquisition marks SiteOne Landscape's 11th one in 2023. This reflects the company's ongoing expansion strategy to broaden its presence across various markets in which it offers the full range of landscape supplies and services to landscape professionals.
The company came out with quarterly earnings of $1.25 per share, missing the Zacks Consensus Estimate of $1.48 per share. This compares to earnings of $1.60 per share a year ago. SITE reported revenues of $1.15 billion for the quarter ended September 2023, beating the estimate of $1.14 billion. The top line improved 3.8% year over year.
Price Performance
SiteOne Landscape has gained 17.7% over the past year compared with the industry’s growth of 16.5%.
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Zacks Rank and Stocks to Consider
The company currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Industrial Products sector are Crane Company CR, Applied Industrial Technologies AIT and A. O. Smith Corporation AOS.
CR currently sports a Zacks Rank #1 (Strong Buy), and AIT and AOS each carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Crane Company’s 2023 earnings per share is pegged at $4.18. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 29.8%. CR shares have rallied 33.7% in a year.
Applied Industrial has an average trailing four-quarter earnings surprise of 15%. The Zacks Consensus Estimate for AIT’s 2023 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have moved up 4% in the past 60 days. The company’s shares have gained 27.2% in a year.
The Zacks Consensus Estimate for A. O. Smith’s 2023 earnings is pegged at $3.77 per share. The consensus estimate for 2023 earnings has moved 5% north in the past 60 days and suggests year-over-year growth of 20.1%. The company has a trailing four-quarter average earnings surprise of 14%. AOS shares have gained 29.4% in a year.
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A. O. Smith Corporation (AOS) : Free Stock Analysis Report
Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
Crane Company (CR) : Free Stock Analysis Report
SiteOne Landscape Supply, Inc. (SITE) : Free Stock Analysis Report
