SiteOne Landscape (SITE) shares rallied 6.6% in the last trading session to close at $164.01. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 27.3% gain over the past four weeks.
SiteOne’s share price has been gaining ahead of its fourth quarter and full year 2022 results, which is scheduled to be announced on Feb 15, 2023. In the third quarter of 2022, the company had generated organic daily sales growth of 12%, driven by resilient pricing and improving volume trends supported by its commercial and operational initiatives. Acquisitions contributed 6% to net sales growth for the quarter.
SitOne has been active on the acquisition front, which is expected to support its results. In December, it completed the acquisition of Whittlesey Landscape Supplies & Recycling, a producer and wholesale distributor of bulk landscape supplies and hardscapes with seven facilities across central Texas. This buyout establishes SiteOne as the leader in bulk landscape supplies and hardscapes in central Texas - one of the fastest growing markets in United States. This was the 16th acquisition in 2022 for the company as it continues to expand the number of markets in which it offers the full range of landscape supplies and services to landscape professionals.
This company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -78.3%. Revenues are expected to be $895 million, up 11.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For SiteOne Landscape, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SITE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SiteOne Landscape is a member of the Zacks Industrial Services industry. One other stock in the same industry, Eos Energy Enterprises, Inc. (EOSE), finished the last trading session 8.9% lower at $1.33. EOSE has returned -2% over the past month.
Eos Energy Enterprises, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.69. Compared to the company's year-ago EPS, this represents a change of -21.1%. Eos Energy Enterprises, Inc. currently boasts a Zacks Rank of #3 (Hold).
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SiteOne Landscape Supply, Inc. (SITE) : Free Stock Analysis Report
Eos Energy Enterprises, Inc. (EOSE) : Free Stock Analysis Report
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