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The Scotts Miracle-Gro Company (NYSE: SMG) is the leading marketer of branded consumer products for lawn and garden care as well as indoor and hydroponic growing products. Headquartered in Marysville, Ohio, the company boasts an impressive portfolio of well-recognized brands including Scotts®, Miracle-Gro®, Ortho®, Tomcat®, and Roundup®. These products are sold primarily through major retailers such as Home Depot, Lowe's, and Walmart, allowing the company to maintain an advantageous market position.
The company is dedicated to helping individuals of all ages enhance their outdoor spaces. Their industry-leading lawn, garden, and outdoor living products and services aim to create a beautiful world. Scotts Miracle-Gro is also committed to sustainability, offering products that cater to natural and organic gardening solutions, as well as indoor and urban gardening. The company listens to consumer feedback to continuously develop products that meet their needs.
Scotts Miracle-Gro's subsidiary, The Hawthorne Gardening Company, is a prominent provider of nutrients, lighting, and other materials used in the indoor and hydroponic growing segment. The Hawthorne division underscores Scotts Miracle-Gro's expansion into the burgeoning cannabis market, making it a key player in cannabis-growing equipment in North America.
Financially, Scotts Miracle-Gro has demonstrated robust performance. With approximately $3.6 billion in sales, the company continues to focus on improving its financial and operating performance. Recent achievements include near-record retail shipments and mid-teens percentage growth in year-to-date POS units versus the previous year. As stated by CEO Jim Hagedorn, the company is also making significant strides in debt reduction and covenant compliance, aiming to achieve a $1 billion free cash flow target in the fiscal '23 and '24 period.
The company's commitment to community and environmental sustainability is reflected in its philanthropic efforts. The Scotts Miracle-Gro Foundation aims to build healthier communities, empower the next generation, and preserve the planet. The foundation supports non-profits dedicated to these causes through grants, endowments, and multi-year capital gifts.
Scotts Miracle-Gro continues to innovate and lead in its industry, evidenced by its recent decision to remove neonics from Ortho® outdoor products to protect pollinators like honeybees. This decision highlights the company's responsiveness to consumer concerns and its dedication to environmental stewardship.
For more information, visit www.scottsmiraclegro.com.
Scotts and MLB Launch 2022 Field Refurbishment Grant Program
Scotts Company LLC, in partnership with Major League Baseball, has announced the opening of submissions for the 2022 Scotts Field Refurbishment Grant Program, aimed at enhancing youth baseball and softball facilities. The program, now in its seventh year, will award $200,000 to refurbish four fields. Applications are open until March 13, and winners will be announced in early spring 2022. The initiative is part of the GroMoreGood program, which aims to connect 10 million children with outdoor play and gardening by 2023.
The Scotts Miracle-Gro Company (NYSE: SMG) announced the successful completion of an exchange offer for $500 million in 4.000% Senior Notes due 2031. The offer, which expired on February 3, 2022, saw approximately 95.0% of the original notes tendered. The exchange was aimed at fulfilling obligations under a prior registration rights agreement and does not represent new financing. Settlement is expected around February 9, 2022.
The Scotts Miracle-Gro Company (SMG) has clarified statements regarding its Hawthorne segment's expected performance for Q2. President Chris Hagedorn mistakenly indicated that sales would remain flat; however, the company anticipates a decline in sales for this segment compared to the previous year, with potential growth later in the year. Despite the sales drop, profitability is projected to reach break-even in Q2. Scotts Miracle-Gro generates around $4.9 billion in sales and is a prominent player in lawn and garden care products.
The Scotts Miracle-Gro Company (NYSE: SMG) announced a 24% decrease in sales for Q1 2022, totaling $566.0 million, amid challenging market conditions. The U.S. Consumer segment reported a profit, marking only the second time in company history, with a 3% increase in unit sales. However, the Hawthorne segment experienced a significant 38% drop in sales to $190.6 million, driven by an oversupply of cannabis and supply chain issues. The company plans to restructure its U.S. lighting manufacturing to enhance efficiency, expecting to lower unit prices of LED products.
The Scotts Miracle-Gro Company (NYSE: SMG) has extended its registered exchange offer for $500 million of its 4.000% Senior Notes due 2031, originally set to expire on January 27, 2022, now extended to February 3, 2022. As of January 27, 2022, $475 million, or 95%, of these notes had been tendered for the exchange. All terms of the exchange offer remain unchanged. This action follows the effective registration statement from December 22, 2021.
The Scotts Miracle-Gro Company (NYSE: SMG) has announced a cash dividend of $0.66 per share, set to be paid on March 10, 2022. Shareholders must be on record by February 24, 2022 to qualify. The company, with approximately $4.9 billion in sales, is a leading provider of branded consumer lawn and garden products, with well-known brands like Scotts®, Miracle-Gro®, and Ortho®. The Hawthorne Gardening Company, a subsidiary, specializes in indoor and hydroponic growing materials.
The Scotts Miracle-Gro Company (NYSE: SMG) announced the successful completion of an exchange offer for its $400 million 4.375% Senior Notes due 2032. The offer expired on January 10, 2022, with 100% of the Original Notes tendered. The exchange aims to satisfy obligations under a registration rights agreement from August 2021. Settlement is expected around January 26, 2022. This exchange does not represent new financing but is part of compliance with regulatory requirements.
The Scotts Miracle-Gro Company (SMG) has extended its registered exchange offer for $500 million of its 4.000% Senior Notes due 2031. Originally set to expire on January 20, 2022, it will now conclude on January 27, 2022. As of January 20, 2022, approximately 94.8% of the outstanding notes have been tendered for exchange. The details of this exchange offer are outlined in a prospectus dated December 22, 2021. The press release clarifies that this is not an offer to buy or sell securities and emphasizes the potential risks involved with forward-looking statements.
The Scotts Miracle-Gro Company (NYSE: SMG) will announce its first quarter financial results on February 1, 2022, before U.S. market opening. A conference call will be held at 9:00 a.m. ET to discuss these results. Interested participants can join by calling 1-888-394-8218 with Conference Code: 1265183, while a replay will be accessible for 15 days. The Company, with $4.9 billion in sales, is a major player in branded lawn and garden products, featuring well-known brands like Scotts®, Miracle-Gro®, and Ortho®.
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