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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.
The Scotts Miracle-Gro Foundation has launched its GroMoreGood Grassroots Grants in partnership with KidsGardening, aiming to enhance children's access to gardening and outdoor play. This initiative supports the Foundation's target to engage 10 million kids by 2023. The grants, ranging from $500 to $1,500, will be awarded to 150 projects focused on youth engagement and community impact, with applications open until February 4, 2022. Winners will be announced on March 18, 2022, and funds will be distributed in April.
Scotts Miracle-Gro Company (NYSE: SMG) announced the acquisition of Luxx Lighting for $215 million and True Liberty Bags for $10 million, enhancing its Hawthorne Gardening Company's lighting and storage product portfolio. Despite a projected 40% decline in Q1 sales for Hawthorne due to cannabis market slowdowns and supply chain issues, the company reaffirms its full-year adjusted EPS guidance of $8.50 to $8.90. The Luxx deal is expected to add $100 million in annual sales and $20 million in operating income. The company lowers its sales outlook for Hawthorne to a 0% to -10% decline YoY.
The Scotts Miracle-Gro Company (NYSE: SMG) has initiated an exchange offer for its $400 million of 4.375% Senior Notes due 2032. This offer aims to convert Original Notes from a private placement into registered Exchange Notes, fulfilling obligations from a prior registration rights agreement. The exchange will not generate new funds for the company, and the offer expires on January 20, 2022. The Exchange Notes will have similar terms but will not include certain transfer restrictions or additional interest provisions. Holders can withdraw their tenders any time before expiration.
The Scotts Miracle-Gro Company (NYSE: SMG) announced a registered exchange offer for its $500 million 4.000% Senior Notes due 2031, originally issued in a private placement on March 17, 2021. This exchange is to fulfill obligations under a prior registration rights agreement and will not generate new financing for the company. The exchange offer expires on January 20, 2022, with no proceeds expected from the transaction. The terms of the new notes are largely the same as the original ones, minus certain transfer restrictions. For more details, contact the exchange agent, U.S. Bank National Association.
The Scotts Miracle-Gro Company (SMG) reported a record full-year sales increase of 19% in fiscal 2021, reaching $4.93 billion. U.S. Consumer segment sales grew 11%, while Hawthorne sales surged 39%. Despite these full-year gains, Q4 saw a 17% decline in overall sales, with a GAAP loss of $0.87 per share. The company anticipates FY 2022 non-GAAP adjusted EPS between $8.50 and $8.90 and plans to repurchase up to $300 million in shares. Challenges include an oversupply in the cannabis market impacting Hawthorne's growth and expected SG&A fluctuations.
The Scotts Miracle-Gro Company (NYSE: SMG) has approved a cash dividend of $0.66 per share, which will be payable on December 10, 2021, to shareholders on record as of November 29, 2021. With approximately $4.9 billion in sales, Scotts Miracle-Gro is a prominent player in the branded consumer lawn and garden products market. The company's leading brands include Scotts, Miracle-Gro, and Ortho, alongside its subsidiary, The Hawthorne Gardening Company, specializing in indoor and hydroponic growing products.
The Scotts Miracle-Gro Company (NYSE: SMG) will release its fourth-quarter financial results on November 3, 2021, before the U.S. markets open. A conference call is scheduled for 9:00 a.m. ET to discuss these results. Participants can join by calling 866-337-5532, with a replay available for 15 days via 888-203-1112. The company, with approximately $4.1 billion in sales, is a leader in branded consumer lawn and garden products, featuring well-known brands such as Scotts®, Miracle-Gro®, and Ortho®.
The GroMoreGood Hydroponic Garden Project, supported by ScottsMiracle-Gro, expands to 25 schools in five states, enhancing K-2 education through hydroponic gardening. This initiative aims to connect 10 million children with gardening benefits by 2023. Schools will receive AeroGarden kits, supplies, and a STEM-aligned classroom guide. The project fosters hands-on learning experiences and promotes healthy eating among students, helping them engage with science, technology, engineering, and mathematics concepts.
Scotts Miracle-Gro (NYSE: SMG) has appointed Cory Miller as the new executive vice president and chief financial officer, effective immediately. Miller, who previously served as interim CFO, has over 20 years of financial experience, having played a crucial role in integrating acquisitions at Hawthorne Gardening Company. His diverse background includes positions in finance and corporate audit at Scotts, enhancing the company's growth strategies. Scotts Miracle-Gro reported approximately $4.1 billion in sales, making it a leader in lawn and garden products.
The Scotts Miracle-Gro Company (NYSE: SMG) has acquired Rhizoflora's nutrient brands, Terpinator and Purpinator, for $33.5 million, expecting to add $8 million in annualized sales. This acquisition enhances The Hawthorne Gardening Company's portfolio as it becomes the primary provider of these leading products. Additionally, the company’s subsidiary, The Hawthorne Collective, invested $3.2 million in Dewey Scientific to advance cannabis genomics and cultivation. These strategic moves are aimed at expanding product offerings and improving crop yields in the cannabis sector.
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