The Scotts Miracle-Gro Company reports developments in branded consumer lawn and garden products in North America, including the Scotts®, Miracle-Gro®, Ortho® and Tomcat® brands. Company news centers on sales trends, gross margin recovery, leverage, cash generation, dividends and capital allocation, along with guidance for its core U.S. Consumer lawn and garden business.
Updates also cover product and channel initiatives, such as patio and container gardening collaborations, community gardening grants through The Scotts Miracle-Gro Foundation, and completed portfolio actions. The completed sale of The Hawthorne Gardening Company shifted the company's public updates toward its North American consumer lawn and garden franchise after Hawthorne's indoor and hydroponic gardening supplies were treated as discontinued operations.
The Scotts Miracle-Gro Foundation and National Head Start Association have announced the winners of the 2022-23 GroMoreGood Garden Grants, awarding 10 grants to promote gardening among youth. This initiative, now in its fifth year, aims to connect children to the benefits of gardening and outdoor play. The selected recipients include various Head Start programs across the U.S. The ultimate goal is to enhance children's education and well-being through garden-based learning, thereby fostering healthier communities. The grants will support projects that provide fresh food and outdoor learning opportunities.
The Scotts Miracle-Gro Company (NYSE: SMG) has announced a cash dividend of $0.66 per share, payable on March 10, 2023. The record date for shareholders is February 24, 2023. With approximately $3.9 billion in annual sales, Scotts Miracle-Gro is a leading marketer of branded lawn and garden products, including industry giants like Scotts®, Miracle-Gro®, and Ortho®. The company also operates The Hawthorne Gardening Company, focusing on indoor and hydroponic gardening products. This dividend payout reflects the company's commitment to returning value to its shareholders.
The Scotts Miracle-Gro Company (NYSE: SMG) will announce its first-quarter financial results on February 1, 2023, before the U.S. markets open. A conference call will follow at 9:00 a.m. ET to discuss these results. The company, with approximately $3.9 billion in sales, is a leading marketer of lawn care and hydroponic products, boasting top brands such as Scotts®, Miracle-Gro®, and Ortho®. Participants in the conference call must register in advance to receive dial-in information and a unique PIN. Webcast options and a replay will also be available on the company's investor relations website.
The Scotts Miracle-Gro Foundation announced the opening of its GroMoreGood Grassroots Grants in partnership with KidsGardening to connect more children with gardens and outdoor play. This initiative aims to reach 10 million kids with garden programming by 2023. Grant funding will support various community-driven garden projects, with financial assistance ranging from $500 to $1,500. Applications are open until February 10, 2023, with 160 grants available. Winners will be announced on March 17, 2023.
The Scotts Miracle-Gro Foundation has launched the GroMoreGood Grassroots Grants in collaboration with KidsGardening to enhance children's access to gardens and outdoor play. The initiative aims to connect 10 million kids with gardening programs by 2023, addressing food insecurity amid rising inflation. Grants will fund various community-driven projects such as school gardens and urban farms, with financial support ranging from $500 to $1,500 for 160 selected programs. Applications will be accepted until February 10, 2023, with winners announced on March 17, 2023.
The Scotts Miracle-Gro Foundation is hosting its Annual National Partner Network Meeting from November 30 to December 2, 2022, in Galveston, Texas. Over 25 individuals from 15 leading environmental organizations will convene to discuss pressing issues like drought and water quality. Key topics include water stewardship, climate justice, and coastal resiliency. Brian Herrington, president of the Foundation, emphasizes the importance of sustainable outdoor spaces. The event marks the first in-person meeting since 2019, showcasing collaborative efforts toward environmental solutions.
Scotts Miracle-Gro Company (NYSE: SMG) announced the appointment of Matthew Garth as executive vice president and chief financial officer, effective December 1, 2022. Garth brings over 25 years of financial experience, previously serving as CFO at Minerals Technologies and in senior roles at Alcoa. CEO Jim Hagedorn expressed confidence in Garth's ability to enhance the company's financial performance. Garth succeeds David Evans, who served as interim CFO since August 2022 and will assist Garth during the transition.
The Scotts Miracle-Gro Company (NYSE: SMG) has nominated Edith Avilés to its Board of Directors for election at the 2023 Annual Meeting of Shareholders. With over 30 years in finance, Avilés brings expertise from her current role as Managing Director at Clayton Dubilier & Rice and previous positions at Natixis, BNP Paribas, and Chase Manhattan. She will succeed Brian Finn, who is retiring after eight years on the Board. Chairman Jim Hagedorn expressed confidence that Avilés' experience in capital markets will enhance the Board's financial performance and strategies.
The Scotts Miracle-Gro Company (NYSE: SMG) announced the approval of a cash dividend of $0.66 per share, scheduled for payment on December 9, 2022. Shareholders of record as of November 28, 2022 will receive the dividend. The company, with approximately $3.9 billion in sales, is a leading marketer of branded lawn and garden products, including its renowned Scotts®, Miracle-Gro®, and Ortho® brands. ScottsMiracle-Gro also has a strong presence in the indoor and hydroponic growing market through its subsidiary, The Hawthorne Gardening Company.
The Scotts Miracle-Gro Company (NYSE: SMG) reported a challenging fourth quarter for FY 2022, with a 33% decline in sales, totaling $493.6 million. The company faced a GAAP loss of $3.97 per share, influenced by $120.9 million in impairment and restructuring charges. Despite these setbacks, it met its EPS guidance and reaffirmed a $1 billion free cash flow target for the next two years. Project Springboard 2.0 aims for an additional $85 million in savings. U.S. Consumer segment sales fell 18%, while Hawthorne segment sales declined by 49% year-over-year.