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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 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.
The Scotts Miracle-Gro Company (NYSE: SMG) will announce its fourth quarter 2022 financial results on November 2, 2022, before U.S. markets open. A conference call is scheduled for 9:00 a.m. ET to discuss these results. Interested participants can join by calling 1-888-317-6003, using Elite Entry Number 1441072. The press release and call will be accessible via the company's investor relations website. With around $4.9 billion in sales, ScottsMiracle-Gro is a top marketer of lawn and garden consumer products, featuring well-known brands like Scotts®, Miracle-Gro®, and Ortho®.
Scotts Miracle-Gro Company (NYSE: SMG) has appointed David Evans as interim CFO, replacing Cory Miller, who has left the company. The search for a permanent CFO is underway. The company has revised its fiscal 2022 free cash flow guidance, expecting a range from negative $275 million to negative $325 million, a notable increase from the previous estimate of negative $150 million. This change reflects a decline in accounts payable due to reduced production and purchases. The debt-to-EBITDA leverage ratio is projected to exceed 6.0 times at year-end while remaining compliant with credit facility covenants.
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