The Scotts Miracle-Gro Company - SMG STOCK NEWS

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.

The Scotts Miracle-Gro Company (SMG) reported a 26% decline in third-quarter sales, totaling $1.19 billion, with significant drops in both its U.S. Consumer segment (down 14%) and Hawthorne segment (down 63%).

GAAP net loss per share reached $8.01, attributed to $724 million in impairment and restructuring charges, while non-GAAP adjusted EPS stood at $1.98.

The company lowered its full-year sales guidance for the U.S. Consumer segment to a decline of 8-9% and adjusted EPS outlook to $4.00-$4.20. They announced Project Springboard to enhance margins and improve cash flow.

The Scotts Miracle-Gro Company (NYSE: SMG) has announced a cash dividend of $0.66 per share, approved by its Board of Directors. This dividend will be payable on September 9, 2022, to shareholders of record as of August 26, 2022. With approximately $4.9 billion in sales, ScottsMiracle-Gro is a leading marketer of branded consumer lawn and garden products, featuring well-known brands like Scotts®, Miracle-Gro®, and Ortho®. The Hawthorne Gardening Company, a subsidiary, specializes in indoor and hydroponic gardening supplies.

The Scotts Miracle-Gro Company (NYSE: SMG) is set to release its third quarter financial results on August 3, 2022, before U.S. markets open. A conference call will follow at 9:00 a.m. ET to discuss the results, with participation available by calling 1-888-220-8451 (Confirmation Code: 2366358). The company reported approximately $4.9 billion in sales, making it a leader in branded consumer lawn and garden products with well-known brands like Scotts®, Miracle-Gro®, and Ortho®. The information will be accessible via their investor relations website.

The Scotts Miracle-Gro Company (NYSE: SMG) has appointed The Honorable Brian Sandoval to its Board of Directors. Sandoval, former Governor of Nevada (2011-2019) and current President of the University of Nevada, Reno, brings extensive experience in economic growth and job creation. He will serve on the Innovation and Technology Committee and the Nominating and Governance Committee. The company, with approximately $4.9 billion in sales, is a major player in the lawn and garden sector, known for brands like Scotts, Miracle-Gro, and Ortho.

The Scotts Miracle-Gro Company (NYSE: SMG) reported a surge in consumer purchases of its lawn and garden brands in May, but lowered its sales and adjusted earnings outlook for fiscal 2022. Year-to-date POS figures are down 6% in dollars and 9% in units compared to last year. Adjusted earnings per share are now projected between $4.50 and $5.00, while U.S. Consumer sales are expected to decrease by 4-6%. Additionally, Hawthorne sales are forecasted to decline by 40-45% for the year. The company is seeking to adjust debt covenants to increase leverage due to external market pressures.

The Scotts Miracle-Gro Company (NYSE: SMG) announced a 8% decrease in company-wide sales to $1.68 billion for Q2, driven by a 44% drop in Hawthorne segment sales to $202.6 million. GAAP EPS fell to $4.94 from $5.44, with non-GAAP adjusted EPS at $5.03, down from $5.64. Consumer purchases are down 12% entering May, but recent momentum suggests improvement. The acquisition of Australia-based Cyco for $34 million aims to bolster Hawthorne's nutrient offerings. Revised sales guidance indicates a likely low-end outcome of 2% year-over-year growth.