Central Garden (CENT) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.18 per share. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 105.56%. A quarter ago, it was expected that this maker of products for the pet supply and lawn and garden markets would post earnings of $0.08 per share when it actually produced earnings of $0.10, delivering ...

Financial Performance - Net sales for Q1 FY 2024 increased by $6.8 million, or 1.1%, to $634.5 million compared to $627.7 million in Q1 FY 2023[105] - Gross profit for Q1 FY 2024 rose by $7.1 million, or 4.2%, to $178.8 million, with a gross margin increase of 80 basis points to 28.2%[106] - Selling, general and administrative expenses decreased by $0.9 million, or 0.5%, to $170.4 million, representing 26.9% of net sales, down from 27.3% in the prior year[107] - Net income for Q1 FY 2024 was $0.4 million, or $0.01 per diluted share, compared to a net loss of $8.4 million, or $0.16 per diluted share, in Q1 FY 2023[103] - Adjusted EBITDA for Q1 FY 2024 was $36.978 million, compared to $28.675 million in Q1 FY 2023[114] - Total net sales for the three months ended December 30, 2023, were $634.5 million, a decrease of $6.6 million or 1.6% compared to the same period in the prior year[123] - Pet operating income increased by $3.8 million, or 9.7%, to $43.4 million, with an operating margin improvement of 110 basis points to 10.6%[124] - Garden operating loss decreased by $1.9 million to a loss of $8.9 million, attributed to higher sales and gross margin[124] - Net income for the first quarter of fiscal 2024 was $0.4 million, or $0.01 per diluted share, compared to a net loss of $8.4 million, or $0.16 per diluted share, in the prior year[127] - Organic net sales for the Pet segment decreased by $19.8 million, or 4.8%, while the Garden segment saw an increase of $22.9 million, or 11.3%[129] Cash Flow and Debt - Net cash used by operating activities increased by $6.5 million to $69.8 million, primarily due to changes in working capital accounts[133] - Net cash used in investing activities increased by $52.5 million to $70.5 million, mainly due to acquisition activity[134] - Total debt outstanding as of December 30, 2023, was $1,189.6 million, a slight increase from $1,186.9 million at December 24, 2022[136] - The company anticipates capital expenditures of approximately $70 million for fiscal 2024, with $10 million already invested through December 30, 2023[135] Acquisitions and Segment Performance - The acquisition of TDBBS, LLC for approximately $60 million enhances the company's portfolio in the pet segment and boosts eCommerce capabilities[104] - Pet segment net sales decreased by $6.6 million, or 1.6%, to $409.2 million, while garden segment net sales increased by $13.4 million, or 6.3%, to $225.3 million[105] - Organic net sales, excluding the impact of acquisitions and divestitures, increased by 0.5% in Q1 FY 2024[105] Inflation and Market Conditions - The company experienced moderating inflationary pressures entering calendar 2024, following notable inflation in fiscal 2022 and 2023[115] - Approximately 67% of the garden segment's net sales occur during the second and third fiscal quarters, indicating strong seasonality in this business[116] Internal Controls and Compliance - Management identified material weaknesses in internal controls over financial reporting, particularly in IT general computer controls and outsourced service provider controls[152] - Remediation plans are being developed to address the identified material weaknesses, including enhancing control procedures and hiring additional IT personnel[174] - The company has not identified any material misstatements in its consolidated financial statements despite the material weaknesses[152] - The company is in the process of delivering SOX compliance training to control owners as part of its remediation efforts[174] - No changes in internal control over financial reporting have materially affected the company during the quarter ended December 30, 2023[175] Litigation and Market Risk - The ongoing litigation with Nite Glow Industries may result in expenses exceeding management's expectations, although the company believes it will prevail[155] - There have been no material changes in market risk exposure since the last annual report[150]

NEPTUNE CITY, N.J.--(BUSINESS WIRE)--Nylabone®, an iconic brand in the Central Garden & Pet portfolio (NASDAQ: CENT) (NASDAQ: CENTA), is growing two of its chew toy product lines with the addition of unique shapes and flavors. The expansions include enticing flavors and shapes in the brand’s Gourmet Style collection, plus new original chew toys inspired by everyday objects with a fun twist. “We at Nylabone are not only dedicated to satisfying dogs’ natural chewing instincts—but satisfying them in new and ...

Central Garden & Pet Company (CENT) is set to report first-quarter fiscal 2024 results on Feb 7 after market close. The Zacks Consensus Estimate for revenues is pegged at $620.1 million, indicating a decline of 1.2% from the prior-year reported figure.The bottom line of this producer and distributor of various products for the lawn and garden and pet supplies markets is also expected to have declined year over year. Over the past 30 days, the Zacks Consensus Estimate for the first-quarter loss, currently pe ...

The market expects Central Garden (CENT) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 7, 2024, might help the stock move higher if these key numbers ...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, will announce results for its fiscal 2024 first quarter ended December 30, 2023, after the close of trading on Wednesday, February 7, 2024. On that day, Central will hold a conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by Beth Springer, Interim CEO, and Niko Lahanas, CFO, to discuss these results and to provide a genera ...

NEPTUNE CITY, N.J.--(BUSINESS WIRE)--Nylabone®, an iconic brand in the Central Garden & Pet portfolio (NASDAQ: CENT) (NASDAQ: CENTA), has been certified as a Pet Sustainability Accredited Business by the Pet Sustainability Coalition (PSC). This accreditation recognizes Nylabone as a sustainably led and measured business that drives positive impact for pets, people, and the planet. Nylabone, which initially joined PSC as an Advocate member in 2022, achieved this new level of accreditation after completing ...

FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________________________ ☒ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 1-33268 inventory levels, our results of o ...

Central Garden & Pet Company (NASDAQ:CENT) Q4 2023 Earnings Conference Call November 20, 2023 4:30 PM ET Company Participants Friederike Edelmann - VP, IR Beth Springer - Interim CEO and Lead Director Niko Lahanas - CFO J.D. Walker - President, Garden Consumer Products John Hanson - President, Pet Consumer Products Conference Call Participants Brad Thomas - KeyBanc Capital Markets Bill Chappell - Truist Securities Jim Chartier - Monness Crespi and Hardt Andrea Teixeira - JPMorgan William Reuter - Bank of Am ...

8 118 CENTRAL G A R D E N | --- | --- | --- | |------------------------|-------|-------| | Q3 FY2023 | | | | Investor Presentation | | | | 8.2.2023 | | | | | | | Business & Industry Update Tim Cofer, CEO | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|-------| | | | | Forward-looking Statements | | | This presentation includes "forward-looking statements." Forward-looking statements include statements concerning ...