Financial Performance - Consolidated net sales for fiscal 2024 were $3.2 billion, a decrease of $109.6 million, or 3.3%, compared to fiscal 2023[150] - Operating income declined by $25.3 million, or 12.0%, to $185.4 million in fiscal 2024[152] - Net income for fiscal 2024 was $108.0 million, or $1.62 per diluted share, down from $125.6 million, or $1.88 per diluted share in fiscal 2023[153] - Gross profit decreased by $3.1 million, or 0.3%, to $943.7 million, while gross margin improved by 90 basis points to 29.5%[165] - Organic net sales decreased by 3.9%, with Pet organic sales down 5.9% and Garden organic sales down 1.2%[151] - Net income for fiscal 2024 was $108.0 million, or $1.62 per diluted share, compared to $125.6 million, or $1.88 per diluted share, for fiscal 2023[173] - GAAP net income for the year ended September 28, 2024, was $107,983 thousand, compared to $125,643 thousand for the year ended September 30, 2023, reflecting a decrease of 14.1%[184] - Non-GAAP net income for fiscal 2024 was $142.4 million, or $2.13 per diluted share, compared to $138.5 million, or $2.07 per diluted share, for fiscal 2023[173] Segment Performance - The Pet segment accounted for approximately $1.8 billion in sales, while the Garden segment accounted for approximately $1.4 billion[150] - Pet operating income increased by $5.4 million, or 2.7%, to $203.4 million in fiscal 2024, with an operating margin improvement from 10.5% to 11.1%[167] - Garden operating income decreased by $41.6 million, or 33.7%, to $81.9 million in fiscal 2024, with a non-GAAP operating margin decline to 7.5%[167] - Organic net sales for the Pet Segment decreased by 2.4% in FY 2024, with reported sales of $1,832.8 million compared to $1,877.2 million in FY 2023[186] - The Garden Segment reported a GAAP operating income of $81,893 thousand for FY 2024, down from $123,455 thousand in FY 2023, a decline of 33.7%[186] Expenses and Costs - Selling, general and administrative expenses increased by $22.1 million, or 3.0%, to $758.3 million, representing 23.7% of net sales[166] - The company incurred approximately $7.5 million in one-time costs related to facility closures in the Pet segment[154] - Other income (expense) was an expense of $5.1 million in fiscal 2024, compared to income of $1.5 million in fiscal 2023, mainly due to a $7.5 million impairment for private company investments[171] - Corporate expenses decreased by $10.9 million, primarily due to lower equity compensation and a gain from a litigation settlement[168] Debt and Financing - Debt outstanding was $1,190.0 million as of September 28, 2024, with an average borrowing rate of 4.5%[170] - The company issued $500 million of 4.125% senior notes due October 2030, using proceeds to redeem $300 million of 6.125% senior notes due November 2023 at a redemption price of 101.531%[206] - The company has a $750 million senior secured asset-based revolving credit facility, with net availability of approximately $481 million as of September 28, 2024[208] - Total debt outstanding as of September 28, 2024, was $1,190.0 million, slightly up from $1,188.2 million at September 30, 2023[202] Cash Flow and Investments - Net cash provided by operating activities increased by $13.3 million, from $381.6 million in fiscal 2023 to $394.9 million in fiscal 2024[193] - Net cash used in investing activities increased by $70.6 million, from $34.6 million in fiscal 2023 to $105.2 million in fiscal 2024, primarily due to the acquisition of TDBBS, LLC[194] - Capital expenditures are anticipated to be approximately $70 million over the next 12 months, focusing on plant and equipment upgrades[200] Acquisitions and Growth Strategy - In November 2023, the company acquired TDBBS, LLC for approximately $60 million, enhancing its portfolio in the pet supplies market[159] - The company anticipates continued focus on market expansion and new product development to drive future growth[186] - The company plans to continue evaluating potential acquisition candidates as part of its growth strategy[200] Tax and Interest - Effective income tax rate increased to 23.2% in fiscal 2024 from 22.4% in fiscal 2023, primarily due to a higher blended state income tax rate[172] - Net interest expense decreased by $11.8 million, or 23.7%, to $37.9 million in fiscal 2024 due to increased interest income from higher cash balances[170] Market and Economic Factors - Inflationary pressures impacted gross and operating margins in fiscal 2023, but moderation was noted in fiscal 2024, leading to improved margins[189] - Approximately 66% of the Garden segment's net sales occurred during the second and third fiscal quarters, highlighting the seasonality of the business[191] Compliance and Obligations - The company was in compliance with all financial covenants as of September 28, 2024, under both the 2030 and 2028 Notes[207][212] - Total contractual obligations amount to $1,891.2 million, with $1,200.5 million due thereafter[215] - Estimated interest payments on long-term debt for fiscal years 2025 to 2029 total approximately $282.7 million[215] Impairments and Goodwill - Impairment losses on indefinite-lived intangible assets were recognized at $12.8 million and $11.5 million for fiscal years 2024 and 2023, respectively[224] - The company completed its qualitative assessment of goodwill impairment and determined that fair values of reporting segments were greater than their carrying amounts in fiscal year 2024[221] - The company’s goodwill is associated with its Pet and Garden segments, with no impairment testing required in fiscal 2024[221]

Core Viewpoint - Central Garden (CENTA) reported a quarterly loss of $0.18 per share, which was better than the Zacks Consensus Estimate of a loss of $0.20, indicating a 10% earnings surprise [1] - The company has shown a trend of surpassing consensus EPS estimates over the last four quarters [2] Financial Performance - For the quarter ended September 2024, Central Garden posted revenues of $669.49 million, missing the Zacks Consensus Estimate by 7.51%, and down from $750.15 million year-over-year [2] - The company has exceeded consensus revenue estimates two times in the last four quarters [2] Stock Performance - Central Garden shares have declined approximately 5.8% since the beginning of the year, contrasting with the S&P 500's gain of 25.2% [4] - The current Zacks Rank for Central Garden is 4 (Sell), indicating expectations of underperformance in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $640.69 million, and for the current fiscal year, it is $2.40 on revenues of $3.31 billion [8] - The trend of estimate revisions for Central Garden has been unfavorable ahead of the earnings release [7] Industry Context - The Consumer Products - Discretionary industry, to which Central Garden belongs, is currently ranked in the bottom 12% of over 250 Zacks industries, suggesting potential challenges for stock performance [9]

Exhibit 99.1 CENTRAL GARDEN & PET ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2024 FINANCIAL RESULTS Fiscal 2024 net sales of $3.2 billion vs. $3.3 billion in the prior year Fiscal 2024 GAAP EPS of $1.62 vs. $1.88 a year ago, non-GAAP EPS of $2.13 vs. $2.07 a year ago Expects fiscal 2025 non-GAAP EPS to be $2.20 or better WALNUT CREEK, Calif., – Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the pet and garden industries, today announced results for its fourth quart ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Central Garden (CENTA) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock ...

In late 2023, many analysts called for 2024 to be the year of a small-cap stock renaissance. These stocks were battered as the Federal Reserve aggressively raised interest rates. Many of these companies rely on borrowing to fund their growth and struggled as the cost of borrowing increased. The Russell 2000 index, which tracks many small-cap stocks, is up 20% in 2024. But not all small-cap stocks participated in that rally. However, with the Federal Reserve suggesting that its 50-basis point cut in Septembe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2024 or ☐ TRANSITION REPORT PURSUANT OF SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33268 Central Garden & Pet Company Delaware 68-0275553 (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

Central Garden (CENTA) came out with quarterly earnings of $1.32 per share, beating the Zacks Consensus Estimate of $1.25 per share. This compares to earnings of $1.40 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.60%. A quarter ago, it was expected that this pet and lawn products maker would post earnings of $0.83 per share when it actually produced earnings of $0.99, delivering a surprise of 19.28%. Over the last four q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2024 or ☐ TRANSITION REPORT PURSUANT OF SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33268 Central Garden & Pet Compan ...

Central Garden (CENTA) came out with quarterly earnings of $0.99 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 19.28%. A quarter ago, it was expected that this pet and lawn products maker would post a loss of $0.14 per share when it actually produced earnings of $0.01, delivering a surprise of 107.14%.Over the last four qua ...

"We delivered a solid second quarter with earnings per share well ahead of prior year. We are particularly pleased with the progress on our Cost and Simplicity program," said Beth Springer, Interim CEO of Central Garden & Pet. "With a large part of the garden season still in front of us and some continuing external challenges, we are maintaining our outlook for the fiscal year. Importantly, our teams remain focused on executing our long-term strategy." Fiscal 2024 Q2 net sales of $900 million compared to $9 ...