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 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201%2E%20Financial%20Statements) The company's financial statements for Q3 2024 show a 2.6% net sales decrease to $996.3 million and a net income of $79.7 million, with total assets reaching $3.61 billion Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 29, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $570,398 | $488,730 | | Inventories, net | $784,775 | $838,188 | | Total current assets | $1,910,170 | $1,707,123 | | Total assets | $3,607,878 | $3,378,648 | | **Liabilities & Equity** | | | | Total current liabilities | $521,445 | $457,987 | | Long-term debt | $1,189,366 | $1,187,956 | | Total liabilities | $2,012,098 | $1,925,835 | | Total equity | $1,595,780 | $1,452,813 | Condensed Consolidated Statements of Operations Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $996,348 | $1,023,269 | $2,530,971 | $2,559,936 | | Gross profit | $317,058 | $318,052 | $774,783 | $749,389 | | Operating income | $115,936 | $122,830 | $217,795 | $201,277 | | Net income | $79,724 | $83,126 | $142,141 | $122,808 | | Diluted EPS | $1.19 | $1.25 | $2.13 | $1.84 | Condensed Consolidated Statements of Cash Flows Cash Flow Summary - Nine Months Ended (in thousands) | Activity | June 29, 2024 | June 24, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $191,804 | $227,566 | | Net cash used in investing activities | ($94,589) | ($41,450) | | Net cash used by financing activities | ($16,007) | ($33,665) | | Net increase in cash | $81,505 | $154,497 | Key Notes to Financial Statements - On November 3, 2023, the Company acquired TDBBS, LLC, a provider of premium natural dog chews and treats, for approximately **$60 million**. This acquisition expands Central's portfolio and enhances its eCommerce capabilities[39](index=39&type=chunk) - In December 2023, the Board approved a stock dividend of one Class A Common Stock share for every four outstanding shares, distributed on February 8, 2024. All share and per-share amounts have been retroactively adjusted[21](index=21&type=chunk) Segment Net Sales (in thousands) | Segment | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Pet | $508,002 | $503,329 | $1,397,454 | $1,394,352 | | Garden | $488,346 | $519,940 | $1,133,517 | $1,165,584 | Segment Operating Income (in thousands) | Segment | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Pet | $83,068 | $59,969 | $189,115 | $154,779 | | Garden | $62,519 | $88,088 | $110,699 | $126,887 | - The company is involved in a legal proceeding with Nite Glow. A retrial on damages for a misappropriation of confidential information claim concluded in March 2024, but no decision has been issued by the court. Management does not expect the outcome to have a material impact[73](index=73&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights a 2.6% Q3 2024 net sales decrease, driven by the Garden segment, while nine-month operating income grew 8.2% due to margin improvements, with a $15-20 million Q4 inventory write-down anticipated Overall Financial Performance Q3 2024 vs. Q3 2023 Performance (in millions) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $996.3 | $1,023.3 | -2.6% | | Organic Net Sales | - | - | -2.9% | | Gross Profit | $317.1 | $318.1 | -0.3% | | Gross Margin | 31.8% | 31.1% | +70 bps | | Operating Income | $115.9 | $122.8 | -5.6% | | Diluted EPS | $1.19 | $1.25 | -4.8% | Nine Months 2024 vs. Nine Months 2023 Performance (in millions) | Metric | YTD 2024 | YTD 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2,531 | $2,560 | -1.1% | | Gross Profit | $774.8 | $749.4 | +3.4% | | Operating Income | $217.8 | $201.3 | +8.2% | | Diluted EPS | $2.13 | $1.84 | +15.8% | - The company is implementing a 'Cost and Simplicity' program, which involved exiting the pottery business and closing several facilities, resulting in one-time costs of **$11.1 million** in Q3 2024[78](index=78&type=chunk) - A significant decrease in market prices for grass seed will necessitate an inventory write-down, with an anticipated charge of **$15-20 million** in the fourth quarter of fiscal 2024[79](index=79&type=chunk) Segment Performance Analysis - **Pet Segment:** Q3 net sales grew **0.9%** to **$508.0 million**, though organic sales declined **2.2%** due to lower demand for durable goods. Operating income surged **38.5%** to **$83.1 million**, driven by improved gross margin[82](index=82&type=chunk)[85](index=85&type=chunk) - **Garden Segment:** Q3 net sales fell **6.1%** to **$488.3 million**, with organic sales down **3.7%** primarily due to decreased sales in the live plant business. Operating income decreased **29.0%** to **$62.5 million**[82](index=82&type=chunk)[86](index=86&type=chunk) Liquidity and Capital Resources - Net cash provided by operating activities for the nine-month period was **$191.8 million**, a decrease from **$227.6 million** in the prior year, primarily due to changes in working capital[124](index=124&type=chunk) - Total debt outstanding was **$1,189.7 million** as of June 29, 2024, consisting primarily of three series of senior notes due in 2028, 2030, and 2031[127](index=127&type=chunk) - The company has a **$750 million** asset-based revolving credit facility, with approximately **$550 million** in net availability and no borrowings outstanding as of June 29, 2024[131](index=131&type=chunk) - Capital expenditures are anticipated to be approximately **$60 million** in fiscal 2024, with **$33 million** invested through the first nine months[126](index=126&type=chunk) Non-GAAP Financial Measures - The company uses non-GAAP measures to exclude infrequent items like facility closure and business exit costs to provide better comparability of ongoing operating performance[103](index=103&type=chunk)[104](index=104&type=chunk) GAAP vs. Non-GAAP Reconciliation Highlights (Q3 2024, in millions) | Metric | GAAP | Non-GAAP | Difference | | :--- | :--- | :--- | :--- | | Operating Income | $115.9 | $127.1 | +$11.2 | | Net Income | $79.7 | $88.2 | +$8.5 | | Diluted EPS | $1.19 | $1.32 | +$0.13 | [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk exposure have occurred since the fiscal year-end 2023 Form 10-K disclosures - There has been no material change in the company's exposure to market risk since the fiscal year-end 2023 Form 10-K report[141](index=141&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of June 29, 2024, due to material weaknesses in IT general controls, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of June 29, 2024[143](index=143&type=chunk) - The ineffectiveness is due to material weaknesses in IT general controls (ITGCs) and controls related to an outsourced service provider for the Live Plant business[144](index=144&type=chunk) - A remediation plan is underway, which includes enhancing control design, hiring additional experienced personnel, and expanding control procedures[145](index=145&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=55&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is involved in ongoing legal proceedings with Nite Glow Industries, with a retrial on damages concluded and a decision pending, not expected to materially impact financials - A retrial on damages in the Nite Glow litigation concluded in March 2024, with a court decision still pending. The company intends to vigorously defend its position[147](index=147&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes to the company's risk factors have been reported since the fiscal year-end 2023 Form 10-K - No material changes from the risk factors disclosed in the Form 10-K for the fiscal year ended September 30, 2023 have been reported[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3, the company repurchased 46,849 shares for tax coverage on vested restricted stock, with **$82.0 million** remaining under the 2019 repurchase authorization - As of June 29, 2024, the company had **$82.0 million** of authorization remaining under its 2019 share repurchase program[150](index=150&type=chunk) - During the quarter, **46,849 shares** were repurchased, representing shares withheld to cover taxes on vested restricted stock awards[150](index=150&type=chunk)[151](index=151&type=chunk)

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 ...

Investors interested in Consumer Discretionary stocks should always be looking to find the best-performing companies in the group. Is Central Garden (CENTA) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Central Garden is one of 286 companies in the Consumer Discretionary group. The Consumer Discretionary group currently sits at #14 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value ...