https://www.rgrdlaw.com/cases-the-scotts-miracle-gro-company-class-action-lawsuit-smg.html CASE ALLEGATIONS: Scotts Miracle-Gro produces various lawn, garden, and agricultural products for both consumer and professional purposes. If you suffered substantial losses and wish to serve as lead plaintiff of the Scotts Miracle-Gro class action lawsuit, please provide your information here: You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449- 4900 or via e-mail ...

Core Insights - The Scotts Miracle-Gro Company reaffirms its two-year free cash flow target of $1 billion and plans to pay down $350 million in debt during fiscal year 2024 [1][2] - The company projects non-GAAP adjusted EBITDA in the range of $530 to $540 million, representing a 20% improvement year-over-year [2][3] - The U.S. Consumer segment is expected to see sales growth of 5 to 7 percent, a revision from earlier guidance of high single-digit growth [2] Financial Performance - The company anticipates a full-year non-GAAP gross margin improvement of at least 250 basis points [1][2] - It expects to reduce leverage to below 5 times EBITDA by the end of the fiscal year [1][4] - The Project Springboard cost-saving initiative is projected to deliver annualized savings of at least $300 million by the end of fiscal 2024 [3] Strategic Initiatives - The company is focused on tightly managing expenses and free cash flow to achieve its debt reduction goals while investing in brands and marketing [3][4] - The Hawthorne segment is expected to achieve break-even or better in non-GAAP adjusted EBITDA by year-end [2] Market Position - Scotts Miracle-Gro is the world's largest marketer of branded consumer lawn and garden products, with approximately $3.6 billion in sales [5]

Core Insights - The Scotts Miracle-Gro Company reaffirms its two-year free cash flow target of $1 billion and plans to pay down $350 million in debt during fiscal year 2024 [1][2] - The company projects non-GAAP adjusted EBITDA in the range of $530 to $540 million, representing a 20% improvement year-over-year [2][3] - The U.S. Consumer segment is expected to see sales growth of 5 to 7 percent, a revision from earlier guidance of high single-digit growth [2] Financial Performance - The company anticipates a full-year non-GAAP gross margin improvement of at least 250 basis points [1][2] - It aims to reduce leverage to below 5 times EBITDA by the end of the fiscal year [1][4] - The Project Springboard cost-saving initiative is expected to deliver annualized savings of at least $300 million by the end of fiscal 2024 [3] Strategic Initiatives - The company is focused on tightly managing expenses and free cash flow to achieve its debt reduction goals while investing in brands and marketing [3][4] - The Hawthorne segment is projected to achieve break-even or better in non-GAAP adjusted EBITDA by year-end [2] Market Position - Scotts Miracle-Gro is the world's largest marketer of branded consumer products for lawn and garden care, with approximately $3.6 billion in sales [5]

USA News Group Commentary Issued on behalf of Bee Vectoring Technologies International Inc. VANCOUVER, BC, May 30, 2024 /PRNewswire/ -- USA News Group – The current global food security situation is generating calls for international collaboration and strategies. A recent example titled The Case for U.S.-China Cooperation on Climate-Smart from the Center for Strategic & International Studies highlights the critical roles of two of the world's biggest economic superpowers. Currently, the International Atomic ...

Combined Company's footprint will provide access to Florida, New York, Texas, and Pennsylvania, with significant growth potential and future regulatory catalysts in all four states Combined Company expected to leverage Cansortium's robust operating expertise as well as RIV Capital's ~US$66 million1,2 cash balance, strengthening both its operating and financial position Transaction has the support of ScottsMiracle-Gro, which intends to exchange its existing convertible notes in RIV Capital for a new class of ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both. The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. Zacks Premium includes access to the Zacks Style Scores ...

Group 1 - The Scotts Miracle-Gro Company will participate in the William Blair 44th Annual Growth Conference on June 6, 2024, in Chicago [1] - Matt Garth, Chief Financial and Administrative Officer, will present a business update at approximately 8:00 CT, with a live webcast available for investors [2] - The company reported approximately $3.6 billion in sales, making it the world's largest marketer of branded consumer lawn and garden care products [3] Group 2 - The company's brands, including Scotts®, Miracle-Gro®, and Ortho®, are market leaders in their respective categories [3] - The Hawthorne Gardening Company, a wholly-owned subsidiary, is a leading provider of nutrients, lighting, and materials for indoor and hydroponic growing [3]

Group 1 - The Scotts Miracle-Gro Company will participate in the William Blair 44th Annual Growth Conference on June 6, 2024, in Chicago [1] - Matt Garth, Chief Financial and Administrative Officer, will present a business update at approximately 8:00 CT, with a live webcast available for investors [2] - The company reported approximately $3.6 billion in sales, making it the world's largest marketer of branded consumer lawn and garden care products [3] Group 2 - The company's brands, including Scotts®, Miracle-Gro®, and Ortho®, are market leaders in their respective categories [3] - The Hawthorne Gardening Company, a wholly-owned subsidiary, is a leading provider of nutrients, lighting, and materials for indoor and hydroponic growing [3]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%2E%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the specified periods [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, including operations, comprehensive income, cash flows, and balance sheets, with detailed notes [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales were nearly flat at $1.53 billion in Q2 2024, with net income rising to $157.5 million, while six-month sales decreased to $1.94 billion, but net income increased to $77.0 million Condensed Consolidated Statements of Operations (in millions, except per share data) | | Three Months Ended | | Six Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | **March 30, 2024** | **April 1, 2023** | **March 30, 2024** | **April 1, 2023** | | **Net sales** | $1,525.4 | $1,531.5 | $1,935.8 | $2,058.1 | | **Gross margin** | $463.7 | $412.7 | $525.9 | $508.4 | | **Income from operations** | $272.1 | $206.2 | $224.8 | $164.4 | | **Net income** | $157.5 | $109.4 | $77.0 | $44.7 | | **Diluted net income per common share** | $2.74 | $1.94 | $1.34 | $0.80 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income significantly improved to $160.5 million in Q2 2024 and $71.1 million for the six-month period, reversing a prior-year loss Comprehensive Income (Loss) (in millions) | | Three Months Ended | | Six Months Ended | | | :--- | :--- | :--- | :--- | :--- | | | **March 30, 2024** | **April 1, 2023** | **March 30, 2024** | **April 1, 2023** | | **Net income** | $157.5 | $109.4 | $77.0 | $44.7 | | **Total other comprehensive income (loss)** | $3.0 | $(17.8) | $(5.9) | $(42.4) | | **Comprehensive income** | $160.5 | $91.6 | $71.1 | $2.3 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities dramatically improved to $39.0 million for the six months ended March 30, 2024, from $566.9 million in the prior year Six-Month Cash Flow Summary (in millions) | Activity | Six Months Ended March 30, 2024 | Six Months Ended April 1, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(39.0) | $(566.9) | | **Net cash used in investing activities** | $(71.1) | $(20.6) | | **Net cash provided by financing activities** | $142.8 | $525.3 | | **Net increase (decrease) in cash** | $33.2 | $(61.8) | | **Cash and cash equivalents at end of period** | $65.1 | $25.0 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $3.92 billion as of March 30, 2024, with total liabilities also declining, resulting in an equity deficit of $250.9 million Balance Sheet Summary (in millions) | | March 30, 2024 | April 1, 2023 | September 30, 2023 | | :--- | :--- | :--- | :--- | | **Total current assets** | $1,935.1 | $2,842.4 | $1,397.8 | | **Total assets** | $3,924.2 | $4,988.1 | $3,413.7 | | **Total current liabilities** | $1,060.3 | $1,372.5 | $773.7 | | **Total liabilities** | $4,175.1 | $4,850.6 | $3,681.0 | | **Total equity (deficit)** | $(250.9) | $137.5 | $(267.3) | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant accounting policies, including a new accounts receivable agreement, restructuring charges, investment impairments, and debt covenant compliance - The company's business is highly seasonal, with approximately **75%** of annual net sales in the North America consumer lawn and garden business occurring in the second and third fiscal quarters[24](index=24&type=chunk) - On October 27, 2023, the Company entered into a Master Receivables Purchase Agreement, allowing it to sell up to **$600.0 million** of eligible accounts receivable, with proceeds from sales under this agreement reaching **$758.2 million** in Q2 2024[28](index=28&type=chunk) - In Q2 2024, the company recorded **$77.0 million** in impairment, restructuring, and other charges, primarily related to Hawthorne inventory write-downs and facility closures[37](index=37&type=chunk)[38](index=38&type=chunk) - The company recorded an equity loss of **$29.5 million** for the six months ended March 30, 2024, from its investment in Bonnie Plants, LLC, which included a **$10.4 million** pre-tax impairment charge[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting sales declines driven by Hawthorne, improved gross margins, ongoing restructuring for $300 million savings, and debt covenant compliance [Executive Summary](index=26&type=section&id=Executive%20Summary) The company's ongoing restructuring aims for $300 million in savings, while the Hawthorne segment faces challenges from cannabis oversupply amid macroeconomic uncertainties - The company is implementing company-wide organizational changes and initiatives expected to deliver run-rate annualized savings of at least **$300.0 million**, with nearly all savings expected to be realized by the end of fiscal 2024[107](index=107&type=chunk) - The Hawthorne segment continues to experience adverse financial results due to an oversupply of cannabis, which has significantly decreased wholesale prices and cultivation activities[108](index=108&type=chunk) - Hawthorne announced a strategic partnership with BFG Supply to distribute its proprietary brands and is discontinuing the distribution of other companies' products to focus on its own portfolio[109](index=109&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Net sales decreased in Q2 and the six-month period, primarily due to Hawthorne, while gross margin rates improved, leading to increased net income Net Sales Change Drivers | | Three Months Ended March 30, 2024 | Six Months Ended March 30, 2024 | | :--- | :--- | :--- | | Volume and mix | 1.5% | (3.8)% | | Pricing | (1.9)% | (2.1)% | | **Change in net sales** | **(0.4)%** | **(5.9)%** | Gross Margin Rate Change Drivers | | Three Months Ended March 30, 2024 | Six Months Ended March 30, 2024 | | :--- | :--- | :--- | | Pricing | (1.2)% | (1.5)% | | Volume, mix and other | 0.4% | 1.6% | | Impairment, restructuring and other | 2.9% | 2.8% | | **Change in gross margin rate** | **3.5%** | **2.5%** | - SG&A expenses decreased by **4.1%** in Q2 and **6.8%** in the first six months of fiscal 2024, primarily due to lower share-based compensation and cost-reduction initiatives, despite an increase in advertising spending[118](index=118&type=chunk)[119](index=119&type=chunk) - Interest expense decreased **8.7%** in Q2 and **4.6%** in the first six months, driven by lower average borrowings, which offset a **70 basis point** increase in the weighted average interest rate[127](index=127&type=chunk) [Segment Results](index=34&type=section&id=Segment%20Results) Q2 2024 saw U.S. Consumer sales growth but profit decline, Hawthorne sales plummet but loss narrow, and decreases in Other segment sales and corporate expenses Segment Net Sales (in millions) | Segment | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | U.S. Consumer | $1,379.8 | $1,357.4 | 1.7% | | Hawthorne | $66.4 | $92.7 | (28.4)% | | Other | $79.2 | $81.4 | (2.7)% | Segment Profit (Loss) (in millions) | Segment | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | U.S. Consumer | $385.7 | $397.4 | (2.9)% | | Hawthorne | $(3.4) | $(16.8) | 79.8% | | Other | $6.4 | $14.6 | (56.2)% | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved with reduced operating cash outflow, and the company remains in compliance with all debt covenants as of March 30, 2024 - Net cash used in operating activities improved to **$(39.0) million** for the first six months of fiscal 2024, compared to **$(566.9) million** in the prior year, mainly due to lower accounts receivable and favorable accounts payable timing[143](index=143&type=chunk)[144](index=144&type=chunk) - As of March 30, 2024, the company was in compliance with all debt covenants, with a leverage ratio of **6.95** (covenant maximum of **7.75**) and a fixed charge coverage ratio of **0.95** (covenant minimum of **0.75**)[156](index=156&type=chunk)[157](index=157&type=chunk) - The company has contingency plans, including further restructuring and potential financing transactions, to address potential future noncompliance with debt covenants, though it expects to remain in compliance[158](index=158&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risks have not materially changed from those disclosed in the 2023 Annual Report on Form 10-K - Market risks have not materially changed from those disclosed in the 2023 Annual Report[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 30, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the quarter, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[184](index=184&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[185](index=185&type=chunk) [PART II. OTHER INFORMATION](index=43&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides updates on legal proceedings, risk factors, equity security sales, and other material information [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) No material developments occurred in legal proceedings previously disclosed in the 2023 Annual Report - There have been no material developments to the pending legal proceedings as set forth in the 2023 Annual Report[187](index=187&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company's risk factors have not materially changed from those described in the 2023 Annual Report on Form 10-K - The Company's risk factors, as of March 30, 2024, have not materially changed from those described in Part I, Item 1A of the 2023 Annual Report[189](index=189&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) 6,849 common shares were purchased for an executive retirement plan, while the share repurchase program expired, and dividends are limited to $225.0 million annually - A total of **6,849** Common Shares were purchased during the second quarter of fiscal 2024 in open market transactions by the trustee of the rabbi trust for The Scotts Company LLC Executive Retirement Plan[195](index=195&type=chunk)[199](index=199&type=chunk) - The company's share repurchase program expired on March 25, 2023, and as of March 30, 2024, the company does not have an active repurchase program[199](index=199&type=chunk) - The company's credit agreement limits regularly scheduled cash dividends to an aggregate amount not to exceed **$225.0 million** per fiscal year[194](index=194&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) A Rule 10b5-1 trading plan was adopted for the potential sale of up to 250,000 Common Shares by a director, effective June 14, 2024 - On March 15, 2024, the Hagedorn Partnership, L.P., on behalf of director Katherine Littlefield, adopted a Rule 10b5-1 plan for the sale of up to **250,000** Common Shares, effective from June 14, 2024, to December 5, 2025, if certain price targets are met[198](index=198&type=chunk)

The Scotts Miracle-Gro Company (SMG) reported a second-quarter fiscal 2024 (ended Mar 30, 2024) profit of $157.5 million or $2.74 per share, roughly 44% higher than $109.4 million or $1.94 per share in the prior-year quarter.Barring one-time items, the adjusted earnings were $3.69 per share compared with $3.78 a year ago, topping the Zacks Consensus Estimate of $3.35.    The company’s net sales in the fiscal second quarter were $1,525.4 million, which beat the Zacks Consensus Estimate of $1,498.3 million. N ...