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Scotts Miracle-Gro(SMG) - 2024 Q2 - Earnings Call Transcript
2024-05-01 17:34
The Scotts Miracle-Gro Company (NYSE:SMG) Q2 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Aimee DeLuca - Senior Vice President of Investor Relations Jim Hagedorn - Chairman, President, & Chief Executive Officer Matt Garth - Chief Financial & Administrative Officer Nate Baxter - Chief Operating Officer Chris Hagedorn - Group President, Hawthorne Joshua Miles - Director Global Procurement at Hawthorne Gardening Conference Call Participants Jon Andersen - William Blair Andrew Carte ...
Scotts (SMG) Reports Q2 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-05-01 14:35
For the quarter ended March 2024, Scotts Miracle-Gro (SMG) reported revenue of $1.53 billion, down 0.4% over the same period last year. EPS came in at $3.69, compared to $3.78 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.5 billion, representing a surprise of +1.81%. The company delivered an EPS surprise of +10.15%, with the consensus EPS estimate being $3.35.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...
Scotts Miracle-Gro (SMG) Beats Q2 Earnings and Revenue Estimates
Zacks Investment Research· 2024-05-01 13:26
Scotts Miracle-Gro (SMG) came out with quarterly earnings of $3.69 per share, beating the Zacks Consensus Estimate of $3.35 per share. This compares to earnings of $3.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.15%. A quarter ago, it was expected that this lawn and garden products company would post a loss of $1.62 per share when it actually produced a loss of $1.45, delivering a surprise of 10.49%.Over the last four ...
Scotts Miracle-Gro(SMG) - 2024 Q2 - Earnings Call Presentation
2024-05-01 12:51
Q2 2024 Performance - Total company net sales were $1.53 billion, flat compared to Q2 2023[10] - Adjusted gross margin rate improved by 60 bps to 35.3%[10] - SG&A expenses decreased by 4% to $178.7 million[10] - Adjusted net income was $211.9 million, compared to $213.8 million in Q2 2023[10] - Interest expense decreased by 9% to $44.1 million[10] - Adjusted diluted EPS was $3.69, compared to $3.78 in Q2 2023[10] - Adjusted EBITDA was $396.3 million, compared to $404.8 million in Q2 2023[10] - Leverage was 6.95x adjusted EBITDA, below the 7.75x maximum[10] Fiscal Year 2024 Outlook - The company is targeting leverage of approximately 4.50x by year-end[22] - The company expects at least 250 bps gross margin rate improvement in FY24[22] - The company is on track to achieve $560 million in free cash flow for the full fiscal year[22]
Scotts Miracle-Gro(SMG) - 2024 Q2 - Quarterly Results
2024-05-01 11:43
Exhibit 99.1 The Scotts Miracle-Gro Company NEWS ScottsMiracle-Gro Reports Second Quarter Results MARYSVILLE, Ohio, May 1, 2024 – The Scotts Miracle-Gro Company (NYSE: SMG), the world's largest marketer of branded consumer lawn and garden as well as a leader in indoor and hydroponic growing products, today announced its results for the second quarter ended March 30, 2024. Interest expense during the quarter declined 9 percent compared to the same quarter last year driven by the Company's utilization of its ...
ScottsMiracle-Gro Partners with Central Ohio Beekeepers Association to Establish Apiary at Corporate Headquarters
Newsfilter· 2024-04-22 16:46
MARYSVILLE, Ohio, April 22, 2024 (GLOBE NEWSWIRE) -- The Central Ohio Beekeepers Association (COBA) has partnered with ScottsMiracle-Gro brand Ortho®, to establish an apiary, also known as a bee yard, at the Company's corporate headquarters in Marysville, Ohio. COBA is dedicated to promoting bees and beekeeping in Central Ohio by providing educational opportunities for new beekeepers and continuing education for advanced beekeepers. In 2016, Ortho® announced its decision to remove neonics from its outdoor p ...
ScottsMiracle-Gro Announces Timing of Second Quarter 2024 Financial Results and Webcast
Newsfilter· 2024-04-22 14:59
MARYSVILLE, Ohio, April 22, 2024 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG), the world's leading marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, will release its second quarter financial results on Wednesday, May 1, 2024, prior to the opening of the U.S. financial markets. The Company will host a video presentation via webcast at 9:00 a.m. ET to discuss those results. The webcast will be followed by an audio question-and-answer session. To w ...
ScottsMiracle-Gro Announces Timing of Second Quarter 2024 Financial Results and Webcast
Globenewswire· 2024-04-22 14:59
MARYSVILLE, Ohio, April 22, 2024 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, will release its second quarter financial results on Wednesday, May 1, 2024, prior to the opening of the U.S. financial markets. The Company will host a video presentation via webcast at 9:00 a.m. ET to discuss those results. The webcast will be followed by an audio question-and-answer session. To ...
Scotts (SMG) Upgraded to Buy: Here's What You Should Know
Zacks Investment Research· 2024-04-12 17:01
Investors might want to bet on Scotts Miracle-Gro (SMG) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual ...
ScottsMiracle-Gro (SMG) Issues Fiscal Second-Quarter Updates
Zacks Investment Research· 2024-04-08 11:31
The Scotts Miracle-Gro Company (SMG) recently stated that it aims to attain a second-quarter net leverage ratio of about 7 times adjusted EBITDA. This will be less than the company's fiscal first-quarter net leverage ratio and its second-quarter maximum of 7.75 times.As debt reduction and covenant compliance are manageable, net leverage will not only be substantially below the second-quarter maximum and better than the first quarter, but it will also become a less critical metric moving ahead, SMG noted.In ...