Core Viewpoint - Scotts Miracle-Gro Company (SMG) reported significant profit growth in Q3 fiscal 2024, with adjusted earnings surpassing expectations despite a slight miss in net sales [1][2]. Financial Performance - The company reported a profit of $132.1 million or $2.28 per share, compared to $43.7 million or 77 cents per share in the same quarter last year [1]. - Adjusted earnings were $2.31 per share, up from $1.17 a year ago, exceeding the Zacks Consensus Estimate of $1.89 [1]. - Net sales increased by approximately 7.5% year over year to $1,202.2 million, but fell short of the consensus mark of $1,203.6 million [1]. Segment Details - U.S. Consumer division net sales rose 11% year over year to $1,017.5 million, although it was below the estimate of $1,083.2 million; the segment's profit increased by 69% to $210.3 million [2]. - The Hawthorne segment experienced a 28% decline in net sales to $67.7 million, significantly lower than the estimate of $94.7 million; however, profit rose 144% to $3.8 million [2]. - The other segment saw a 7% increase in net sales to $117 million, with profit up 102% to $11.7 million [3]. Balance Sheet - At the end of the quarter, cash and cash equivalents stood at $279.9 million, a substantial increase from $27.4 million a year ago [4]. - Long-term debt decreased by approximately 7.3% to $2,436.4 million [4]. Outlook - The company reiterated its adjusted fiscal 2024 guidance, except for the Hawthorne segment, which is now expected to see net sales 35-40% lower than the previous year due to strategic exits from lower-margin brands and a decline in the professional horticulture lighting business [5]. - The Hawthorne segment anticipates break-even or improved adjusted EBITDA for the full year [5]. Price Performance - Scotts Miracle-Gro shares have increased by 35.9% over the past year, contrasting with a 25.2% decline in the industry [7].

Core Points - ClaimsFiler reminds investors of the deadline to file lead plaintiff applications in class action lawsuits against The Scotts Miracle-Gro Company for shares purchased between June 2, 2021, and August 1, 2023 [1][2] - The lawsuits allege that Scotts and certain executives failed to disclose material information, violating federal securities laws [2][4] - On August 2, 2023, Scotts disclosed disappointing financial results, including a 6% decline in quarterly sales, a 420 basis point decline in gross margin, a 25% cut to fiscal year EBITDA guidance, and a $20 million write-down of excess inventories [3] - Following the financial disclosure, Scotts' share price fell by $13.58, or 19%, from $71.44 on August 1, 2023, to $57.86 on August 2, 2023 [3] Legal Context - The case is identified as City of Hialeah Employees' Retirement System v. The Scotts Miracle-Gro Company, No. 24-cv-03132, with a subsequent case expanding the class period [4] - ClaimsFiler serves as a resource for retail investors to recover funds from securities class action settlements, offering free registration and access to information on various cases [4]

This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this lawn and garden products company would post earnings of $3.35 per share when it actually produced earnings of $3.69, delivering a surprise of 10.15%. Scotts, which belongs to the Zacks Fertilizers industry, posted revenues of $1.2 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.12%. This compares to year-ago revenues of $1.12 billion. The company has topped consensus r ...

ScottsMiracle-Gro Reports Fiscal 2024 Third Quarter Results • Third quarter 2024 GAAP EPS of $2.28; Non-GAAP Adjusted EPS of $2.31 nearly doubles third quarter 2023 non-GAAP result Exhibit 99.1 The Scotts Miracle-Gro Company NEWS • Hawthorne proprietary Signature sales increase 6 percent in Q3 MARYSVILLE, Ohio, July 31, 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 annou ...

Shareholders who purchased shares of SMG during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CLASS PERIOD: November 3, 2021 to August 1, 2023 NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of SMG during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the li ...

Shareholders who purchased shares of SMG during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. https://securitiesclasslaw.com/securities/the-scotts-miracle-gro-company-loss-submission-form/? id=92369&from=4 ALLEGATIONS: According to the filed complaint, defendants made false statements and/or concealed that Scotts had an oversupply of inventory that far exceeded consumer deman ...

Core Viewpoint - Saxena White P.A. has initiated a securities fraud class action lawsuit against The Scotts Miracle-Gro Company and certain executives, alleging misrepresentation of inventory levels and financial performance during the class period from June 2, 2021, to August 1, 2023 [1][3]. Group 1: Class Action Details - The class action claims violations of the Securities Exchange Act of 1934, specifically under Sections 10(b) and 20(a), and SEC Rule 10b-5, on behalf of all individuals who purchased Scotts common stock during the specified class period [1]. - The lawsuit expands upon a related action, increasing the class period from November 3, 2021, to August 1, 2023, to June 2, 2021, to August 1, 2023, alleging a channel-stuffing scheme and misrepresentation of inventory and consumer demand [3]. - Investors wishing to serve as lead plaintiff must file a motion by August 5, 2024, as per the Private Securities Litigation Reform Act of 1995 [4]. Group 2: Financial Performance and Misrepresentation - On August 2, 2023, Scotts disclosed a 6% decline in quarterly sales for Q3 2023 and reduced its fiscal year EBITDA guidance by 25%, alongside a $20 million write-down of excess inventory, leading to a 19% drop in stock price [2]. - The class action alleges that during the class period, Scotts had an oversupply of inventory exceeding consumer demand and engaged in a channel-stuffing scheme to maintain revenue and meet debt covenants [6]. - Prior disclosures revealed significant issues, including a $300 million shortfall in replenishment orders from U.S. retailers in May 2022, prompting a nearly 50% reduction in fiscal 2022 guidance [7]. Group 3: Company Overview - Scotts Miracle-Gro Company, based in Marysville, Ohio, is a major marketer of branded consumer products for lawn and garden care, with over 90% of its revenue generated from the U.S. Consumer and Hawthorne segments [5]. - The company significantly increased inventory during the COVID-19 pandemic but later faced a mismatch between supply and consumer demand, leading to undisclosed financial issues [5].

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Scotts To Contact Him Directly To Discuss Their Options NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against The Scotts Miracle-Gro Company ("Scotts" or the "Company") (NYSE: SMG) and reminds investors of the August 5, 2024 deadline to seek the role of lead plaintiff in a federal se ...

Core Viewpoint - The Scotts Miracle-Gro Company is facing a class action lawsuit due to allegations of misleading statements regarding inventory levels and sales practices, which resulted in an oversupply of products that exceeded consumer demand [2][4]. Group 1: Allegations and Issues - The complaint alleges that Scotts executives engaged in a scheme to pressure retailers into purchasing more inventory than necessary, leading to an oversupply situation [2]. - The company reportedly used a practice known as "channel stuffing" to meet sales covenants, which involved saturating sales channels with excess products [2]. Group 2: Class Action Details - The class period for the lawsuit is defined as November 3, 2021, to August 1, 2023, during which shareholders are encouraged to register for participation [5]. - The deadline for shareholders to register for the class action is August 5, 2024, and there is no cost or obligation to participate [5].

NEW ORLEANS, July 24, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 5, 2024 to file lead plaintiff applications in a securities class action lawsuit against The Scotts Miracle-Gro Company (NYSE: SMG), if they purchased the Company's shares between November 3, 2021 and August 1, 2023, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Ohio. Scotts investors should ...