Scotts Miracle-Gro(US:SMG)2024-05-01 12:51Q2 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]