Scotts Miracle-Gro Q1 GAAP loss $1.17/sh; U.S. Consumer +8%, Hawthorne -31%; guidance updated

SCOTTS MIRACLE-GRO CO

2023-Q1 EPS reported -$1.17 revenue$526,600,000

GAAP net loss $64.7M ($1.17/sh); non-GAAP adj. loss $1.02/sh vs year-ago loss $0.90/sh.
Total company sales $526.6M, down 7% YoY; U.S. Consumer +8% to $369M, Hawthorne -31% to $131.5M.
Project Springboard on track for $185M annualized FY23 savings; SG&A down 17% to $128.5M.
Net leverage ratio 5.9x within 6.25x covenant; FY23 outlook: low single-digit sales decline, interest expense up ~$60M.
Free cash flow target of $1B over two years reaffirmed; Hawthorne guidance cut to 20-30% sales decline.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SCOTTS MIRACLE-GRO CO reported fiscal first quarter ended December 31, 2022 results: revenue $526.6 million, net income GAAP loss of $64.7 million, EPS $1.17 per share.

Period: fiscal first quarter ended December 31, 2022
Revenue: $526.6 million
Net income: GAAP loss of $64.7 million
EPS: $1.17 per share
Result: reported results

Exact text from the filing

on the hydroponic industry as a whole, the smaller Hawthorne segment sales decreased 31 percent versus prior year. Total Company sales declined 7 percent in the quarter to $527 million. Due to seasonality, the first quarter typically represents less than 15 percent of full year sales. Both phases of Project Springboard are now expected to deliver $185 million

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Source: SEC EDGAR

accession 0001546380-23-000004

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