secwatch.observer — SEC 8-K summary
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Issuer:     SCOTTS MIRACLE-GRO CO (SMG)
CIK:        0000825542
Form:       8-K
Filed at:   2023-02-01T23:59:59+00:00
Accession:  0001546380-23-000004
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/825542/000154638023000004/0001546380-23-000004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/825542/000154638023000004/smg-20230201.htm
  HTML page:      https://secwatch.observer/filing/0001546380-23-000004

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