---
schema_version: "secwatch.filing_event.v1"
accession: "0001546380-23-000011"
form_type: "8-K"
ticker: "SMG"
cik: "0000825542"
company_name: "SCOTTS MIRACLE-GRO CO"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T02:03:45.878133+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Scotts Miracle-Gro Q2 GAAP EPS $1.94, adj. EPS $3.78; revenue down 9% YoY; leverage at 6.0x

## Summary
- GAAP EPS $1.94, adjusted EPS $3.78; prior year GAAP $4.94, adj. $5.03.
- Company-wide sales $1.53B (-9%); U.S. Consumer -2% to $1.36B; Hawthorne -54% to $93M.
- Net leverage ratio 6.0x (covenant 6.5x); guidance cut: adj. operating income down mid-single-digit %.
- Project Springboard on track to deliver >$200M annualized savings by fiscal year-end.
- Hawthorne restructuring: closure of 4 distribution centers; $141M pre-tax restructuring charges.

## SEC filing metadata
- accession: 0001546380-23-000011
- form_type: 8-K
- ticker: SMG
- cik: 0000825542
- company_name: SCOTTS MIRACLE-GRO CO
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/825542/000154638023000011/0001546380-23-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/825542/000154638023000011/smg-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001546380-23-000011
- JSON: https://secwatch.observer/filing/0001546380-23-000011.json
- Plain text: https://secwatch.observer/filing/0001546380-23-000011.txt

## Key facts
- Earnings Releases
  SCOTTS MIRACLE-GRO CO reported fiscal second quarter ended April 1, 2023 results: revenue $1.53 billion, net income $109.4 million, EPS $1.94 per diluted share. Guidance lowered.
  - Period: fiscal second quarter ended April 1, 2023
  - Revenue: $1.53 billion
  - Net income: $109.4 million
  - EPS: $1.94 per diluted share
  - Guidance: lowered
  - Result: reported results
  source text: For the quarter ended April 1, 2023, company-wide sales decreased 9 percent to $1.53 billion. U.S. Consumer segment sales decreased 2 percent to $1.36 billion, from a record $1.38 billion last year. Hawthorne segment sales decreased 54 percent to $93 million, compared with $203 million during the same period a year ago, reflecting the continued challenges in the hydroponic industry. January - March 2023 Net Sales Drivers (1) Volume & Mix Foreign Exchange Price Other (2) Net Sales U.S. Consumer (11)% 0% 9% 0% (2)% Hawthorne (60)% 0% 6% 0% (54)% Other (11)% (6)% 2% 0% (15)% Total SMG (17)% 0% 8% 0% (9)% (1) Net Sales percentage changes are approximations based on quantitative formulas that are consistently applied (2) Other includes the impact of acquisitions and divestitures GAAP and non-GAAP adjusted gross margin rates for the quarter were 26.9 percent and 34.7 percent, respectively. The GAAP and non-GAAP gross margin rates were 35.1 percent and 35.4 percent, respectively, in the secon
  evidence_url: https://www.sec.gov/Archives/edgar/data/825542/000154638023000011/0001546380-23-000011-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.