Scotts Q3 adjusted EPS $1.17 vs $1.98; sales -6%; full-year guidance cut; credit amended

SCOTTS MIRACLE-GRO CO

2023-Q3 EPS reported $1.57 revenue$3,176,800,000

Q3 GAAP EPS $0.77 vs prior year loss; adjusted EPS $1.17 vs $1.98; sales $1.12B (-6% YoY).
U.S. Consumer +1% to $916.4M; Hawthorne -40% to $93.4M; POS dollars up 8% in Q3.
Full-year net sales guide: decline 10-11%; U.S. Consumer -2 to -4%, Hawthorne -30 to -35%; Adjusted EBITDA down ~25%.
Credit amendment cuts revolver by $250M, raises max leverage to 7.00x (current 6.15x), adds IP collateral, hikes rate 0.25%.
YTD cash flow improved >$700M; Project Springboard total savings now >$300M; debt reduction target on track.

item 1.01 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 0.95

SCOTTS MIRACLE-GRO CO reported three and nine months ended July 1, 2023 results: revenue $1.12 billion, net income $43.7 million, or $0.77 per diluted share, EPS $0.77 per diluted share.

Period: three and nine months ended July 1, 2023
Revenue: $1.12 billion
Net income: $43.7 million, or $0.77 per diluted share
EPS: $0.77 per diluted share
Result: reported results

Exact text from the filing

leverage our leading positions in the multi-billion dollar cannabis space.” Third quarter details For the quarter ended July 1, 2023, company-wide sales decreased 6 percent to $1.12 billion. U.S. Consumer segment sales increased 1 percent to $916.4 million from $904.5 million driven by strong Growing Media net sales nearly $100 million higher in the quarter than a

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SCOTTS MIRACLE-GRO CO amended Amendment No. 2 with JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto valued at reduce the revolving loan commitments by $250,000,000 (effective 2023-07-31).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto
Value: reduce the revolving loan commitments by $250,000,000
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023 (the “Effective Date”), The Scotts Miracle-Gro Company (the “Company”) and certain of its subsidiaries entered into (i) an Amendment No. 2 (the “Credit Agreement Amendment”) to the Company’s Sixth Amended and Restated Credit Agreement dated as of April 8, 2022 (as previously amended, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the lenders party thereto

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Source: SEC EDGAR

accession 0001546380-23-000022

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