secwatch.observer — SEC 8-K summary
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Issuer:     SCOTTS MIRACLE-GRO CO (SMG)
CIK:        0000825542
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001546380-23-000022
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/825542/000154638023000022/0001546380-23-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/825542/000154638023000022/smg-20230802.htm
  HTML page:      https://secwatch.observer/filing/0001546380-23-000022

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