Scotts Miracle-Gro Q1 GAAP loss $1.42/sh; sales down 22%; reaffirms FY24 EBITDA $575M

SCOTTS MIRACLE-GRO CO

2024-Q1 EPS reported -$1.42 revenue$410,400,000

Q1 net loss $80.5M ($1.42 GAAP loss/sh); non-GAAP loss $1.45/sh vs. $1.02 loss a year ago.
Total sales $410.4M (-22% YoY); U.S. Consumer -17%, Hawthorne -39% amid hydroponic industry pressure.
Reaffirms full-year non-GAAP adj. EBITDA $575M, free cash flow $560M, and 250 bps gross margin improvement.
Average net debt to adj. EBITDA leverage 7.20x, within covenant max of 8.25x; covenant steps down to 7.75x in Q2.
Project Springboard savings exceeded $300M target; expects 80% of incremental savings by fiscal year-end.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SCOTTS MIRACLE-GRO CO reported the first quarter ended December 30, 2023 results: revenue $410.4 million, net income GAAP net loss of $80.5 million, or $1.42 per share, EPS $1.42 per share. Guidance reaffirmed.

Period: the first quarter ended December 30, 2023
Revenue: $410.4 million
Net income: GAAP net loss of $80.5 million, or $1.42 per share
EPS: $1.42 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

positive in fiscal 2024 and a major contributor to our debt paydown.” First Quarter Details For the quarter ended December 30, 2023, total Company sales declined 22 percent to $410.4 million from $526.6 million a year ago. Due to seasonality, the first quarter typically represents less than 15 percent of full-year sales. U.S. Consumer net sales decreased 17 percent

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Source: SEC EDGAR

accession 0001546380-24-000005

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