secwatch.observer — SEC 8-K summary
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Issuer:     SCOTTS MIRACLE-GRO CO (SMG)
CIK:        0000825542
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001546380-24-000021
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ScottsMiracle-Gro Q2 GAAP EPS $2.74, adj. EPS $3.69; reaffirms FY2024 targets
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- Q2 net sales flat at $1.53B; U.S. Consumer record $1.38B (+2% YoY); Hawthorne down 28% to $66.4M.
- GAAP gross margin 30.4% (up 350 bps YoY); adjusted gross margin 35.3% (up 60 bps).
- GAAP net income $157.5M vs $109.4M; non-GAAP adjusted EPS $3.69 vs $3.78 prior year.
- Net leverage ratio 6.95x, below covenant max 7.75x; covenant steps down to 6.50x in Q3.
- Reaffirms FY2024 guidance: adj. EBITDA $575M, free cash flow $560M; >80% of $100M Project Springboard savings expected by year-end.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/825542/000154638024000021/0001546380-24-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/825542/000154638024000021/smg-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001546380-24-000021

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer