secwatch.observer — SEC 8-K summary
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Issuer:     SCOTTS MIRACLE-GRO CO (SMG)
CIK:        0000825542
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001546380-24-000032
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Scotts Miracle-Gro Q3 adjusted EPS $2.31 doubles YoY; U.S. Consumer sales up 11%
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- GAAP EPS $2.28 vs $0.77; Non-GAAP adjusted EPS $2.31 vs $1.17, more than doubling YoY.
- Total Q3 sales $1.2B (+7% YoY); U.S. Consumer $1B (+11%); Hawthorne $67.7M (-28%) but first profitable quarter since Q3 2022.
- GAAP gross margin 29.5% (up 1,110 bps); adjusted gross margin 29.2% (up 790 bps) on lower warehousing, materials, and inventory write-downs.
- Interest expense fell 18% YoY; net debt/EBITDA leverage ~5.5x within 6.5x covenant.
- Reaffirmed non-GAAP FY2024 guidance except Hawthorne net sales now expected 35-40% lower YoY; segment still targets break-even or better adjusted EBITDA.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/825542/000154638024000032/0001546380-24-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/825542/000154638024000032/smg-20240731.htm
  HTML page:      https://secwatch.observer/filing/0001546380-24-000032

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