SMG - Scotts Miracle-Gro Co. Reveals Fiscal 2023 & 4Q Results Hawthorne Subsidiary Performance | Benzinga
Scotts Miracle-Gro Co. (NYSE: SMG) recently reported its results for the fourth quarter and fiscal year that ended September 30, 2023, including the results of its subsidiary Hawthorne Gardening Company, a provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment that includes the cannabis industry.
Annual Sales And Segment Performance
- The fiscal year concluded on September 30, 2023, witnessed a 10% decrease in total company net sales, amounting to $3.55 billion, which aligned with the company's guidance.
- This decline was notably impacted by the performance of the Marysville, Ohio-based company, U.S. Consumer segment, which experienced a 3% sales decline, dropping to $2.84 billion from $2.93 billion.
- The Hawthorne segment's sales saw a significant 35% decrease, falling to $467.3 million compared with $716.2 million during the same period the previous year.
"The outcome of fiscal ’23 is the stabilization of the business and a return to a more normal state of operating,” said chairman and CEO Jim Hagedorn.
Earnings and Margins: Scotts reported a full-year GAAP loss per share of $6.79. However, ...