SMG - Scotts Miracle-Gro Non-GAAP EPS of $1.17 misses by $0.29 revenue of $1.12B misses by $40M
2023-08-02 07:03:57 ET
- Scotts Miracle-Gro press release ( NYSE: SMG ): Q3 Non-GAAP EPS of $1.17 misses by $0.29 .
- Revenue of $1.12B (-5.9% Y/Y) misses by $40M .
- Company-wide third quarter net sales decreased 6% due to Hawthorne decline of 40%; U.S. Consumer net sales increased 1% over prior year
- Consumer POS dollars up 8% in the third quarter and over 5% year to date
- The Company now expects total net sales to decline approximately 10 to 11 percent mainly driven by a net sales decline in the U.S. Consumer segment of 2 to 4 percent and a net sales decline of 30 to 35 percent in the Hawthorne segment.
- Additionally, operating income is expected to range from 7 to 7.5 percent of sales for the year.
- Including these revisions, full-year Adjusted EBITDA is expected below prior year by about 25 percent, and the resulting tax rate will move higher to 28 to 29 percent for the year.
- Expectations for interest expense and strong free cash flow generation remain unchanged.
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Scotts Miracle-Gro Non-GAAP EPS of $1.17 misses by $0.29, revenue of $1.12B misses by $40M