2023-04-10 09:19:32 ET
Scotts Miracle-Gro ( NYSE: SMG ) said Monday it expects to achieve a net leverage ratio " comfortably below " the credit facility covenant of 6.5x for FY 2023 Q2.
The company expects final Q2 net leverage of ~6x, "reflecting the disciplined approach to cost control, focus on improved efficiencies and initiatives to engage consumers early in the lawn and garden season are contributing to improvements in its overall financial position."
SMG ( SMG ) also said former TEL U.S. president Nate Baxter joined the company as executive VP of technology and operations.
Scotts Miracle-Gro ( SMG ) faces much uncertainty, and high debt and economic uncertainty make the stock a speculative investment, Prasanna Rajagopal writes in an analysis posted recently on Seeking Alpha .
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Scotts Miracle-Gro sees Q2 net leverage ratio below credit line covenant