The Scotts Miracle-Gro Company has reported financial results for Q1 2024, with sales dropping 22% to $410.4m compared to $526.6m the previous year. Net sales for its US consumer division fell 17% to $306.7m, while subsidiary the Hawthorne Gardening Company saw sales decline 39% from $131.5m to $80.1m. The firm's GAAP and non-GAAP adjusted gross margin rates stood at 15.2% and 13.7%, respectively, compared to 18.2% and 20.1% the previous year. The company's CEO and chairman, Jim Hagedorn, reaffirmed its guidance for high-single-digit growth in its consumer business. Meanwhile, for Hawthorne, the firm said it was taking "actions to ensure the business remains cash flow positive in fiscal 2024 and a major contributor to our debt paydown".
The Scotts Miracle-Gro Company (NYSE:SMG) Q1 2024 Earnings Call Transcript February 7, 2024 The Scotts Miracle-Gro Company isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Good day, and thank you for standing by. Welcome to SMG’s First Quarter 2024 Earnings […]
Operator: Good day, and thank you for standing by. Welcome to SMG s First Quarter 2024 Earnings Presentation. I would now like to hand it over to Aimee DeLuca, Head of Investor Relations.