Scotts Miracle-Gro (SMG) Affirms FY13 adj.-EPS Outlook; Updates on Certain Aspects
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Price: $61.01 +0.89%
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Costs related to refinancing: 0
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Costs related to refinancing: 0
Today's EPS Names:
BTTX, VAXX, ELYS, More
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The Scotts Miracle-Gro Company (NYSE: SMG), the world's leading marketer of branded consumer lawn and garden products, will present today, Tuesday, June 11, at William Blair's 33rd Annual Growth Stock Conference. Management will discuss current business strategies at about 7:30 a.m. central time. The live webcast of the presentation is available at http://investor.scotts.com.
"U.S. consumer purchases for the fiscal third quarter are up 15% through June 9, giving us continued confidence in the earnings guidance we established heading into the year," said chief financial officer Larry Hilsheimer. "Consumer purchases, which were down more than 25 percent on a fiscal year-to-date basis entering April, are down 4 percent through June 9."
The Company reaffirmed its expectations for fiscal 2013 adjusted earnings per share from continuing operations in the range of $2.50 to $2.75. In addition, the Company reiterated expectations for operating cash flow of at least $250 million in fiscal 2013.
The Company updated individual components of fiscal 2013 guidance, and expects net sales to range from a 1% decrease to an increase of 1% compared to a year ago. Selling, general and administrative expenses (SG&A) are now expected to decline 3% to 5% for the full-year. The Company previously expected SG&A savings of 2% to 3% for the year.
The Company reaffirmed improvement of up to 125 basis points in the full-year adjusted gross margin rate. Cost-out initiatives remain on schedule, strong management of commodity costs continue, and price increases will also be accretive to the gross margin rate.
"U.S. consumer purchases for the fiscal third quarter are up 15% through June 9, giving us continued confidence in the earnings guidance we established heading into the year," said chief financial officer Larry Hilsheimer. "Consumer purchases, which were down more than 25 percent on a fiscal year-to-date basis entering April, are down 4 percent through June 9."
The Company reaffirmed its expectations for fiscal 2013 adjusted earnings per share from continuing operations in the range of $2.50 to $2.75. In addition, the Company reiterated expectations for operating cash flow of at least $250 million in fiscal 2013.
The Company updated individual components of fiscal 2013 guidance, and expects net sales to range from a 1% decrease to an increase of 1% compared to a year ago. Selling, general and administrative expenses (SG&A) are now expected to decline 3% to 5% for the full-year. The Company previously expected SG&A savings of 2% to 3% for the year.
The Company reaffirmed improvement of up to 125 basis points in the full-year adjusted gross margin rate. Cost-out initiatives remain on schedule, strong management of commodity costs continue, and price increases will also be accretive to the gross margin rate.
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