Scotts Miracle-Gro (SMG) Tops Q3 EPS by 9c, Revenues Miss; Lowers Outlook

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Go back to Scotts Miracle-Gro (SMG) Tops Q3 EPS by 9c, Revenues Miss; Lowers Outlook

ScottsMiracle-Gro Announces Third Quarter Financial Results; Introduces Project Springboard to Enhance Shareholder Value

August 3, 2022 7:00 AM EDT

Company reduces full-year sales and earnings outlook

Company-wide third quarter sales decreased 26% driven by Hawthorne decline of 63% and U.S. Consumer decline of 14%
Consumer POS climbed in May & June; year-to-date POS dollars down 5% Q3 GAAP EPS loss of $8.01 per share, includes pre-tax impairment and restructuring charges of $724 million; non-GAAP adjusted EPS of $1.98Company announces Project Springboard to strengthen the balance sheet, expand margins and improve free cash flowManagement lowered its full-year sales guidance for U.S. Consumer to down 8 to 9 percent and... More