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The Scotts Miracle-Gro Company reports developments in branded consumer lawn and garden products in North America, including the Scotts®, Miracle-Gro®, Ortho® and Tomcat® brands. Company news centers on sales trends, gross margin recovery, leverage, cash generation, dividends and capital allocation, along with guidance for its core U.S. Consumer lawn and garden business.
Updates also cover product and channel initiatives, such as patio and container gardening collaborations, community gardening grants through The Scotts Miracle-Gro Foundation, and completed portfolio actions. The completed sale of The Hawthorne Gardening Company shifted the company's public updates toward its North American consumer lawn and garden franchise after Hawthorne's indoor and hydroponic gardening supplies were treated as discontinued operations.
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The Scotts Miracle-Gro Company (NYSE: SMG) announced the successful completion of an exchange offer for $500 million in 4.000% Senior Notes due 2031. The offer, which expired on February 3, 2022, saw approximately 95.0% of the original notes tendered. The exchange was aimed at fulfilling obligations under a prior registration rights agreement and does not represent new financing. Settlement is expected around February 9, 2022.
The Scotts Miracle-Gro Company (SMG) has clarified statements regarding its Hawthorne segment's expected performance for Q2. President Chris Hagedorn mistakenly indicated that sales would remain flat; however, the company anticipates a decline in sales for this segment compared to the previous year, with potential growth later in the year. Despite the sales drop, profitability is projected to reach break-even in Q2. Scotts Miracle-Gro generates around $4.9 billion in sales and is a prominent player in lawn and garden care products.
The Scotts Miracle-Gro Company (NYSE: SMG) announced a 24% decrease in sales for Q1 2022, totaling $566.0 million, amid challenging market conditions. The U.S. Consumer segment reported a profit, marking only the second time in company history, with a 3% increase in unit sales. However, the Hawthorne segment experienced a significant 38% drop in sales to $190.6 million, driven by an oversupply of cannabis and supply chain issues. The company plans to restructure its U.S. lighting manufacturing to enhance efficiency, expecting to lower unit prices of LED products.
The Scotts Miracle-Gro Company (NYSE: SMG) has extended its registered exchange offer for $500 million of its 4.000% Senior Notes due 2031, originally set to expire on January 27, 2022, now extended to February 3, 2022. As of January 27, 2022, $475 million, or 95%, of these notes had been tendered for the exchange. All terms of the exchange offer remain unchanged. This action follows the effective registration statement from December 22, 2021.
The Scotts Miracle-Gro Company (NYSE: SMG) has announced a cash dividend of $0.66 per share, set to be paid on March 10, 2022. Shareholders must be on record by February 24, 2022 to qualify. The company, with approximately $4.9 billion in sales, is a leading provider of branded consumer lawn and garden products, with well-known brands like Scotts®, Miracle-Gro®, and Ortho®. The Hawthorne Gardening Company, a subsidiary, specializes in indoor and hydroponic growing materials.
The Scotts Miracle-Gro Company (NYSE: SMG) announced the successful completion of an exchange offer for its $400 million 4.375% Senior Notes due 2032. The offer expired on January 10, 2022, with 100% of the Original Notes tendered. The exchange aims to satisfy obligations under a registration rights agreement from August 2021. Settlement is expected around January 26, 2022. This exchange does not represent new financing but is part of compliance with regulatory requirements.
The Scotts Miracle-Gro Company (SMG) has extended its registered exchange offer for $500 million of its 4.000% Senior Notes due 2031. Originally set to expire on January 20, 2022, it will now conclude on January 27, 2022. As of January 20, 2022, approximately 94.8% of the outstanding notes have been tendered for exchange. The details of this exchange offer are outlined in a prospectus dated December 22, 2021. The press release clarifies that this is not an offer to buy or sell securities and emphasizes the potential risks involved with forward-looking statements.
The Scotts Miracle-Gro Company (NYSE: SMG) will announce its first quarter financial results on February 1, 2022, before U.S. market opening. A conference call will be held at 9:00 a.m. ET to discuss these results. Interested participants can join by calling 1-888-394-8218 with Conference Code: 1265183, while a replay will be accessible for 15 days. The Company, with $4.9 billion in sales, is a major player in branded lawn and garden products, featuring well-known brands like Scotts®, Miracle-Gro®, and Ortho®.
The Scotts Miracle-Gro Foundation has launched its GroMoreGood Grassroots Grants in partnership with KidsGardening, aiming to enhance children's access to gardening and outdoor play. This initiative supports the Foundation's target to engage 10 million kids by 2023. The grants, ranging from $500 to $1,500, will be awarded to 150 projects focused on youth engagement and community impact, with applications open until February 4, 2022. Winners will be announced on March 18, 2022, and funds will be distributed in April.