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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.
The Scotts Miracle-Gro Company (NYSE: SMG) has acquired Rhizoflora's nutrient brands, Terpinator and Purpinator, for $33.5 million, expecting to add $8 million in annualized sales. This acquisition enhances The Hawthorne Gardening Company's portfolio as it becomes the primary provider of these leading products. Additionally, the company’s subsidiary, The Hawthorne Collective, invested $3.2 million in Dewey Scientific to advance cannabis genomics and cultivation. These strategic moves are aimed at expanding product offerings and improving crop yields in the cannabis sector.
The Scotts Miracle-Gro Company (NYSE: SMG) announced a pricing of $400 million in 4.375% senior notes due 2032. These notes are unregistered under the Securities Act, and their sale is contingent on customary closing conditions, expected to finalize by August 13, 2021. Proceeds will be utilized to reduce existing borrowings and for general corporate purposes, including potential acquisitions. The company reported approximately $4.1 billion in sales, making it a leader in the lawn and garden care market.
The Scotts Miracle-Gro Company (NYSE: SMG) announced an offering of $400 million in senior notes due 2032, subject to market conditions. These senior notes will be offered in an unregistered manner under Rule 144A and Regulation S of the Securities Act. The funds will be primarily used to reduce borrowings under the senior secured revolving credit facility and for general corporate purposes, including potential acquisitions. The offering is not registered and will not be sold in the U.S. without proper registration or exemption.
The Hawthorne Collective, a subsidiary of Scotts Miracle-Gro (NYSE: SMG), is set to invest $150 million in Toronto-based RIV Capital (TSX: RIV), a cannabis investment firm. This investment, structured as a six-year convertible note with an interest rate of 2.03% for the first two years, will enable Scotts to own approximately 42% of RIV Capital upon conversion. This strategic move aims to explore growth opportunities in the cannabis industry as legal conditions evolve. The investment is projected to close in Q4 2021.
The Scotts Miracle-Gro Company (NYSE: SMG) reported an 8% growth in third-quarter sales, reaching $1.61 billion, driven by a 48% increase in the Hawthorne segment. U.S. Consumer segment sales declined 4% to $1.05 billion. Despite a decline in gross margin due to rising distribution costs, GAAP EPS rose 12% to $4.00. The company reaffirmed its full-year sales growth guidance of 17% to 19%, expecting adjusted EPS between $9.00 and $9.30. Notably, Scotts announced the acquisition of HydroLogic for $65 million, projected to add approximately $20 million in annual sales, enhancing the Hawthorne portfolio.
The Scotts Miracle-Gro Company (NYSE: SMG) announced the appointment of Gerald (Jerry) Volas to its Board of Directors. Volas, who previously served as CEO of TopBuild Corp., brings extensive operational and financial expertise. His role will enhance the Board's capabilities in driving shareholder value. Volas is a Certified Public Accountant with a Bachelor of Business Administration from the University of Michigan. He will participate in the Audit and Finance Committees, with his term expiring in 2023.
The Scotts Miracle-Gro Company (NYSE: SMG) has announced a quarterly dividend increase to $0.66 per share. The fourth quarter dividend will be payable on September 10, 2021, to shareholders of record by August 27, 2021. With approximately $4.1 billion in sales, Scotts Miracle-Gro is a leading marketer in the lawn and garden product industry, known for its brands like Scotts®, Miracle-Gro®, and Ortho®. The company also operates The Hawthorne Gardening Company, focused on indoor and hydroponic growing solutions.
The Scotts Miracle-Gro Company (NYSE SMG) will report its third quarter financial results on August 4, 2021, before U.S. markets open. A conference call is scheduled for 9:00 a.m. ET to discuss the results. Interested participants can join by calling 866-337-5532 (Conference Code: 2106695) or listen to the replay at 888-203-1112 for 15 days post-call. With approximately $4.1 billion in sales, Scotts is a global leader in branded lawn and garden products, featuring top brands like Scotts®, Miracle-Gro®, and Ortho®.
Miracle-Gro has launched the GroMoreGood Harvest Donation Bag, part of its partnership with No Kid Hungry. Each bag purchased can provide up to 20 meals for children in need. This initiative aims to combat childhood hunger exacerbated by the pandemic, with a goal to connect 10 million children to gardens and greenspaces by 2023. The bag features artwork from a student contest winner, promoting community sharing of excess garden produce. Miracle-Gro will donate $2 for every bag sold until September 30, 2021.
The Scotts Miracle-Gro Company (NYSE: SMG) has raised its fiscal 2021 sales growth forecast to 17-19%, driven by strong performance in both the U.S. Consumer segment and Hawthorne business, which is now projected to grow 40-45%.
Adjusted non-GAAP EPS is now estimated at $9.00 to $9.30, up from prior guidance of $8.60 to $9.00. Consumer purchases of lawn and garden products have risen 10% year-to-date, showcasing robust engagement and retail activity.