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) announced that it now anticipates positive sales growth in its U.S. Consumer segment, up from previous guidance of flat to -5%. Senior VP Cory Miller noted a significant 25% year-to-date increase in consumer purchases as retailers gear up for peak season. As a result, the company expects to exceed its earnings guidance of $8.00 to $8.40 per share. Specific updated ranges for sales and earnings will be provided later in spring.
The Scotts Miracle-Gro Company (NYSE: SMG) will join the 42nd Annual Raymond James Institutional Conference on March 1, 2021. Interim CFO Cory Miller and Executive VP Jim King will conduct a virtual chat at 8:20 a.m. (ET) to discuss recent business trends and long-term strategies with investors. A live webcast will be accessible on the Company's investor relations site, with an archive available for 12 months. ScottsMiracle-Gro, with sales of approximately $4.1 billion, is a leader in lawn and garden care products, marketing brands like Scotts®, Miracle-Gro®, and Ortho®.
The Scotts Miracle-Gro Company (NYSE: SMG) will participate virtually in the 2021 Truist Securities Consumer Symposium on February 23, 2021. Interim CFO Cory Miller and EVP Jim King will host a fireside chat at 3:00 p.m. (ET) to discuss recent business trends and long-term strategies. Investors can listen to the live webcast on the Company’s investor relations website, with an archive available for 12 months. ScottsMiracle-Gro, with $4.1 billion in sales, is a leader in branded consumer lawn and garden products, featuring well-known brands like Scotts®, Miracle-Gro®, and Ortho®.
The Scotts Miracle-Gro Company (NYSE: SMG) reported its first-ever profit for the fiscal first quarter, with sales soaring 105% to $748.6 million, driven by strong consumer demand and retailer support. Income from continuing operations was $0.43 per diluted share, a notable recovery from a loss of $1.28 per share last year. Sales from the U.S. Consumer segment rose 147%, while Hawthorne sales increased 71%. The company raised its full-year sales growth outlook for Hawthorne to 20-30% and reaffirmed adjusted EPS guidance of $8.00 to $8.40, despite anticipated challenges in the second half.
ScottsMiracle-Gro has announced a consumer advisory regarding certain Miracle-Gro and Nature’s Care raised bed soil products produced between May 15 and June 4, 2020, due to potential contamination by foreign materials. This voluntary action, done in cooperation with the Michigan Department of Agriculture, aims to maintain product quality and safety. Affected products include specific lot codes, and consumers are urged to dispose of these items. Refunds or replacements are available by contacting consumer services. No other products are impacted.
The Scotts Miracle-Gro Company (NYSE: SMG) has announced a cash dividend of $0.62 per share, set to be paid on March 10, 2021. Shareholders of record by February 24, 2021 will be eligible to receive this dividend. With approximately $4.1 billion in sales, Scotts Miracle-Gro is a leading marketer of consumer lawn and garden products, recognized for its prominent brands like Scotts®, Miracle-Gro®, and Ortho®. The company also includes The Hawthorne Gardening Company, focusing on indoor and hydroponic growing solutions.
The Scotts Miracle-Gro Company (NYSE SMG) will announce its first quarter financial results on February 3, 2021, before the U.S. markets open. The Company will conduct a conference call at 9:00 a.m. ET to discuss these results. Interested participants can join by calling 800-263-0877 with the conference code 3989033, while a replay will be accessible at 888-203-1112 for 15 days post-call. The Company's approximate $4.1 billion sales position them as a leader in branded lawn and garden products, known for their popular brands like Scotts and Miracle-Gro.
The Scotts Miracle-Gro Company (NYSE: SMG) announced significant organizational changes aimed at enhancing growth and shareholder value. Randy Coleman has left his position as CFO, with Cory Miller promoted to interim CFO. Other notable promotions include Kelly Berry and Lonny Essex in finance roles. The company is exceeding Q1 performance targets, with optimism expressed about the gardening market and future e-commerce strategies. The leadership changes are part of long-term strategic planning, not due to performance issues. The company generated approximately $4.1 billion in sales.
Scotts Miracle-Gro Company (NYSE: SMG) announced organizational changes aimed at enhancing growth and shareholder value. Key appointments include Cory Miller as interim CFO following Randy Coleman's departure. Major segment performance exceeded Q1 targets, and the company emphasizes its strong market position in gardening and hydroponics. The realignment was part of a long-term strategy, not due to performance concerns. The updated leadership aims to leverage internal talent and market trends to drive future growth.
The Scotts Miracle-Gro Foundation has launched its GroMoreGood Grassroots Grants in collaboration with KidsGardening to enhance children's access to fresh food and gardening education.
This initiative aims to connect 10 million children to gardening benefits by 2023. The program embraces various community-driven projects, allowing for flexible grant applications amidst COVID-19.
Applications for grants ranging from $500 to $1,000 are open until February 4, 2021, with winners announced on March 20, 2021.