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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.
Scotts has completed field refurbishments for four youth baseball and softball grant recipients in 2020, bringing the total to two dozen fields renovated since the program's inception in 2016. This initiative, part of Scotts' commitment to improving children's access to greenspaces, has provided nearly $1.75 million in funding. Key recipients include Boys & Girls Clubs of Greater Northwest Indiana and the City of Memphis Parks. The program aims to enhance community engagement through modern playing facilities, with support from MLB and notable figures like Ryan Howard and Jennie Finch participating in outreach efforts.
The Scotts Miracle-Gro Company (NYSE: SMG) announced on Sept. 14, 2020, that it expects fiscal 2020 sales and non-GAAP adjusted earnings per share (EPS) to exceed previous guidance. The company predicts non-GAAP adjusted EPS will be approximately $7.25, driven by over 30% sales growth, attributed to strong consumer demand and retailer support. Additionally, lower expenses are anticipated to provide approximately $1 per share in tailwinds. A detailed fiscal 2021 guidance is set for release in November.
Scotts has partnered with CAMP to host the largest virtual Field Day on July 24, 2020. This free event will allow families to participate in various games from home, starting at 9 a.m. ET and ending at 9 p.m. ET. Participants will be divided into teams and compete for prizes, including a CAMP gift box valued at up to $1,000 for first place. This initiative aims to bring families together for fun, especially during summer, with games designed to engage both kids and adults. Over $3.2 billion in sales positions Scotts as a leading brand in lawn and garden care.
The Scotts Miracle-Gro Company (NYSE: SMG) will release its third quarter financial results on July 29, 2020, before U.S. markets open. A conference call to discuss these results will occur at 9:00 a.m. ET. Interested participants can join by calling 800-263-0877 using Conference Code: 3918971. A replay will be available for 15 days via 888-203-1112. The company, with approximately $3.2 billion in sales, is a leading marketer in the lawn and garden products sector, known for its prominent brands including Scotts®, Miracle-Gro®, and Ortho®.
The Scotts Miracle-Gro Company has announced the launch of 1868 Ventures, a fund dedicated to investing in controlled environment agriculture technologies, plant genetics, and sustainable products. This initiative aims to respond to the evolving needs of gardeners and professional growers. Investments will focus on early and growth-stage companies in North America, with typical funding ranging from $0.25 to $2.5 million. The fund will be managed alongside Touchdown Ventures, enhancing support for innovators in lawn care and agriculture.
The Scotts Miracle-Gro Company (SMG) has revised its fiscal 2020 sales growth outlook to between 16% and 18%, up from a previous estimate of 6% to 8%, driven by strong demand in its U.S. Consumer and Hawthorne segments. Adjusted non-GAAP EPS guidance has increased to $5.65 to $5.85 from $4.95 to $5.15, while non-GAAP free cash flow is expected to be around $350 million. The growth in the U.S. Consumer segment includes a 44% increase in May sales with notable gains in Miracle-Gro products.
The Scotts Miracle-Gro Company (NYSE: SMG) reported a 16% increase in sales for Q2 2020, totaling $1.38 billion driven by strong demand in both U.S. Consumer and Hawthorne segments. U.S. Consumer sales rose 11% to $1.10 billion, while Hawthorne sales surged 60% to $230 million. GAAP EPS was $4.43, down from $7.10 a year prior, but Non-GAAP adjusted EPS increased to $4.50 from $3.64. The company revised its Hawthorne sales growth forecast to 30-35%, while reaffirming U.S. Consumer segment growth at 1-3%. Full-year sales are projected to grow by 6-8%.
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