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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) 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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