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.
ScottsMiracle-Gro and Every Kid Sports partnership has made significant impact in Phoenix, Columbus, and Philadelphia communities. The initiative helped 408 kids from income-restricted families participate in grass sports including football, cheer, soccer, baseball, softball, track & field, and flag football during Fall 2024.
The program provides financial assistance by covering registration fees, enabling children to participate in sports activities on natural green spaces. Several parents shared testimonials about how the program has positively impacted their children's lives, particularly during challenging financial circumstances.
ScottsMiracle-Gro has detailed its #ThinkWaterPositive initiative in its 2024 Corporate Responsibility Report. Launched in 2023, the initiative focuses on addressing water quantity and quality challenges through three main pillars: research and development, environmental nonprofit partnerships, and consumer education.
The company's R&D efforts include developing water-efficient products and drought-tolerant solutions. Through partnerships with environmental organizations reaching 150 million people, they promote water stewardship. Their consumer education program includes the Scotts Training Institute and region-specific guidance for water conservation in landscaping.
ScottsMiracle-Gro (NYSE: SMG) announced key executive changes, with COO Nate Baxter being elevated to president and COO, while Chris Hagedorn becomes EVP and chief of staff. CFO Matt Garth will depart on December 31, 2024, with Mark Scheiwer, current VP and treasurer, becoming interim CFO and chief accounting officer on January 1, 2025. The company will conduct a search for a permanent CFO.
The restructuring aims to advance the company's transformation strategy, focusing on strengthening its consumer franchise and strategically shifting its Hawthorne subsidiary. The company reaffirmed its fiscal 2025 guidance provided during its November 6 earnings call.
ScottsMiracle-Gro, North America's leading compost user, has released its 2024 Corporate Responsibility Report highlighting its circular economy initiatives. The company recycled approximately 5.5 billion pounds of green waste in 2023, converting materials like grass, tree trimmings, and organic waste into soils, growing amendments, and mulches. Through its network of local suppliers, the company sources most soil inputs within a 120-mile radius, reducing transportation costs and emissions while maintaining product quality.
ScottsMiracle-Gro has partnered with the City of Phoenix and Project EverGreen to combat urban heat island effects through a green space initiative. The company donated 50 trees to Barrios Unidos Park, which were planted by local associates and community volunteers, including Phoenix District 8 Councilwoman Kesha Hodge Washington. The initiative responds to Phoenix's record-breaking summer heat wave of 113 consecutive days with triple-digit temperatures, recognizing the importance of green spaces in providing cooler environments for community recreation and wellbeing.
ScottsMiracle-Gro Foundation and the National Head Start Association (NHSA) are hosting their 2024 Fall Garden Storytime on November 14 at 1 p.m. EST. The half-hour session, co-hosted with KidsGardening, will feature 'Runaway Pumpkins' by Teresa Bateman and a sing-along about pumpkin growth. Sarah Pounders and Pinky Jackalope will lead the interactive session, teaching students about pumpkin varieties and their use as food. The program offers open registration and includes classroom resources provided seasonally throughout the school year.
ScottsMiracle-Gro (NYSE: SMG) reported its fiscal 2024 results with U.S. Consumer sales up 6% and total company net sales flat at $3.6 billion. The company posted a GAAP loss per share of $0.61 and non-GAAP adjusted EPS of $2.29. Notable achievements include exceeding the free cash flow target of $1 billion over two years, achieving net leverage of 4.86x, and delivering non-GAAP adjusted EBITDA of $510 million. The U.S. Consumer segment showed strength with a 9% increase in POS units, while Hawthorne segment sales decreased 37% to $294.7 million. The company's gross margin rate improved to 23.9% GAAP and 26.3% non-GAAP adjusted.
ScottsMiracle-Gro (NYSE: SMG) has appointed Rob Candelino to its Board of Directors. Candelino, currently CEO of PetSafe Brands, brings 25 years of experience from Unilever, where he last served as CEO of Unilever Thailand and Regional Head of Inland ASEAN. He fills the Board seat previously held by Nancy Mistretta, who retired in January 2024. Candelino is the fourth appointment to the Board since 2022, joining Mark Kingdon, Brian Sandoval, and Edith Avilés. The appointment comes as ScottsMiracle-Gro, with approximately $3.6 billion in sales, focuses on investing in its brands and evolving its lawn and garden franchise.
Scotts Miracle-Gro (NYSE: SMG) has announced a quarterly cash dividend of $0.66 per share, payable on December 6, 2024, to shareholders of record as of November 22, 2024. The company, with approximately $3.6 billion in sales, is the world's largest marketer of branded consumer lawn and garden products, including market-leading brands Scotts®, Miracle-Gro®, and Ortho®. Through its subsidiary, The Hawthorne Gardening Company, it also leads in providing materials for indoor and hydroponic growing.
ScottsMiracle-Gro has launched two new organic products in 2024: Miracle-Gro Organic Raised Bed & Garden Soil and Miracle-Gro Organic All Natural Mulch. The soil blend is peat-free, made with upcycled green waste, and manufactured within 150 miles of retail locations. It includes a natural fertilizer feeding plants for up to two months. The mulch is the first nationally distributed organic mulch in retail, featuring dye-free formula, 10% post-consumer recycled packaging content, and sustainably forested wood. This product expansion responds to growing organic gardening interest, with 76% of millennials showing extreme interest in the category.