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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.
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.
ScottsMiracle-Gro (NYSE: SMG) has scheduled the release of its fourth quarter 2024 financial results for Wednesday, November 6, 2024, before U.S. markets open. The company will host a video presentation via webcast at 9:00 a.m. ET, followed by an audio Q&A session. ScottsMiracle-Gro, with approximately $3.6 billion in sales, is the world's largest marketer of branded consumer products for lawn and garden care, featuring leading brands such as Scotts®, Miracle-Gro®, and Ortho®. Their subsidiary, The Hawthorne Gardening Company, specializes in indoor and hydroponic growing materials.
ScottsMiracle-Gro conducted extensive R&D field trials for its new Miracle-Gro Organic Raised Bed & Garden Soil, set to launch in 2024. The trials, among the largest in company history, tested product quality and performance on over 300 plants across 138 raised beds and six garden rows. The study focused on developing locally crafted products, using soil mixes from various U.S. regions to ensure consistent efficacy across geographic locations.
The trials were particularly important due to the complexity of organic growing media compared to conventional counterparts. The soil blend includes a quick-release fertilizer, which can interact with other ingredients like aged bark and compost. ScottsMiracle-Gro also conducted competitive testing against major market competitors, demonstrating superior performance of Miracle-Gro products.
ScottsMiracle-Gro has released a white paper titled 'The Truth About Lawns' to highlight the importance of lawns and green spaces. The company argues that turfgrass and green spaces contribute to overall wellness, protect natural ecosystems, and support biodiversity and a sustainable future. ScottsMiracle-Gro acknowledges the challenges posed by changing climate conditions, especially drought, but advocates for yards filled with living things rather than non-living alternatives.
The company's scientists are developing new solutions for challenging environments, including drought-tolerant grass options that require less water. ScottsMiracle-Gro emphasizes that yards can be a combination of grass, clover, edible gardens, and native plants. With approximately $3.6 billion in sales, ScottsMiracle-Gro is the world's largest marketer of branded consumer products for lawn and garden care, including popular brands like Scotts, Miracle-Gro, and Ortho.