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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 strong second-quarter results with U.S. Consumer net sales hitting a record high of $1.38B, GAAP EPS of $2.74, and non-GAAP Adjusted EPS of $3.69. The company exceeded operating plan targets, improved gross margin, and generated strong free cash flow. Despite total sales being flat at $1.53B, the U.S. Consumer segment increased by 2%. Hawthorne segment sales declined by 28% due to strategic changes. The Company's financial position remains strong with net leverage of 6.95x, well below covenant maximum, and aims to achieve fiscal 2024 guidance.
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