ScottsMiracle-Gro Provides Update on Fiscal 2024 Second Quarter
04 Abril 2024 - 4:54AM
The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading
marketer of branded consumer lawn and garden as well as indoor and
hydroponic growing products, today announced that it expects to
achieve a second-quarter net leverage ratio around 7 times adjusted
EBITDA. This will be below the Company’s first-quarter net leverage
ratio and its second-quarter maximum of 7.75 times.
“We continue to make real progress in improving the financial
and operating performance of ScottsMiracle-Gro,” said Jim Hagedorn,
chairman, CEO and president. “Net leverage not only will be
comfortably below the second-quarter maximum and better than Q1,
but it also will be a less critical metric going forward as debt
reduction and covenant compliance are manageable.
“In the second quarter, we delivered near-record retail
shipments coupled with year-to-date POS units trending to mid-teens
percentage growth versus last year. Our teams executed flawlessly,
and our retailer partnerships are stronger than ever. Free cash
flow in the first half of the year outperformed expectations,
providing solid support for achieving the balance of our $1 billion
free cash flow target in the fiscal ‘23 and ‘24 period.”
The Company will provide a detailed second-quarter earnings
report on May 1.
About ScottsMiracle-GroWith approximately $3.6
billion in sales, the Company is the world’s largest marketer of
branded consumer products for lawn and garden care. The Company’s
brands are among the most recognized in the industry. The Company’s
Scotts®, Miracle-Gro®, and Ortho® brands are market-leading in
their categories. The Company’s wholly-owned subsidiary, The
Hawthorne Gardening Company, is a leading provider of nutrients,
lighting, and other materials used in the indoor and hydroponic
growing segment. For additional information, visit us at
www.scottsmiraclegro.com.
For investor inquiries:Aimee DeLucaSr. Vice
PresidentInvestor Relationsaimee.deluca@scotts.com(937)
578-5621
For media inquiries:Tom MatthewsChief
Communications Officertom.matthews@scotts.com(937) 644-7044
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