Scotts Miracle-Gro Plans To Update FY18 Outlook In Mid-June - Quick Facts

(RTTNews) - The Scotts Miracle-Gro Company (SMG) reminded investors that the company's planned acquisition of Sunlight Supply, Inc. is expected to reduce non-GAAP adjusted earnings by $0.30 to $0.40 per share in fiscal 2018. The company expects to adjust full-year guidance after the transaction closes, which is expected to occur by June 1.

"The slow start to the season and the declines at Hawthorne create challenges for us as we navigate the balance of fiscal 2018. However, given the amount of consumer activity still in front of us, it is too early to revise our expectations. We currently anticipate providing the investment community an updated outlook for fiscal 2018 in mid-June, a practice consistent with how we have operated in the past," said Randy Coleman, CFO.

For the fiscal second quarter, non-GAAP adjusted earnings were $2.88 per share compared with $2.57, prior year. The company reported sales of $1.01 billion, down 7 percent from $1.08 billion a year earlier. Company-wide sales were down 7% primarily due to slow start to lawn and garden season.