Scotts Miracle-Gro Q2 Profit Down, Adj. EPS Beats Estimates, While Topline Miss

(RTTNews) - Scotts Miracle-Gro Co. (SMG), a marketer of consumer lawn and garden, indoor and hydroponic growing products, reported Wednesday that its second-quarter net income fell to $109.4 million or $1.94 per share from prior year earnings of $276.5 million or $4.94 per share.

Adjusted earnings in the quarter were $213.8 million or $3.78 per share, compared with earnings of $281.5 million or $5.03 per share in 2022.

On average, eight analysts polled by Thomson Reuters expected earnings of $3.46 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales fell 9 percent to $1.53 billion from prior year's $1.68 billion. The Street was looking for sales of $1.61 billion for the quarter.

Looking ahead for fiscal 2023, the company now expects a mid-single-digits percentage decline in total operating income and a low single-digits percentage decline in adjusted EBITDA.

The company expects to provide an update on business results and outlook in early June.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.