Scotts Miracle-Gro Slips To Loss In Q1; Announces Hawthorne Restructuring - Quick Facts

(RTTNews) - Scotts Miracle-Gro Co. (SMG) reported Tuesday a first-quarter net loss of $50.0 million or $0.90 per share, compared to net income of $24.4 million or $0.43 per share in the prior-year quarter.

Excluding items, adjusted loss from continuing operations for the quarter was $0.88 per share, compared to adjusted earnings of $0.39 per share in the year-ago quarter.

Company-wide sales for the quarter decreased 24 percent to $566.0 million from $748.6 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.73 per share on sales of $561.18 million for the quarter. Analysts' estimates typically exclude special items.

Separately, the Company also announced the restructuring of Hawthorne manufacturing footprint in effort to drive efficiencies and improve competitive position by reducing costs of LED lighting units. A restructuring charge of up to $5 million is expected to be recorded in the second quarter and will be excluded from the Company's full-year adjusted results.