Scotts Miracle-Gro Turns To Profit In Q1 - Quick Facts

(RTTNews) - The Scotts Miracle-Gro Co. (SMG) reported that its first-quarter net income attributable to controlling interest was $24.4 million or $0.43 per share compared to a loss of $71.4 million or $1.28 per share in the prior year.

Excluding certain items, the non-GAAP adjusted income was $22.2 million or $0.39 per share, compared to a loss of $62.4 million or $1.12 per share, last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.76 per share for the quarter. Analysts' estimates typically exclude special items. The company-wide sales increased 105 percent to $748.6 million from last year, primarily driven by strong retailer support in the U.S. Consumer segment as well as continued momentum in Hawthorne.

The company said it now expects fiscal 2021 sales growth of 1 to 6 percent compared to 0 to 5 percent previously. Hawthorne sales guidance is increased to a range of 20 to 30 percent from a previous range of 15 to 20 percent. Guidance for U.S. Consumer sales of 0 to minus 5 percent is reaffirmed. Guidance for non-GAAP adjusted earnings per share of $8.00 to $8.40 is reaffirmed as the company noted that it now expects SG&A to decline 3 to 8 percent from 2020 spending levels, compared to a previous estimate of a 6 to 11 percent year-over-year decline. Wall Street currently is looking for fiscal year 2021 earnings of $8.26 per share.