ScottsMiracle-Gro announces third quarter results

The Scotts Miracle-Gro Company released fiscal third quarter financial results that were driven by a strong recovery in consumer demand of the company’s core lawn and garden products at its largest U.S. retail partners.

For the quarter ended June 30, 2018, company-wide sales increased 2 percent to $994.6 million, compared with $973.4 million a year earlier. GAAP income from continuing operations was $2.23 per diluted share, compared with $2.41 per share in the prior year. Non-GAAP adjusted earnings, which excluded impairment, restructuring, and other one-time items, were $2.67 per diluted share compared with $2.47 a year ago.

“Our U.S. core business was simply outstanding in May with record results and positive year-over-year consumer purchases nearly every day during the month,” said Jim Hagedorn, chairman and chief executive officer. “The fact that consumer purchases were down 12 percent entering May and were essentially flat versus year-ago levels by the end of June speaks to the resilience of our category and strength of our brands. It also speaks to the commitment of our team as well as our consumers and retail partners.”

“We remain confident in the revised sales and non-GAAP adjusted earnings guidance we provided in June and are optimistic that we also will report cash flow productivity of more than 100 percent for the second consecutive year.”

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