The Scotts Miracle-Gro Company, the world’s leading marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, today released record fiscal fourth quarter and full year financial results that were driven by the continued strength of both its U.S. Consumer and Hawthorne reporting segments.
The Company also established guidance for fiscal 2020 that assumes company-wide sales growth of 4 to 6 percent, based on the continued strength of its two primary business segments, resulting in expected non-GAAP adjusted earnings growth in a range 11 to 15 percent.
For the year ended September 30, 2019, company-wide sales increased 18 percent to a record $3.16 billion, compared with $2.66 billion a year earlier. GAAP earnings from continuing operations were $7.77 per diluted share, compared with $2.23 per share in the prior year. Non-GAAP adjusted earnings, which is the basis of the Company’s guidance and excludes impairment, restructuring, and other one-time items, were $4.47 per share compared with $3.71 per share a year ago.
“Fiscal 2019 showed the strength of our business when we execute on all cylinders,” said Jim Hagedorn, chairman and chief executive officer. “New products accounted for 15 percent of our sales in our U.S. Consumer business, we saw growth in every major retail channel, and we drove increased consumer participation in nearly every category in our industry. In Hawthorne, we further established our clear leadership with indoor growers, improving our market share and growing our full-year sales 24 percent on an apples-to-apples basis.
“In all areas of the company our associates exceeded expectations and put us in a solid position to continue delivering strong results that enhance shareholder value in fiscal 2020.”