Scotts Miracle-Gro Co. Reveals Fiscal 2023 & 4Q Results, Hawthorne Subsidiary Performance
Portfolio Pulse from Joana Scopel
Scotts Miracle-Gro Co. (NYSE:SMG) reported a 10% decrease in total company net sales for the fiscal year ending September 30, 2023, amounting to $3.55 billion. The company's U.S. Consumer segment experienced a 3% sales decline, while the Hawthorne segment's sales saw a 35% decrease. The company reported a full-year GAAP loss per share of $6.79, but non-GAAP adjusted earnings were $1.21 per diluted share. The fourth quarter saw a 24% decrease in company-wide sales. However, free cash flow improved, amounting to $438 million, marking a $681 million year-over-year increase.
November 02, 2023 | 7:58 pm
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NEGATIVE IMPACT
Scotts Miracle-Gro reported a decrease in sales and a GAAP loss per share for the fiscal year ending September 30, 2023. However, the company's free cash flow improved significantly.
The decrease in sales and the reported GAAP loss per share are negative indicators for the company's financial performance, which could negatively impact the stock price. However, the significant improvement in free cash flow could be a positive sign for the company's liquidity and financial health, potentially mitigating some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100