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Jun 26, 2021
Central Garden & Pet Q3 2021 Earnings Report
Announced record results due to strong demand and team's dedication.
Key Takeaways
Central Garden & Pet reported a record third quarter with net sales increasing by 24% to $1,037 million and diluted EPS growing by 8% to $1.37. The company raised its outlook for fiscal 2021 diluted GAAP EPS to $2.45 or better and diluted Non-GAAP EPS to $2.62 or better. Recent acquisitions contributed $137 million to the quarter, and organic sales increased by 9%.
Net sales increased 24% to $1,037 million compared to $833 million a year ago.
Diluted earnings per share grew 8% to $1.37 from $1.27 in the prior year quarter.
Garden segment net sales increased 42% to $529 million.
Pet segment net sales increased 10% to $508 million.
Forward Guidance
The Company has updated its fiscal year outlook and now expects fiscal 2021 GAAP EPS to be at or above $2.45.
Positive Outlook
- Benefit of strong performance in the first nine months of fiscal 2021
- Anticipated investments in capacity expansion
- Brand building
- eCommerce to drive sustainable growth
- Accretive impact of recent acquisitions
Challenges Ahead
- Increasing costs for key commodities
- Labor and freight
- Resuming more normal levels of promotional activity
- Headwinds associated with lapping almost ideal weather for the gardening season
- A return to more normalized consumer demand patterns following extraordinary demand spanning two fiscal years
Historical Earnings Impact
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Avg. Return Before/After Earnings
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