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Sep 24, 2022
Central Garden & Pet Q4 2022 Earnings Report
Central Garden & Pet's Q4 2022 financial results were announced, revealing a net sales decrease of 4% and an increase in operating income of 34% compared to the prior year quarter.
Key Takeaways
Central Garden & Pet's Q4 2022 results showed a decrease in net sales by 4% to $707 million, but operating income increased by 34% to $13 million. The company experienced a net loss of $2.0 million, with a diluted loss per share of $0.04. Adjusted EBITDA was $42 million, a 13% increase from the prior year quarter.
Net sales decreased by 4% to $707 million compared to Q4 2021.
Operating income increased by 34% to $13 million compared to Q4 2021.
The Pet segment’s operating income was $40 million, an increase of 28% compared to the prior year quarter.
The Garden segment’s operating income was $1.8 million compared to $1.1 million in the fourth quarter of fiscal 2021.
Revenue by Segment
Forward Guidance
The Company currently projects fiscal 2023 GAAP EPS in the range of $2.60 to $2.80. This outlook reflects the macroeconomic uncertainty, further cost inflation, evolving consumer behavior and unfavorable retailer inventory dynamics.
Positive Outlook
- Anticipated pricing actions
- Productivity initiatives across the Company's portfolio to help mitigate inflationary headwinds.
- Fiscal 2023 will have 53 weeks compared to 52 weeks in fiscal 2022.
- Company expects fiscal 2023 capital spending to be significantly below fiscal 2022 levels.
Challenges Ahead
- Macroeconomic uncertainty
- Further cost inflation
- Evolving consumer behavior
- Unfavorable retailer inventory dynamics
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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