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Sep 30, 2023
Central Garden & Pet Q4 2023 Earnings Report
Central Garden & Pet reported a 6% increase in net sales and earnings per share of $0.05, driven by pet segment growth, while garden segment faced challenges.
Key Takeaways
Central Garden & Pet announced its Q4 and Fiscal Year 2023 results, revealing a 6% increase in net sales to $750 million. EPS was $0.05, and non-GAAP EPS was $0.10. The Pet segment saw a 10% sales increase, while the Garden segment's sales remained flat. The company expects fiscal 2024 non-GAAP EPS to be $2.50 or better.
Net sales increased by 6% to $750 million.
Earnings per share (EPS) was $0.05, with non-GAAP EPS at $0.10.
Pet segment net sales increased by 10% to $483 million.
Garden segment net sales were $267 million, in line with the prior year.
Central Garden & Pet
Central Garden & Pet
Central Garden & Pet Revenue by Segment
Revenue by Segment
Garden Segment Revenue
CapyFin.comPet Segment Revenue
CapyFin.com Forward Guidance
Central anticipates fiscal year 2024 non-GAAP EPS to be $2.50 or better, with capital spending around $70 million. The outlook reflects deflationary pressure, evolving consumer behavior and unfavorable retailer inventory dynamics.
Positive Outlook
- Productivity initiatives are underway.
- Modest pricing actions planned to mitigate inflationary headwinds.
- Focus on simplifying the business and improving efficiency.
- Cost and simplicity program to improve efficiency across the organization.
- Central closed several facilities in fiscal year 2023 as part of the program.
Challenges Ahead
- Deflationary pressure in some commodity businesses.
- Evolving consumer behavior.
- Unfavorable retailer inventory dynamics.
- Macroeconomic and geopolitical uncertainty.
- Excludes impact of potential acquisitions, divestitures, or restructuring.
Revenue & Expenses
Visualization of income flow from segment revenue to net income