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Apr 01, 2023
Scotts Q2 2023 Earnings Report
ScottsMiracle-Gro reported fiscal 2023 second quarter results, with U.S. Consumer first half sales in line with the record prior two years and GAAP EPS of $1.94.
Key Takeaways
ScottsMiracle-Gro reported a decrease in company-wide sales by 9 percent to $1.53 billion. U.S. Consumer segment sales decreased 2 percent to $1.36 billion. The company reported GAAP income of $1.94 per diluted share and non-GAAP adjusted earnings of $3.78 per diluted share.
U.S. Consumer net sales decreased 2 percent versus record high sales in the same period last year.
Hawthorne segment sales decreased 54 percent.
Company-wide sales decreased 9 percent to $1.53 billion.
The Company reported GAAP income of $1.94 per diluted share for the quarter and non-GAAP adjusted earnings was $3.78 per diluted share.
Scotts
Scotts
Scotts Revenue by Segment
Revenue by Segment
U.S. Consumer Segment Revenue
CapyFin.comHawthorne Segment Revenue
CapyFin.comOther Segment Revenue
CapyFin.com Forward Guidance
The Company’s current outlook for fiscal 2023 as compared to fiscal 2022 includes a near 100 basis points decline in gross margin rate, a mid single-digits percentage decline in adjusted operating income, a low single-digits percentage decline in adjusted EBITDA, an interest expense increase of approximately $60 million, an effective tax rate of 27 to 28 percent and free cash flow of $1 billion over the next two years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income