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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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