ScottsMiracle-Gro Posts Q1 Profit, Hawthorne Gardening Revenue Spikes 71% To $309M
The record quarterly results can be mainly attributed to the substantial retailer support in the U.S. Consumer and Hawthorne segments, according to Scttos Miracle-Gro chair and CEO Jim Hagedorn.
Hawthorne segment sales “surpassed our expectations,” he said, citing an increase of 71% to $309.4 million.
U.S. Consumer segment sales went up by 147% to $408.2 million.
- GAAP and non-GAAP adjusted gross margin rates were 25.5% and 26.7%, respectively, versus 14.8% and 14.9% in the same period last year
- GAAP income from continuing operations amounted to $25.2 million, or $0.43 per share, in comparison to a loss of $71.3 million, or $1.28 per share for the corresponding quarter of 2020
- Selling, general and administrative expenses rose 31% to $156.7 million.
The company, known as a marketer of branded consumer products for lawn and garden care, also projects that fiscal 2021 sales will grow 1 to 6% compared to zero to 5% in the prior year.
Hawthorne sales are expected to rise between 20% to 30% versus a previous range of 15 to 20%.
“Our strong start gives us renewed confidence in our full-year outlook although we remain sensitive to the challenges in the second half of the fiscal year against historic comparisons,” Hagedorn added.
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