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ScottsMiracle-Gro Posts Q1 Profit, Hawthorne Gardening Revenue Spikes 71% To $309M

February 3, 2021 11:35 am
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ScottsMiracle-Gro Posts Q1 Profit, Hawthorne Gardening Revenue Spikes 71% To $309M

The Scotts Miracle-Gro Company (NYSE:SMG) reported Wednesday a 105% sales spike, reaching $748.6 million in the first three months of this fiscal year.

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.

First-Quarter Breakdown:

  • 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.