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The Scotts Miracle-Gro Company (NYSE:SMG) announced its financial results Wednesday for the second quarter ended March 30, 2024, with sales reaching $1.53 billion, in line with sales in the same period of 2023.
The report contains the results of its subsidiary Hawthorne Gardening Company, a provider of nutrients, lighting, and other materials used in the indoor and hydroponic segment that includes cannabis cultivation.
"Through the first six months of our fiscal year, we exceeded operating plan targets and made progress on the most important financial metrics driving our business," stated Jim Hagedorn, chairman, CEO and president. "We're in a favorable position to achieve our fiscal 2024 guidance as well as meet our goals for cash flow generation, debt reduction and gross margin improvement. We're a much leaner and more cost-efficient organization with a near-term focus on precision execution. At the same time, because we've stabilized and created financial flexibility, we can shift from crisis management to operating the business the way it should be run – from a position of strength and with a growth mindset."
During the earnings call, company executives talked briefly about a potential merger with RIV Capital (OTC:CNPOF).
"While I cannot discuss the details, a deal is in the works," Hagedorn said during the earnings call. "When completed, this business combination would be a transformative moment in our long-term investment strategy in this space."
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The company reaffirmed its previously announced non-GAAP fiscal 2024 guidance. The company's primary objective remains to restore a strong balance sheet with meaningful improvements in leverage and working capital by generating $575 million of adjusted EBITDA and free cash flow of $560 million.
Scotts Miracle-Gro shares traded 0.69% higher at $68.71 per share during Thursday’s pre-market session.
Photo: Courtesy of YARphotographer via Shutterstock