Scotts Miracle-Gro Co. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Scotts Miracle-Gro Co. filed its Q2 2024 10-Q report on May 8, 2024, detailing financial performance for the period ending March 30, 2024.</b>

AI Summary

SCOTTS MIRACLE-GRO CO (SMG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. The Scotts Miracle-Gro Company filed a 10-Q report for the period ending March 30, 2024. The filing covers the fiscal second quarter of 2024. The company's fiscal year ends on September 30th. The filing includes data related to various financial and operational aspects. Key dates mentioned include the filing date of May 8, 2024, and the period of report ending March 30, 2024.

Why It Matters

For investors and stakeholders tracking SCOTTS MIRACLE-GRO CO, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for an assessment of the company's performance and financial health. Understanding the details within this report is crucial for stakeholders to make informed investment decisions regarding Scotts Miracle-Gro Co.

Risk Assessment

Risk Level: — SCOTTS MIRACLE-GRO CO shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. While it contains financial data, it does not immediately signal any significant positive or negative deviations without further analysis of the specific numbers and comparisons.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to identify trends in revenue, profitability, and debt levels.

Key Numbers

• 2024-03-30 — Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• SCOTTS MIRACLE-GRO CO (company) — Filer name
• 0000825542 (company) — Central Index Key
• OH (company) — State of incorporation
• 2024-03-30 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date

FAQ

Industry Context

The Scotts Miracle-Gro Company operates in the consumer lawn and garden products industry, focusing on branded products for gardening and lawn care.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze revenue trends by segment.
2. Examine cost of goods sold and operating expenses.
3. Review any disclosed risk factors or legal proceedings.

Key Dates

• 2024-03-30: Period of Report End — End of the fiscal second quarter for 2024.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the specified period. No prior filing data is available for comparison within this analysis.

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 stated value SMG NYSE Indicate by che

Filing Documents

• smg-20240330.htm (10-Q) — 1823KB
• exhibit21smg20240330.htm (EX-21) — 29KB
• exhibit22smg20240330.htm (EX-22) — 13KB
• exhibit311smg20240330.htm (EX-31.1) — 12KB
• exhibit312smg20240330.htm (EX-31.2) — 12KB
• exhibit32smg20240330.htm (EX-32) — 10KB
• 0001546380-24-000025.txt (&nbsp;) — 10220KB
• smg-20240330.xsd (EX-101.SCH) — 61KB
• smg-20240330_cal.xml (EX-101.CAL) — 72KB
• smg-20240330_def.xml (EX-101.DEF) — 327KB
• smg-20240330_lab.xml (EX-101.LAB) — 723KB
• smg-20240330_pre.xml (EX-101.PRE) — 542KB
• smg-20240330_htm.xml (XML) — 2105KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION: Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Operations — Three and six months ended March 30 , 202 4 and April 1 , 20 23 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and six months ended March 30 , 202 4 and April 1 , 20 23 4 Condensed Consolidated Statements of Cash Flows — Six months ended March 30 , 202 4 and April 1 , 20 23 5 Condensed Consolidated Balance Sheets — March 30 , 202 4 , A pril 1 , 202 3 and September 30, 202 3 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44 Index to Exhibits 45

Signatures

Signatures 46 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE SCOTTS MIRACLE-GRO COMPANY Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales $ 1,525.4 $ 1,531.5 $ 1,935.8 $ 2,058.1 Cost of sales 986.8 1,000.1 1,340.8 1,420.7 Cost of sales—impairment, restructuring and other 74.9 118.7 69.1 129.0 Gross margin 463.7 412.7 525.9 508.4 Operating expenses: Selling, general and administrative 178.7 186.3 293.5 314.8 Impairment, restructuring and other 2.1 21.8 ( 5.0 ) 30.2 Other (income) expense, net 10.8 ( 1.6 ) 12.6 ( 1.0 ) Income from operations 272.1 206.2 224.8 164.4 Equity in loss of unconsolidated affiliates 7.0 7.3 29.5 18.7 Interest expense 44.1 48.3 86.8 91.0 Other non-operating (income) expense, net 1.2 0.8 2.9 ( 0.8 ) Income before income taxes 219.8 149.8 105.6 55.5 Income tax expense 62.3 40.4 28.6 10.8 Net income $ 157.5 $ 109.4 $ 77.0 $ 44.7 Basic net income per common share $ 2.77 $ 1.95 $ 1.36 $ 0.80 Diluted net income per common share $ 2.74 $ 1.94 $ 1.34 $ 0.80 Weighted-average common shares outstanding during the period 56.8 56.0 56.7 55.8 Weighted-average common shares outstanding during the period plus dilutive potential common shares 57.4 56.5 57.3 56.1 See Notes to Condensed Consolidated Financial Statements. 3 Contents THE SCOTTS MIRACLE-GRO COMPANY Condensed Consolidated Statements of Comprehensive Income (Loss) (In millions) (Unaudited) Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net income $ 157.5 $ 109.4 $ 77.0 $ 44.7 Other comprehensive income (loss): Net foreign currency translation adjustment ( 2.6 ) 1.1 0.5 8.3 Net unrealized gain (loss) on derivative instruments, net of tax 6.1 ( 4.8 ) ( 2.1 ) ( 9.6 ) Reclassification of net unrealized gain on derivative instruments to net income, net of tax ( 0.9 ) ( 8.2 ) ( 2.4 ) ( 11

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