Scotts Miracle-Gro Files Q3 2024 10-Q
Ticker: SMG · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 825542
| Field | Detail |
|---|---|
| Company | Scotts Miracle-Gro CO (SMG) |
| Form Type | 10-Q |
| Filed Date | Aug 7, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, earnings
TL;DR
Scotts Miracle-Gro dropped its Q3 10-Q. Check financials for lawn and garden giant.
AI Summary
The Scotts Miracle-Gro Company filed its 10-Q for the period ending June 29, 2024. The company reported financial results for the third quarter of its fiscal year. Key financial metrics and operational details for this period are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance data for Scotts Miracle-Gro, crucial for understanding the company's current health and future prospects in the consumer lawn and garden sector.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks related to market conditions, competition, or operational challenges.
Key Players & Entities
- SCOTTS MIRACLE-GRO CO (company) — Filer
- 0000825542 (company) — Central Index Key
- 20240629 (date) — Period of Report
- 20240807 (date) — Filed as of Date
- OH (location) — State of Incorporation
- 9376440011 (phone_number) — Business Phone
FAQ
What was the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing was June 29, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key is 0000825542.
What is the company's fiscal year end?
The company's fiscal year ends on September 30.
What is the company's state of incorporation?
The company's state of incorporation is OH (Ohio).
What is the filing date of this 10-Q?
This 10-Q was filed as of August 7, 2024.
Filing Stats: 4,620 words · 18 min read · ~15 pages · Grade level 8.5 · Accepted 2024-08-07 16:05:21
Key Financial Figures
- $0.01 — nge on which registered Common Shares, $0.01 stated value SMG NYSE Indicate by che
Filing Documents
- smg-20240629.htm (10-Q) — 1825KB
- exhibit10smg20240629.htm (EX-10) — 1412KB
- exhibit21smg20240629.htm (EX-21) — 29KB
- exhibit22smg20240629.htm (EX-22) — 13KB
- exhibit311smg20240629.htm (EX-31.1) — 12KB
- exhibit312smg20240629.htm (EX-31.2) — 12KB
- exhibit32smg20240629.htm (EX-32) — 10KB
- 0001546380-24-000035.txt ( ) — 11658KB
- smg-20240629.xsd (EX-101.SCH) — 60KB
- smg-20240629_cal.xml (EX-101.CAL) — 72KB
- smg-20240629_def.xml (EX-101.DEF) — 307KB
- smg-20240629_lab.xml (EX-101.LAB) — 621KB
- smg-20240629_pre.xml (EX-101.PRE) — 476KB
- smg-20240629_htm.xml (XML) — 2130KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION: Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Statements of Operations — Three and nine months ended June 29, 2024 and July 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and nine months ended June 29, 2024 and July 1, 2023 4 Condensed Consolidated Statements of Cash Flows — Nine months ended June 29 , 2024 and July 1, 2023 5 Condensed Consolidated Balance Sheets — June 29 , 2024, July 1, 2023 and September 30, 2023 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 28 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 44
OTHER INFORMATION
PART II. OTHER INFORMATION: Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 46 Index to Exhibits 47
Signatures
Signatures 48 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 Nine Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 1,202.2 $ 1,118.7 $ 3,138.0 $ 3,176.8 Cost of sales 850.6 880.1 2,191.4 2,300.7 Cost of sales—impairment, restructuring and other ( 2.5 ) 32.7 66.6 161.8 Gross margin 354.1 205.9 880.0 714.3 Operating expenses: Selling, general and administrative 147.9 128.5 441.4 443.3 Impairment, restructuring and other ( 0.8 ) 1.7 ( 5.9 ) 32.0 Other (income) expense, net 6.9 ( 1.6 ) 19.6 ( 2.7 ) Income from operations 200.1 77.3 424.9 241.7 Equity in (income) loss of unconsolidated affiliates ( 23.0 ) ( 22.2 ) 6.5 ( 3.5 ) Interest expense 38.8 47.1 125.6 138.1 Other non-operating (income) expense, net 1.3 0.4 4.2 ( 0.2 ) Income before income taxes 183.0 52.0 288.6 107.3 Income tax expense 50.9 8.3 79.5 19.0 Net income $ 132.1 $ 43.7 $ 209.1 $ 88.3 Basic net income per common share $ 2.33 $ 0.78 $ 3.69 $ 1.58 Diluted net income per common share $ 2.28 $ 0.77 $ 3.64 $ 1.57 Weighted-average common shares outstanding during the period 56.8 56.2 56.7 55.9 Weighted-average common shares outstanding during the period plus dilutive potential common shares 58.0 56.6 57.5 56.3 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 Nine Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net income $ 132.1 $ 43.7 $ 209.1 $ 88.3 Other comprehensive income (loss): Net foreign currency translation adjustment ( 1.3 ) 2.7 ( 0.8 ) 10.9 Net unrealized gain (loss) on derivative instruments, net of tax 1.2 7.2 ( 0.9 ) ( 2.4 ) Reclassification of net unrealized gain on derivative instruments to net income, net of tax ( 3.8 ) (