ScottsMiracle-Gro Updates Outlook for Fiscal 2020; Net Sales, Non-GAAP Adjusted Earnings Expected to Exceed Prior Guidance
MARYSVILLE, Ohio, Sept. 14, 2020 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading marketer of branded consumer lawn and garden as well as indoor and
hydroponic growing products, announced today it expects fiscal 2020 sales and non-GAAP adjusted earnings per share to exceed the revised guidance the Company provided in late July.
“The momentum of our business continues to exceed our expectations in both the U.S. Consumer and Hawthorne segments,” said Randy Coleman, executive vice president and chief financial officer. “For fiscal 2020, which ends September 30, we now expect non-GAAP adjusted earnings will be approximately $7.25 per share driven by company-wide sales growth of more than 30 percent.
“The drivers of our business over the past six months – strong consumer demand and highly engaged retailer support – are expected to carry into the first quarter of fiscal 2021 and give us a solid start to the year. We continue to expect lower expenses next year will provide tailwinds of roughly a dollar per share. We will provide more details when we provide fiscal 2021 guidance in November.”
ScottsMiracle-Gro management is participating tomorrow, September 15, in the Raymond James North American Equities Conference. Interested parties can listen to a live webcast on the Company’s investor relations website at http://investor.scotts.com.
With approximately $3.2 billion in sales, the Company is one of the world's largest marketers of branded consumer products for lawn and garden care. The Company's brands are among the most recognized in the industry. The Company's Scotts, Miracle-Gro and Ortho brands are market-leading in their categories. The Company’s wholly-owned subsidiary, The Hawthorne Gardening Company, is a leading provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment. For additional information, visit us at www.scottsmiraclegro.com.
Forward Looking Non-GAAP Measures
In this release, the Company presents its updated outlook for fiscal 2020 non-GAAP adjusted EPS. The Company does not provide a GAAP EPS outlook, which is the most directly comparable GAAP measure to non-GAAP adjusted EPS, because changes in the items that the Company excludes from GAAP EPS to calculate non-GAAP adjusted EPS, described above, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, due to their unpredictability, management does not forecast the excluded items for internal use and therefore cannot create or rely on a GAAP EPS outlook without unreasonable efforts. The timing and amount of any of the excluded items could significantly impact the Company’s GAAP EPS. As a result, the Company does not provide a reconciliation of guidance for non-GAAP adjusted EPS to GAAP EPS, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K.