The Scotts Miracle-Gro Co. Earnings: Here’s Why Shares Are Growing Now
The Scotts Miracle-Gro Co. (NYSE:SMG) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.5%.
The Scotts Miracle-Gro Co. Earnings Cheat Sheet
Results: Net loss decreased -7.58% to $68.3 million ($1.12 per diluted share) in the quarter versus a net loss of $73.9 million in the year-earlier quarter.
Revenue: Decreased 2.56% to $205.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Scotts Miracle-Gro Co. reported adjusted net loss of $1.12 per share. By that measure, the company missed the mean analyst estimate of $0. It beat the average revenue estimate of $199.65 million.
Quoting Management: “Our immediate focus is to leverage our cost structure with an eye toward margin improvement, reduced SG&A and improved cash flow,” said CEO, James Hagedorn. “And we are taking a balanced approach in how we invest for long-term growth. I am confident in the plan we have put in place and believe our shareholders will begin to see significant improvement starting in the second half of the year.”
Key Stats (on next page)…