ScottsMiracle-Gro Announces Record Full Year Results, Outlines 2022 Guidance, Announces Share Repurchases Of $300M

On Wednesday Scotts Miracle-Gro (NYSE: SMG) released record full-year financial results driven by a company-wide sales increase of 19% to $4.93 billion, compared with $4.13 billion a year earlier and continued growth in all major operating segments.

Based in Marysville, Ohio, the company also revealed that company-wide sales in the fourth quarter of fiscal declined by 17% to $737.8 million.

Moreover, U.S. consumer segment sales rose by 11% in fiscal 2021, despite a fourth-quarter decline of 28% to $369.4 million.

"The continued engagement by throughout the lawn and garden season drove full-year U.S. Consumer sales 11 percent higher on a full-year basis on top of last year's 25 percent growth," stated Jim Hagedorn, Miracle-Gro's chairman and CEO, on the financial results.

Q4 Financial Highlights

  • Sales for the Hawthorne segment declined 2% to $329.1 million due to declines in the European and Canadian businesses.
  • The GAAP and non-GAAP adjusted gross margin rate was 17.1% and 17.4%, respectively, compared with 24.3% in the prior year.
  • Selling, general and administrative expenses were $161.2 million, a 21% decrease from 2020.
  • Interest expense increased nearly $5 million on a year-over-year basis to $21.6 million.
  • The leverage …

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