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Scotts Miracle-Gro Posts Sharply Wider Loss In Q4, But Results Top Estimates
(RTTNews) - Scotts Miracle-Gro Co. (SMG) reported Wednesday a net loss for the first quarter of $468.4 million or $8.33 per share, sharply wider than $220.1 million or $3.97 per share in the prior-year quarter.
Excluding items, adjusted loss for the quarter was $2.77 per share, compared to adjusted loss of $2.04 per share in the year-ago quarter.
Company-wide sales for the quarter decreased 24 percent to $374.5 million from $493.6 million in the same quarter last year.
The Street was looking for a loss of $2.89 per share on revenues of $332.30 million for the quarter.
The company also reaffirms $1 billion in free cash flow over two years through fiscal 2024.
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