Scotts Miracle-Gro reports Q2 strength
Marysville, Ohio-based Scotts Miracle-Gro reported a sales increase of 17% in the company’s second quarter. On a year-to-date basis entering May, the company said consumer purchases of its core lawn and garden products at its largest retailers in the U.S. increased by 13%.
Sales hit $1.19 billion, up 17% from $1.01 billion a year earlier.
CEO Jim Hagedorn said the strong start to the lawn-and-garden season raises the probability that the company will see full-year sales growth in excess of its original guidance of 10% to 11%.
In the second quarter, company sales were aided by the acquisition of Sunlight Supply and volume growth in consumer lawn and garden as well as hydroponic growing products. The company pointed to double-digit increases in lawn food, grass seed and growing media products. It also saw a 30% increase in consumer purchases of mulch, an a 20% increase in Roundup purchases.
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Bottom line: Net income surged to $396.4 million, up from $149.0 million in the same three months a year ago.
From the CEO: “Consumers came flying out of the gate compared with last year to get a head start on the lawn and garden season,” said Jim Hagedorn, chairman and CEO. “We’ve seen strong consumer engagement in every region, in every channel of retail and in nearly every product category in which we compete.”
Company info: See the full Scotts Miracle-Gro earnings release here.
Sales hit $1.19 billion, up 17% from $1.01 billion a year earlier.
CEO Jim Hagedorn said the strong start to the lawn-and-garden season raises the probability that the company will see full-year sales growth in excess of its original guidance of 10% to 11%.
In the second quarter, company sales were aided by the acquisition of Sunlight Supply and volume growth in consumer lawn and garden as well as hydroponic growing products. The company pointed to double-digit increases in lawn food, grass seed and growing media products. It also saw a 30% increase in consumer purchases of mulch, an a 20% increase in Roundup purchases.
# # #
Bottom line: Net income surged to $396.4 million, up from $149.0 million in the same three months a year ago.
From the CEO: “Consumers came flying out of the gate compared with last year to get a head start on the lawn and garden season,” said Jim Hagedorn, chairman and CEO. “We’ve seen strong consumer engagement in every region, in every channel of retail and in nearly every product category in which we compete.”
Company info: See the full Scotts Miracle-Gro earnings release here.