· Q1 sales increased 14% to $245.7 million driven by volume growth and acquisitions
· Consumer purchases increase 14% in Q1 driven by strong fall lawn care
· 580 bps adjusted gross margin rate improvement due to product mix, lower commodities
· Adjusted Q1 seasonal loss of $1.13 per share flat versus year-ago results
· Bonnie transaction immediately EPS accretive, provides meaningful long-term potential
· Scotts LawnService joint venture with TruGreen on track to close in Q2
· Company reaffirms full-year guidance for sales and adjusted EPS
MARYSVILLE, Ohio (GLOBE NEWSWIRE) — The Scotts Miracle-Gro Company (SMG) announced strong first quarter results and a minority investment in Bonnie Plants, Inc. on Feb. 2.
"We couldn't be more pleased with the start to the fiscal year and the partnership we are announcing today with Bonnie," said Jim Hagedorn, chairman and chief executive officer. "Consumer purchases of our products were strong throughout the fall season and our retail partners were highly engaged. The level of engagement weve been seeing in the marketplace gives us a high level of confidence as we prepare for the upcoming season.
"We also continue to make outstanding progress implementing our strategic plan. When we announced the details of Project Focus in December we said the growth of our core business in the U.S. would be the centerpiece of our efforts. Directly participating in the live goods category is an essential element of this effort. We want the consumer to see ScottsMiracle-Gro as a true gardening company, not just a gardening products company. The partnership we are announcing today with Bonnie will be critical to meeting this goal."