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ScottsMiracle-Gro's (SMG) Financial Position Improves in Q2
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The Scotts Miracle-Gro Company (SMG - Free Report) has provided an update for the second quarter of fiscal 2023. The company announced its expectation to achieve a net leverage ratio comfortably below the credit facility covenant of 6.5 times for the fiscal second quarter.
The company anticipates its net leverage to be around 6 for the to-be-reported quarter. This is attributed to its diligent cost control measures, emphasis on enhancing efficiencies, and initiatives to engage consumers at the outset of the lawn and garden season. These efforts have led to an improvement in the company's financial position.
The company stated that despite the challenges faced by it in the last eight months, it remains committed to improving its financial and operating performance and is making significant efforts to achieve this goal.
Scotts Miracle-Gro will announce its second-quarter results and provide a detailed financial update on May 3.
SMG’s shares are down 32.9% over a year compared with a 36.7% fall recorded by its industry.
Image Source: Zacks Investment Research
The company, on its fiscal first quarter call, noted that it anticipates a low single-digit percentage decline in net sales and gross margin rate for fiscal 2023. It expects its adjusted operating income to grow by a low single-digit percentage in fiscal 2023. SMG’s net sales for its Hawthorne segment are expected to decline 20% to 30%. It also sees low single-digit percentage year-over-year growth in adjusted EBITDA for fiscal 2023.
The Scotts Miracle-Gro Company Price and Consensus
Olympic Steel’s shares have gained 31.2% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 25.6% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 33% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 14.2% in the past year. The company has an expected earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.
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ScottsMiracle-Gro's (SMG) Financial Position Improves in Q2
The Scotts Miracle-Gro Company (SMG - Free Report) has provided an update for the second quarter of fiscal 2023. The company announced its expectation to achieve a net leverage ratio comfortably below the credit facility covenant of 6.5 times for the fiscal second quarter.
The company anticipates its net leverage to be around 6 for the to-be-reported quarter. This is attributed to its diligent cost control measures, emphasis on enhancing efficiencies, and initiatives to engage consumers at the outset of the lawn and garden season. These efforts have led to an improvement in the company's financial position.
The company stated that despite the challenges faced by it in the last eight months, it remains committed to improving its financial and operating performance and is making significant efforts to achieve this goal.
Scotts Miracle-Gro will announce its second-quarter results and provide a detailed financial update on May 3.
SMG’s shares are down 32.9% over a year compared with a 36.7% fall recorded by its industry.
Image Source: Zacks Investment Research
The company, on its fiscal first quarter call, noted that it anticipates a low single-digit percentage decline in net sales and gross margin rate for fiscal 2023. It expects its adjusted operating income to grow by a low single-digit percentage in fiscal 2023. SMG’s net sales for its Hawthorne segment are expected to decline 20% to 30%. It also sees low single-digit percentage year-over-year growth in adjusted EBITDA for fiscal 2023.
The Scotts Miracle-Gro Company Price and Consensus
The Scotts Miracle-Gro Company price-consensus-chart | The Scotts Miracle-Gro Company Quote
Zacks Rank & Key Picks
Scotts Miracle-Gro currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Olympic Steel, Inc. (ZEUS - Free Report) , Steel Dynamics, Inc. (STLD - Free Report) and Linde plc (LIN - Free Report) . ZEUS and STLD sport a Zacks Rank #1(Strong Buy), while LIN carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel’s shares have gained 31.2% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 25.6% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 33% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 14.2% in the past year. The company has an expected earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.