Scotts Miracle-Gro (SMG) Misses On Q1 Earnings, Tops Sales
Zacks Investment Research | Jan 31, 2019 07:34AM ET
The Scotts Miracle-Gro Company (NYSE:SMG) posted net loss from continuing operations of $82.6 million or $1.49 per share in first-quarter fiscal 2019 (ended Dec 29, 2018), wider than a loss of $20 million or 35 cents in the year-ago quarter.
Barring one-time items, adjusted loss came in at $1.39 per share, which was wider than the Zacks Consensus Estimate of a loss of $1.24.
Net sales rose roughly 35% year over year to $298.1 million. The figure beat the Zacks Consensus Estimate of $294.7 million.
Company-wide gross margin rate declined to 11.6% from 15.3% in the year-ago quarter. Margins were affected by expected increase in freight costs along with mark-to-market adjustments on fuel hedges.
Per the company, results in the quarter were impacted on a year-over-year basis due to the timing of business, which is expected to be offset later in this fiscal.
The Scotts Miracle-Gro Company Price, Consensus and EPS Surprise
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