Scotts Miracle-Gro (SMG) Q4 Earnings And Sales Lag Estimates
Zacks Investment Research | Nov 08, 2018 10:32PM ET
The Scotts Miracle-Gro Company (NYSE:SMG) recorded net loss from continuing operations of $130.6 million or $2.36 per share in fourth-quarter fiscal 2018 (ended Sep 30, 2018), wider than a loss of $42.3 million or 72 cents in the year-ago quarter.
Barring one-time items, adjusted loss came in at 75 cents per share in the quarter, which was wider than the Zacks Consensus Estimate of a loss of 67 cents.
Sales rose roughly 15% year over year to $433.9 million. However, the figure trailed the Zacks Consensus Estimate of $442.6 million.
Company-wide adjusted gross margin rate declined to 19.2% from 23.4% a year ago. The company recorded a non-cash impairment of $94.6 million associated with goodwill in the Hawthorne segment. Moreover, it recorded a charge of $20 million in discontinued operations for a litigation matter related to wild bird food business, which was previously divested.
FY18 Results
Adjusted net income for the fiscal 2018 fell roughly 11% year over year to $211.6 million or $3.71 per share, while net sales rose roughly 1% to $2,663.4 million.
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