ScottsMiracle-Gro Announces Record Fiscal Year Earnings Per Share; Strong 2017 Outlook Driven By Continued Progress Against 'Project Focus'

  • Company-wide sales increase 7 percent in fourth quarter
  • Q4 consumer purchases increase 10 percent; full-year purchases up 2%
  • Company-wide full year gross margin improves 180 basis points
  • GAAP EPS from continuing operations: $4.09; Pro forma adjusted EPS: $3.75
  • 2017 Guidance: Adjusted EPS of $4.10 to $4.30 on sales growth of 6 to 7%

MARYSVILLE, Ohio, Nov. 03, 2016 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG), the world's leading marketer of branded consumer lawn and garden products, today announced fiscal 2016 financial results highlighted by record full-year earnings per share driven by ongoing consumer demand for core products, margin improvement and double-digit growth in hydroponics.

For the year ended September 30, 2016, company-wide reported net sales increased 4 percent to $2.84 billion. Acquisitions and strong consumer demand for core lawn and garden products helped drive a 7 percent increase in fourth quarter sales versus the same period a year ago.

GAAP income from continuing operations for the full year was $4.09 per share compared with $2.23 per share in the prior year. Pro forma adjusted earnings, which exclude impairment, restructuring and other one-time charges, were $3.75 per share compared with $3.53 per share a year ago. The 2016 results include dilution of $0.22 per share from the company's minority equity investment in its joint venture with TruGreen.

"This was an outstanding season and a giant step forward in the execution of our long-term strategic plan," said Jim Hagedorn, chairman and chief executive officer. "Not only did our core business have an exceptional recovery after weather-related challenges at the peak of the season, we also completed the joint venture between Scotts LawnService and TruGreen, closed on two major hydroponics acquisitions and created a new partnership with Bonnie Plants. As we enter Year 2 of 'Project Focus,' we will continue with the reconfiguration of our portfolio to add emphasis on our core U.S. consumer business and emerging high-growth opportunities under the Hawthorne Gardening Company umbrella.

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