• Q2 GAAP EPS of $2.73 versus $3.64; Non-GAAP Adjusted EPS $2.78 versus $3.00
  • Q2 Sales of $1.20 billion compared with $1.24 billion as weather impacts March results
  • Consumer purchases at major U.S. retailers nearly flat YTD entering May
  • Comparative sales of hydroponic products increase 22% in Q2; up 13% year-to-date
  • Pending sale of International business in approximately $250 million deal

MARYSVILLE, Ohio, May 02, 2017 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG), the world's leading marketer of branded consumer lawn and garden products, today announced fiscal second quarter results as well as the pending sale of its European and Australian businesses, a major step in its continued execution of 'Project Focus.'

For the second quarter ended April 1, 2017, company-wide sales declined 3 percent to $1.20 billion due primarily to challenging comparisons versus favorable early spring weather in 2016, when the Company reported record results at the start to the lawn and garden season. Those same challenging comparisons, which the Company anticipated in its planning for the year, resulted in GAAP earnings per share of $2.73 versus $3.64 and Non-GAAP adjusted earnings per share of $2.78 versus $3.00 a year ago.

"We've had strong momentum over the past several weeks and consumer purchases entering May - historically the peak of the lawn and garden season - are down less than one percent from last year," said Jim Hagedorn, chairman and chief executive officer.  "We expected a difficult comparison through the first half of the year and we are confident in how we are positioned for the balance of the season. We also remain pleased with the continued double-digit growth so far this year in our hydroponics products sold by the Hawthorne Gardening business."

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