The Scotts Miracle-Gro Company SMG announced that it anticipates achieving a net leverage ratio comfortably below the credit facility covenant of 6.5 times for its fiscal 2023 second quarter.
The company expects final Q2 net leverage in the range of 6.0, reflecting the disciplined approach to cost control, focus on improved efficiencies and initiatives to engage consumers early in the lawn and garden season are contributing to improvements in its overall financial position. The company will announce full second-quarter results on Wednesday, May 3, 2023, when it will hold its quarterly earnings call.
“I’m proud of what we’ve accomplished this fiscal year and the positive direction we are heading,” stated Jim Hagedorn, chairman and CEO. “While the past eight months have been challenging, a tremendous amount of work continues to be undertaken to improve the financial and operating performance of ScottsMiracle-Gro.
“Many people have played a role, starting with our associates and extending to our board of directors, banks and retail partners. I want to express my gratitude for all those involved and especially for the support of our shareholders. I look forward to providing a detailed financial update on May 3.”
In addition, the company announced that Nate Baxter, an executive leader with extensive management experience, will join the company on April 28, 2023, as executive vice president, technology & operations, reporting to president and COO Mike Lukemire. Baxter will oversee research and development, information technology, regulatory, quality and environmental health and safety.
“Nate brings a wealth of experience that goes far beyond his track record in the technology sector,” Hagedorn stated. “He will provide important perspectives in areas ranging from strategy and operations to product development. As a member of the Hagedorn Partnership, he knows our Company and industry well. His addition - along with the December appointment of CFO Matt Garth - reflects how we are strengthening the team with next-generation leaders capable of making an immediate impact.”
Photo by Richard T on Unsplash
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