GlobeNewswire Inc | Mar 1, 2021 11:09AM EST

March 01, 2021

MARYSVILLE, Ohio, March 01, 2021 (GLOBE NEWSWIRE) -- TheScotts Miracle-Gro Company(NYSE: SMG), one of the worlds leading marketers of branded consumer lawn and garden as well as hydroponic and indoor growing products, announced this morning it now expects to report positive growth in its U.S. Consumer segment, an increase from its previous sales guidance of flat to minus 5 percent on the fiscal year.

Having just finished fiscal February this past Saturday, we now have enough visibility to say that we expect positive sales growth in the U.S. Consumer business on a year-over-year basis, Senior Vice President and interim CFO Cory Miller said during the 42nd Annual Raymond James Institutional Investors Conference. Shipments remain well ahead of last years base as retailers prepare for the peak of the lawn and garden season. And consumer purchases of our products at our largest retailers are up 25 percent year-to-date entering March.

The expected growth in the U.S. Consumer segment also means the Company anticipates it will exceed its current earnings guidance of $8.00 to $8.40 per share on an adjusted basis. The Company said it expects to provide specific updated ranges for both sales and earnings per share later in the spring.

About ScottsMiracle-GroWith approximately$4.1 billionin sales, the Company is one of the worlds largest marketers of branded consumer products for lawn and garden care. The Companys brands are among the most recognized in the industry. The Companys Scotts, Miracle-Gro and Ortho brands are market leading in their categories. The Companys wholly-owned subsidiary,The Hawthorne Gardening Company, is a leading provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment. For additional information, visit us atwww.scottsmiraclegro.com.

Cautionary Note Regarding Forward-Looking StatementsStatements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Companys management, and the Companys assumptions regarding such performance and plans are forward-looking statements within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as guidance, outlook, projected, believe, target, predict, estimate, forecast, strategy, may, goal, expect, anticipate, intend, plan, foresee, likely, will, should or other similar words or phrases. Actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to:

-- The effects of the ongoing COVID-19 pandemic could have a material adverse effect on the Companys business, results of operation, financial condition and/or cash flows; -- Compliance with environmental and other public health regulations or changes in such regulations or regulatory enforcement priorities could increase the Companys costs of doing business or limit the Companys ability to market all of its products; -- Damage to the Companys reputation or the reputation of its products or products it markets on behalf of third parties could have an adverse effect on its business; -- If the Company underestimates or overestimates demand for its products and does not maintain appropriate inventory levels, its net sales and/or working capital could be negatively impacted; -- If the Company is unable to effectively execute its e-commerce business, its reputation and operating results may be harmed; -- Because of the concentration of the Companys sales to a small number of retail customers, the loss of one or more of, or significant reduction in orders from, its top customers could adversely affect the Companys financial results; -- Climate change and unfavorable weather conditions could adversely impact financial results; -- Certain of the Companys products may be purchased for use in new or emerging industries or segments and/or be subject to varying, inconsistent, and rapidly changing laws, regulations, administrative practices, enforcement approaches, judicial interpretations and consumer perceptions; -- The Companys operations may be impaired if its information technology systems fail to perform adequately or if it is the subject of a data breach or cyber-attack; -- The Company may not be able to adequately protect its intellectual property and other proprietary rights that are material to the Companys business; -- In the event the Third Restated Marketing Agreement for consumer Roundup products terminates, or Monsantos consumer Roundup business materially declines the Company would lose a substantial source of future earnings and overhead expense absorption; -- Hagedorn Partnership, L.P.beneficially owns approximately 25% of the Companys common shares and can significantly influence decisions that require the approval of shareholders; -- Acquisitions, other strategic alliances and investments could result in operating difficulties, dilution and other harmful consequences that may adversely impact the Companys business and results of operations.

Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the Companys publicly filed quarterly, annual and other reports. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

Contact: Jim KingExecutive Vice PresidentInvestor Relations & Corporate Affairs (937) 578-5622