Benzinga | Mar 1, 2021 11:28AM EST

ScottsMiracle-Gro Sees Positive Growth In U.S. Consumer Segment; Says Sees Earnings Exceeding Current Guidance Of $8-$8.40/Share

MARYSVILLE, Ohio, March 01, 2021 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG), one of the world's 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 year's 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.