Scotts Miracle-Gro Archives - Green Market Report

Debra BorchardtAugust 10, 2021
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Cannabis investment firm RIV Capital Inc.  (TSX: RIV) (OTC: CNPOF) has signed a deal with The Hawthorne Collective, a newly-formed cannabis-focused subsidiary of The Scotts Miracle-Gro Company (NYSE: SMG) for the purchase of a $150 million unsecured convertible note from RIV Capital. the investment is expected to close near August 24.

The Investment establishes RIV Capital as The Hawthorne Collective’s preferred vehicle for investments not currently under the purview of The Hawthorne Gardening Company. RIV Capital said its strategy remains the same as its previously disclosed plans to acquire, invest in, launch, and/or develop U.S. assets to build multistate cannabis operating and brand platform.

“As we approach the launch of our U.S. platform, we are excited to announce the strategic investment from The Hawthorne Collective, a subsidiary of one of the largest and most successful companies serving both the CPG and cannabis sectors,” said Narbé Alexandrian, President and CEO, RIV Capital. “The Investment opens opportunities for considerable value creation and growth for RIV Capital, including potential access to additional capital that will accelerate our platform’s growth. With ScottsMiracle-Gro’s strong track record, reputation, and brand awareness, we can build upon lessons learned in both the Canadian and U.S. cannabis markets, and leverage their insights to optimize our acquisition and investment strategy.”

Canopy Rivers History

Six months ago, RIV Capital’s wholly-owned subsidiary, RIV Capital Corporation (formerly Canopy Rivers Corporation) transferred its interests in TerrAscend Corp., TerrAscend Canada Inc., Les Serres Vert Cannabis Inc., and The Tweed Tree Lot Inc. to Canopy Growth in exchange for approximately $115 million in cash, 3,647,902 common shares of Canopy Growth (having a value of approximately $170.3 million as at the close of trading on the Toronto Stock Exchange on February 22, 2021), and the cancellation of all 36,468,318 Multiple Voting Shares and 15,223,938 Subordinate Voting Shares of RIV Capital held by Canopy Growth. The plan was a strategy to pave the way for investments into U.S. cannabis companies.

At the time, Alexandrian said, “With a revitalized balance sheet and our new strategy in place, we have been actively sourcing opportunities in the world’s largest and most exciting cannabis market, and continue to believe that this next chapter will create significant value for our shareholders in the quarters to come.”

On closing of the Investment, RIV Capital will also expand its Board of Directors to seven seats and add three ScottsMiracle-Gro nominees alongside the existing RIV Capital directors. The new board members include Chris Hagedorn, Executive Vice President, ScottsMiracle-Gro, and Division President, The Hawthorne Gardening Company. Mark Sims, Senior Vice President, Strategy and M&A, ScottsMiracle-Gro. Gary Vaynerchuk, Chairman of VaynerX, and CEO, VaynerMedia. Mr. Vaynerchuk is an established and successful entrepreneur. In his current roles, he assists Fortune 1000 brands to leverage emerging platforms to attain and retain consumer attention.

“The addition of The Hawthorne Collective into our portfolio allows us to explore and pursue new opportunities in an industry that is poised for significant growth in the years ahead,” said Jim Hagedorn, Chairman and CEO, ScottsMiracle-Gro. “We are confident in our partners at RIV Capital and that our long-term approach ultimately will drive meaningful value for our shareholders.”

With over six years of experience as a key ancillary provider in the U.S. cannabis industry via its subsidiary, The Hawthorne Gardening Company, North America’s leader in indoor and hydroponic growing supplies, ScottsMiracle-Gro has significant knowledge and expertise in the U.S. cannabis sector. Since its inception, The Hawthorne Gardening Company has grown into one of the largest cannabis-focused companies in the world on a revenue basis, and has cultivated relationships with operators, brands, and ancillary providers. Now, through the Investment, the newly-formed The Hawthorne Collective is injecting significant capital into the company, to be used for general corporate and lawful purposes, that will unlock potential access to capital which will accelerate the launch and expansion of its U.S. cannabis operating and brand platform.

“While the Investment adds further capital to our balance sheet, our strategy remains the same,” added Alexandrian. “We have an extensive deal pipeline with some near-term prospects, and we will continue to focus our efforts on those prospects that we believe will contribute to building a leading multistate operator and brand platform in the U.S. market.”

 


Debra BorchardtAugust 4, 2021
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The Scotts Miracle-Gro Company (NYSE: SMG) announced company-wide third-quarter sales growth of 8% driven by a 48% increase in the Hawthorne segment. However, a shorter quarterly calendar for Scotts and a decline in consumer segment sales affected the company negatively. Overall, sales increased to $1.61 billion beating the Yahoo Finance average analyst estimate for revenues of $.46 billion.

GAAP income from continuing operations was $229.8 million, or $4.00 per diluted share versus $204.3 million, or $3.57 per diluted share, in the prior year. This also beat the average analyst estimate for earnings of $3.39. Non-GAAP adjusted earnings, which exclude impairment, restructuring, and other non-recurring items, were $228.6 million, or $3.98 per diluted share, compared with $216.8 million, or $3.80 per diluted share.

Hawthorne Growing

On a positive note, Hawthorne segment sales increased 48% to $421.9 million versus last year’s $285.7 million. Segment income improved 37% for Hawthorne to $51.9 million Scotts also announced a further strengthening of the Hawthorne Gardening company portfolio with the acquisition of HydroLogic Purification Systems, a leading provider of products, accessories, and systems for water filtration and purification. HydroLogic will add approximately $20 million in annualized sales and the deal is valued at $65 million.

“Hawthorne saw growth in every product category and every major geographic market,” said Jim Hagedorn, chairman, and chief executive officer. “We continue to enjoy tremendous success, especially with our signature brands, as growers see the benefit of our innovation and full-service approach. North America lighting continues to be a strong driver of growth with sales up 77 percent in the quarter. Nutrient sales increased 54 percent, and growing media improved 33 percent. More importantly, our brands – Gavita, General Hydroponics, Mother Earth, and Botanicare – significantly outperformed our distributed brands in each of their respective categories.

Consumer Declines

In not such good news, the U.S. Consumer segment sales declined 4% to $1.05 billion from $1.09 billion. Segment income decreased 16% for U.S. Consumer to $264.4 million. Due to the company’s fiscal calendar, the third quarter of 2021 began six days later than the third quarter of fiscal 2020, and those six days fell during the peak lawn and garden selling season. The impact of the shift was a decline in sales for the quarter of approximately $115 million on a company-wide basis.

Hagedorn added, “In the U.S. Consumer business, consumer purchases of our products, as measured in dollars, declined 1 percent in the quarter but remain up 4 percent on a year-to-date basis. As measured in units, which aligns more closely with our sales and is a more accurate reflection this year of consumer engagement, POS was up 5 percent in the quarter and is up 8 percent year-to-date. Our results in the third quarter continue to speak to the strength of our brands and the execution of our strategy,” said Hagedorn. “Despite difficult year-over-year comparisons, we saw record Q3 sales at Hawthorne with growth in all categories. Our U.S. Consumer business continued to excel despite a modest decline in sales compared with last year’s record levels.

Outlook

Scotts reaffirmed its full-year guidance for its U.S. Consumer and Hawthorne segments as well as its outlook for adjusted earnings per share. The company continues to forecast a 17% to 19% sales growth with the U.S. Consumer segment expected to grow 7% to 9% in fiscal 2021. Hawthorne sales are expected to increase 40% to 45%. Guidance for non-GAAP adjusted earnings per share was also reaffirmed in a range of $9.00 to $9.30. The gross margin rate is now expected to decline 250 to 275 basis points, with SG&A expected to be flat to slightly down on a full-year basis.

“The continued pressure from commodity prices is likely to result in a lower gross margin rate than we expected when we last updated our guidance in June,” said Cory Miller, senior vice president, and interim chief financial officer. “However, we’re finding offsets to that pressure that are allowing us to maintain our earnings guidance on a full-year basis.”

Acquisition of HydroLogic

HydroLogic Purification Systems is based in Santa Cruz, Calif.. Scotts said that it is a leading provider of products, accessories and systems for water filtration and purification in the cannabis industry. The company said in a statement that HydroLogic will expand the Hawthorne signature brand portfolio with water filtration and purification products. “Commercial growers comprise approximately half of HydroLogic sales and typically require custom builds for their water purification and filtration needs.”

“This is a small but strategic acquisition that strengthens our portfolio of signature brands and our relationship with commercial growers,” Hagedorn said. “We continue to pursue an active pipeline of M&A opportunities for both Hawthorne and our U.S. Consumer business and are optimistic we’ll have other transactions to announce in the months ahead.”

 


Debra BorchardtMay 5, 2021
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The Scotts Miracle-Gro Company (NYSE: SMG)  announced company-wide sales increased 32% in its fiscal second quarter to $1.83 billion versus $1.38 billion a year earlier. This beat the analyst estimates on Yahoo Finance which were $1.73 billion. Sales for the hydroponic segment known as Hawthorne increased 66% to $363.8 million. Scotts said that due to its fiscal calendar, the second quarter of 2021 ended six days later than the second quarter of fiscal 2020. The shift had a sales impact of approximately $122.5 million within the lawn and garden business, impacting the U.S. Consumer and Other segments.

The company beat analyst estimates which were $5.42 according to Yahoo Finance by delivering GAAP earnings from continuing operations of $5.44 per share. This also was much higher than last year’s $4.43 per share. Non-GAAP adjusted earnings, which exclude impairment, restructuring, and other non-recurring items, and are the basis of the company’s financial guidance, were $5.64 per share compared with $4.50 a year ago.

“The record level of consumer demand we have seen for our lawn and garden products is greater than we expected and may provide upside to the updated guidance we provided for our U.S. Consumer business in early April,” said Jim Hagedorn, chairman and chief executive officer. “Consumers told us entering the season that they intended to stay engaged with lawn and garden and, so far, that is exactly what they are doing. Retailer support for the category remains strong as we enter a period of challenging year-over-year comparisons.

“We also continue to exceed expectations at Hawthorne as we reported our fifth consecutive quarter of sales growth in excess of 60 percent and another month of strong results in April. Given the current momentum of this business, we feel comfortable once again increasing our sales guidance for Hawthorne to a range of 30 to 40 percent growth on a fiscal year basis.”

Commodity Costs Rising

“The margin pressure we are experiencing from higher commodity and distribution costs is expected again in the third quarter and should begin to moderate with year-over-year pricing that takes effect in the fourth quarter,” said Cory Miller, senior vice president and interim chief financial officer. “Given cost pressures and other investments necessary to keep pace with recent growth trends, we have communicated to our retail partners our intention to increase prices of our consumer lawn and garden products by mid-to-high-single digits effective in August. A similar price increase was implemented at Hawthorne in recent weeks.”

Outlook

Scotts said it now expects Hawthorne sales to increase 30% to 40% for fiscal 2021. While it reaffirmed its sales outlook for the U.S. Consumer segment of 4% to 6% growth, the company said sales growth in the segment continues to trend above that level and believes upside to be possible on a full-year basis. The gross margin rate is now expected to decline 175 to 225 basis points with the added downward pressure due to higher commodity and distribution costs. Scotts said it expected to provide an update on its full-year expectations in early June.

“We continue to see tremendous momentum in all aspects of the business, and we are extremely optimistic in our ability to drive another year of record results,” Hagedorn said. “Obviously, consumer activity in May is extremely important, and it is historically one of the most critical months of the lawn and garden season. That said, we are encouraged by the level of consumer participation we have been seeing so far this season and are optimistic that consumers will remain engaged throughout the season.”


Debra BorchardtFebruary 3, 2021
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The Scotts Miracle-Gro Company (NYSE: SMG) reported that company-wide sales increased 105% to a record $748.6 million in its fiscal first-quarter primarily driven by strong retailer support in the U.S. Consumer segment as well as continued momentum in Hawthorne, the company’s hydroponic subsidiary.

For the quarter ending January 2, 2021, Scotts reported that income from continuing operations was $0.43 per diluted share, compared with a loss of $1.28 per share in fiscal 2020. Non-GAAP adjusted earnings – which is the basis of the Company’s guidance – was $0.39 per diluted share in the quarter compared with a loss of $1.12 per share last year. Due to the seasonal nature of the lawn and garden category, ScottsMiracle-Gro has historically reported a loss during its first quarter. The results in 2021 mark the first time Scotts has ever reported a first-quarter profit.

“While we anticipated a strong start to fiscal 2021, both the U.S. Consumer and Hawthorne segments surpassed our expectations and put us on a good trajectory for the balance of the year,” said Jim Hagedorn, chairman, and chief executive officer. “And Hawthorne continues to demonstrate its best-in-class performance within its industry, working with retailers and growers to help drive their success. Our strong start gives us renewed confidence in our full-year outlook although we remain sensitive to the challenges in the second half of the fiscal year against historic comparisons. We now believe we have enough visibility, however, to raise our full-year sales growth outlook for Hawthorne to a range of 20 to 30%, compared with our previous outlook of 15 to 20%. Despite the historically strong start in U.S. Consumer, it remains too early in the season to adjust our outlook for that business.”

Revenue

Sales rose 105% to $748.6 million from $365.8 million, helped in part by the company’s fiscal calendar, where the first quarter of 2021 had five more days than the first quarter of fiscal 2020. The difference had a sales impact of approximately $43 million. The real shining star though is the indoor growing company Hawthorne whose sales increased 71% to $309.4 million driven by strong demand in all categories of indoor growing equipment and supplies. U.S. Consumer segment sales increased 147 percent to $408.2 million. Consumer purchases of the Company’s products at its largest retail partners increased 40 percent in the quarter. A significant portion of the sales increase for U.S. Consumer is attributable to the replenishing of retail inventory.

Selling, general and administrative expenses (SG&A) increased 31% to $156.7 million. The company attributed the increase to higher marketing expenses in the U.S. Consumer segment. “Our investment in marketing continues to be a focus area as we strengthen our relationship with gardeners,” Hagedorn said. “Our year-round commitment to driving the conversation with consumers will include our first commercial specially produced for the Super Bowl, which is scheduled to appear in the second quarter of this Sunday’s game.

Outlook

Scotts said it now expects fiscal 2021 sales growth of 1 to 6% compared to 0 to 5% previously. Hawthorne sales guidance was increased to a range of 20 to 30% from a previous range of 15 to 20%. Guidance for U.S. Consumer sales of 0 to minus 5% was reaffirmed. Guidance for non-GAAP adjusted EPS of $8.00 to $8.40 was reaffirmed as the company noted that it now expects SG&A to decline 3 to 8% from 2020 spending levels, compared to a previous estimate of a 6 to 11% year-over-year decline. The adjusted gross margin rate is now expected to decline 125 to 175 basis points year-over-year due to higher commodity costs and segment mix more heavily skewed to the lower margin Hawthorne business than previously contemplated. The revised gross margin rate guidance compares to a previously expected decline of 50 basis points.

 


Video StaffJuly 31, 2020

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 Scotts Miracle-Gro Company reported fiscal third-quarter sales increased 28% to $1.49 billion, beating analyst estimates for $1.3 billion. Hydroponic subsidiary Hawthorne sales increased 72% to $302 million versus $176 million for the same time period a year ago. Scotts to increase its guidance for full-year sales, adjusted earnings, and free cash flow

Aphria Inc. reported net revenue of $152.2 million in the fourth quarter, an increase of 18% from the prior-year quarter. This number also beat the analyst estimate of $149 million. However, the stock was getting beaten up after the company also reported a $98.8 million net loss for the fourth quarter, which was much worse than last year’s net income of $15.7 million. The losses were attributed to the COVID-19 pandemic.”

PotNetwork Holdings, Inc. (OTC PINK:POTN)  filed its 2019 Annual Report and reported that its revenues fell 41% to $15 million versus $25.5 million in 2018. The company attributed the drop in revenue to “distribution contraction as a result of the FDA Warning Letter, along with the paring and streamlining of the product lines in mid-2019.”

MYM Nutraceuticals Inc. is buying Biome Grow Inc. for roughly C$12 million. Biome is a Canadian-based company with national and international business interests in the cannabis industry. Its wholly-owned subsidiary Highland Grow Inc. is licensed to cultivate, process, and sell cannabis.

As announced in early June, Clever Leaves International is continuing to make its way onto the NASDAQ through the Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA). The deal is expected to close in the fourth quarter and will be known as Clever Leaves Holding Corp. 


Debra BorchardtJuly 29, 2020
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The Scotts Miracle-Gro Company (NYSE: SMG) reported fiscal third-quarter sales increased 28% to $1.49 billion, beating analyst estimate for $1.3 billion (Yahoo Finance). The stock was popping over 12% on the revenue and earnings beat.

Hawthorne sales increased 72% to $302 million versus $176 million for the same time period a year ago. The U.S. consumer increased by 21% to $1.08 billion from $889.1 million.

Increased Guidance

The continued strength of the business in fiscal 2020 caused Scotts to increase its guidance for full-year sales, adjusted earnings, and free cash flow. The new sales forecast for fiscal 2020 is for 26-28% growth and is estimating the U.S. consumer segment grows 20-22%. Hawthorne sales are forecast to grow 55-60%. Scotts had said back in June, that it expected U.S. Consumer sales to increase 9-11% in fiscal 2020 and Hawthorne to increase 45 to 50%.

The revised guidance for non-GAAP adjusted earnings per share of $6.65 to $6.85 compares with the June forecast of $5.65 to $5.85 per share. The company said it expected non-GAAP free cash flow of approximately $400 million, up from approximately $350 million earlier.

Third Quarter Results

The company also delivered net income of $203 million. The third-quarter GAAP EPS increased 13% to $3.57; Non-GAAP adjusted EPS up 22% to $3.80. The average analyst estimate was for $3.37 according to Yahoo Finance.

“In our U.S. Consumer segment, we saw significant acceleration of consumer engagement beginning in May that continues as we speak,” said Jim Hagedorn, Chairman, and Chief Executive Officer. “Consumer purchases entering August are up 23 percent at our largest four retail partners and we’ve seen increases in every product category. We especially have benefitted from a more than 40 percent increase in branded soils and even higher gains in consumer purchases for most of our Ortho insect control business.”

“We also continued to see strong third-quarter growth at Hawthorne in every product category and geography. The team at Hawthorne has done an outstanding job this year achieving significantly higher-than-expected growth while also exceeding our operating margin targets.”

“Our results this year continue to exceed our most optimistic expectations and are a testament to the critical nature of the categories in which we compete, the commitment of our retail partners, and the loyalty of the consumers and cultivators who rely on our products for their success,” said Hagedorn. “As we enter the final weeks of fiscal 2020 and prepare for the start of our next fiscal year, we remain optimistic about the strength of our business as well as our ability to continue to enhance shareholder value.

Giving Back

ScottsMiracle-Gro said its Board of Directors approved payment of a special dividend of $5 per share and increased its regular quarterly dividend by 7 percent to $0.62 per share. Both dividends are payable September 10 to shareholders of record on August 27.

The company also decided to make special one-time payments later this year to nearly 3,000 hourly and salaried associates who did not participate in the bonus plans. “We also will enhance bonus payments to another nearly 1,500 eligible associates who do participate in incentive plans. In addition, we plan to double our charitable contributions to benefit the communities we serve.”


William SumnerJuly 31, 2018
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It’s time for your Daily Hit of cannabis financial news for July 31, 2018.

On the Site

Scotts Miracle-Gro

Regulatory changes in California and an over-production of cannabis in the state put pressure on revenue in the Hawthorne segment of business for Scotts Miracle-Gro (SMG). The lawn and garden company that is known for its pesticides and fertilizers released its fiscal third-quarter results after the market close on Tuesday.

Company-wide sales increased 2% to $994.6 million versus $973.4 million last year for the same time period. At first glance, the Hawthorne business looked okay as sales jumped 2% to $74.2 million from last year’s $72.4 million, but excluding company acquisitions sales actually dropped 37%. Those acquisitions include the recently acquired Sunlight Supply.

Isodiol International Inc.

Isodiol International Inc. (ISOLF) reported its annual earnings with a gross profit of C$8.8 million for the year ending March 31, 2018, which was well above last year’s gross profit of C$126,715. However, the net losses were tremendous at C$36 million versus last year’s net loss of C$4 million as the company embarked on numerous acquisitions. Revenues for the year logged in at C$19 million, well above last year’s C$355,959. The cost of goods sold was C$10 million for the year versus last year’s C$229,243.

 

In Other News

MedMen Enterprises Inc.

MedMen Enterprises Inc. (MMEN) announced today that RocNation Co-founder and CEO Jay Brown had joined its Board of Directors. With years of experience, Brown is one of the most powerful executives in the music industry and has had a hand in the success of several Grammy-nominated and award-winning artists throughout his lifetime. “Marijuana today is less about smoking a joint, and much more about lifestyle and culture. It is about healthier, safer choices for mind and body, and community,” said MedMen Co-founder and CEO Adam Bierman in a statement. “For more than two decades, Jay Brown has had his finger on the pulse of pop culture. We are honored to have him on our Board and look forward to working with him as MedMen continues on its mission to mainstream marijuana.”

Aphria Inc.

Aphria Inc. (APHQF) announced that on July 27, 2018, the company secured $25 million in debt financing from WFCU Credit Union (WFCU). The five-year loan has an interest of 4.68% and is the second loan that the company has received from WFCU. The previous loan was also a $25 million five-year loan and was secured on May 9, 2017. “We are delighted to once again have the support of WFCU Credit Union as Aphria continues to execute on its long-term strategic plan,” said Aphria CEO Vic Neufeld. “Our diversified approach to innovation, strategic partnerships and global expansion are driving long-term shareholder value, and as our company and industry evolve we are always looking for opportunities to normalize our debt to equity structure.”

Starbuds

10330698 Canada Ltd., holder of Starbuds Canada (Starbuds), announced today that it has secured several dispensary locations in Ontario and has entered into multiple operational agreements to obtain more. Starbuds Canada is the result of a joint venture between Compass Cannabis Clinic and Starbuds U.S. The initial dispensary locations will be in Whitby and Windsor, Ontario. To increase the speed of their expansion, 10330698 Canada Ltd. is launching a private placement for investors. “We’re thrilled to have an opportunity for our joint venture to expand into Ontario. Consumers should have options in who they purchase cannabis from, and this expansion only strengthens our position as a leading provider across not only Canada but North America as well,” said Brian Ruden, Founder and CEO of Starbuds U.S. “Our goal is to provide fantastic customer service combined with educational support for patrons in Ontario, along with further investment opportunities for our stakeholders.”


Debra BorchardtJuly 31, 2018
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Regulatory changes in California and an over-production of cannabis in the state put pressure on revenue in the Hawthorne segment of business for Scotts Miracle-Gro (SMG). The lawn and garden company that is known for its pesticides and fertilizers released its fiscal third-quarter results after the market close on Tuesday.

Company-wide sales increased 2% to $994.6 million versus $973.4 million last year for the same time period. Non-GAAP adjusted earnings were $2.67 a share versus last year’s $2.47 and GAAP income was $2.23 for this year, which was lower than last year’s $2.41. Net income for the quarter was $82.8 million, which fell from last year’s $151.9 million.

“Our U.S. core business was simply outstanding in May with record results and positive year-over-year consumer purchases nearly every day during the month,” said Jim Hagedorn, chairman, and chief executive officer. “The fact that consumer purchases were down 12 percent entering May and were essentially flat versus year-ago levels by the end of June speaks to the resilience of our category and strength of our brands. It also speaks to the commitment of our team as well as our consumers and retail partners.”

At first glance, the Hawthorne business looked okay as sales jumped 2% to $74.2 million from last year’s $72.4 million, but excluding company acquisitions sales actually dropped 37%. Those acquisitions include the recently acquired Sunlight Supply.

“The integration of Sunlight into the Hawthorne operations is moving swiftly and we are already more than halfway to our goal of achieving at least $35 million in synergies by combining our two businesses,” Hagedorn said. “While we still have a lot of work to do to finish the integration, I’m confident that our Hawthorne business will be vastly improved as a result of this transaction and will be uniquely positioned to benefit from the rapidly evolving marketplace for hydroponic products.”

Scotts re-affirmed the revised guidance that it provided in mid-June forecasting that full-year sales would be flat to 2% higher than year-ago levels. Non-GAAP Adjusted earnings per share are expected to be in a range of $3.70 to $3.90 per share.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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