Scotts Miracle-Gro sees 2023 adjusted operating income down mid single digits

The Company’s current outlook for fiscal 2023 as compared to fiscal 2022 is as follows: Near 100 basis points decline in gross margin rate; Mid-single-digits percentage decline in adjusted operating income; Low single-digits percentage decline in adjusted EBITDA; Interest expense increase of approximately $60 million; Effective tax rate of 27 to 28 percent; Free cash flow of $1 billion over the next two years; The Company expects to provide an update on business results and outlook in early June as is typical near the end of the spring season.