Scotts Miracle-Gro sees Q1 adjusted EPS ($1.02), consensus ($1.32)

Reports Q1 revenue $526M, consensus $501.02M. "The first quarter reflects our disciplined approach to reorient the business and strengthen the operational and financial performance of the Company," said Jim Hagedorn, chairman and CEO. "We have further positioned ScottsMiracle-Gro for long-term growth and shareholder value. We are comfortably within our leverage requirement and expect to remain on this trajectory through the fiscal year. As for Project Springboard, we have line of sight to annualized savings above the initial $185 million target, creating opportunities to reinvest in the business Record December shipments in the U.S. Consumer business contributed to a strong early season buildout demonstrating confidence in the lawn and garden season. Our focus now is on early consumer engagement and POS lifts in coordination with retail partners. While Hawthorne continues to manage through a challenging market, we are committed to returning the business to profitability by the end of this fiscal year. Overall, we are in a stable place and are well prepared to execute on our full-year plan."