Scotts Miracle-Gro Company (SMG) has reported 21.42 percent fall in profit for the quarter ended Apr. 01, 2017. The company has earned $165.10 million, or $2.73 a share in the quarter, compared with $210.10 million, or $3.38 a share for the same period last year. On an adjusted basis, the company has earned $168.70 million, or $2.78 a share for the quarter.
Revenue during the quarter dropped 3.35 percent to $1,203.50 million from $1,245.20 million in the previous year period. Gross margin for the quarter was at 41.74 percent.
Operating income for the quarter was $301.90 million, compared with $369.20 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $317.10 million.
"We've had strong momentum over the past several weeks and consumer purchases entering May - historically the peak of the lawn and garden season - are down less than one percent from last year," said Jim Hagedorn, chairman and chief executive officer. "We expected a difficult comparison through the first half of the year and we are confident in how we are positioned for the balance of the season. We also remain pleased with the continued double-digit growth so far this year in our hydroponics products sold by the Hawthorne Gardening business."
Working capital increases marginallyScotts Miracle-Gro Company has recorded an increase in the working capital over the last year. It stood at $1,264.90 million as at Apr. 01, 2017, up 3.43 percent or $42 million from $1,222.90 million on Apr. 02, 2016. Current ratio was at 2.70 as on Apr. 01, 2017, up from 2.24 on Apr. 02, 2016.
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