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Scotts Miracle-Gro announces fiscal 2017 results
For the year ended September 30, 2017, Company-wide reported net sales increased to $2.64 billion. GAAP income from continuing operations for the full year was $3.29 per share compared with $3.98 per share in the prior year. Non-GAAP SLS divestiture adjusted earnings, which exclude impairment, restructuring, the impact of the Scotts LawnService divestiture and other one-time charges, was $3.94 per share compared with $3.58 per share a year ago. The non-GAAP adjusted results are the basis of the Company’s earnings guidance.
Operating cash flow for the year was $354 million compared with $237 million a year earlier. Non-GAAP free cash flow productivity for the year was 130 percent, more than double the rate a year earlier.
“Our focus on cash flow throughout the year provided an outstanding result, and cash flow will continue to be a primary focus for ScottsMiracle-Gro in 2018 and beyond,” said Jim Hagedorn, chairman and chief executive officer. “The combination of our operating cash flow, a strong balance sheet, proceeds from the recent sale of our Europe and Australia businesses and an $87 million distribution we received from TruGreen gave us the financial fuel we needed in 2017 to invest in higher-growth businesses while also aggressively returning cash to shareholders.
“Our goal for 2018 is to again deliver operating cash flow of at least $350 million while delivering non-GAAP adjusted earnings in the range of $4.15 to $4.35 per share.”
Click here for the full results.
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