ScottsMiracle-Gro Provides Update on Fiscal 2023 Second Quarter; Announces Nate Baxter Joining Executive Team
April 10 2023 - 6:45AM
The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading
marketer of branded consumer lawn and garden as well as indoor and
hydroponic growing products, today announced that it anticipates
achieving a net leverage ratio comfortably below the credit
facility covenant of 6.5 times for its fiscal 2023 second quarter.
The Company expects final Q2 net leverage in the range of 6.0,
reflecting the disciplined approach to cost control, focus on
improved efficiencies and initiatives to engage consumers early in
the lawn and garden season are contributing to improvements in its
overall financial position. The Company will announce full
second-quarter results on Wednesday, May 3, 2023, when it will hold
its quarterly earnings call.
“I’m proud of what we’ve accomplished this fiscal year and the
positive direction we are heading,” said Jim Hagedorn, chairman and
CEO. “While the past eight months have been challenging, a
tremendous amount of work continues to be undertaken to improve the
financial and operating performance of ScottsMiracle-Gro.
“Many people have played a role, starting with our associates
and extending to our Board of Directors, banks and retail partners.
I want to express my gratitude for all those involved and
especially for the support of our shareholders. I look forward to
providing a detailed financial update on May 3.”
In addition, the Company announced that Nate Baxter, 50, an
executive leader with extensive management experience, will join
the Company on April 28, 2023, as executive vice president,
technology & operations, reporting to President and COO Mike
Lukemire. Baxter will oversee research and development, information
technology, regulatory, quality and environmental health and
safety. He most recently was president of TEL U.S., a subsidiary of
Tokyo Electron Ltd., a Japanese manufacturer of semiconductor and
flat panel manufacturing equipment. In nearly 16 years with TEL, he
held positions in development, production, sales and marketing.
Prior to TEL, he worked 10 years with Intel Corporation in
technology, supply chain, strategy and management. He has
undergraduate degrees in physics from Rollins College and materials
engineering from Georgia Institute of Technology and a masters in
materials science from Georgia Institute of Technology. Baxter is a
member of the Hagedorn Partnership, L.P, which owns approximately
25 percent of the Company’s common shares.
“Nate brings a wealth of experience that goes far beyond his
track record in the technology sector,” Hagedorn said. “He will
provide important perspectives in areas ranging from strategy and
operations to product development. As a member of the Hagedorn
Partnership, he knows our Company and industry well. His addition -
along with the December appointment of CFO Matt Garth - reflects
how we are strengthening the team with next-generation leaders
capable of making an immediate impact.”
About ScottsMiracle-GroWith approximately $3.9
billion in sales, the Company is the world’s largest marketer of
branded consumer products for lawn and garden care. The Company’s
brands are among the most recognized in the industry. The Company’s
Scotts®, Miracle-Gro®, and Ortho® brands are market-leading in
their categories. The Company’s wholly-owned subsidiary, The
Hawthorne Gardening Company, is a leading provider of nutrients,
lighting, and other materials used in the indoor and hydroponic
growing segment. For additional information, visit us at
www.scottsmiraclegro.com.
ContactAimee DeLucaSr. Vice PresidentInvestor
Relations(937) 578-5621
Scotts Miracle Gro (NYSE:SMG)
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