Scotts Miracle-Gro Q1 Loss Narrows, Beats View; Stock Up In Pre-market

(RTTNews) - The Scotts Miracle-Gro Company (SMG), a provider of lawn and garden care products, Wednesday reported lower loss for the first quarter, better than analysts' expectations. The company's shares were more than 6 percent up in pre-market.

Scotts Miracle-Gro posted net loss of $69.5 million, or $1.21 per share for the first quarter, narrower than $80.5 million, or $1.42 per share loss in the same quarter a year ago.

Excluding one-time items, adjusted loss was $51 million, or $0.89 per share, that beat the analysts average estimate of $1.23 per share loss. Analysts' estimates typically exclude special items.

Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization for the quarter was positive $3.8 million compared to a loss of $25.8 million a year ago.

Sales for the first quarter increased to $416.8 million from $410.4 million in the previous year. The consensus estimate was for $392.04 million.

Looking ahead, the company has confirmed its full-year adjusted EBITDA outlook of $570 million to $590 million.

Scotts Miracle-Gro stock had closed at $75.73, down 2.54 percent on Tuesday. It has traded in the range of $53.43 - $93.90 in the last 1 year.