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ScottsMiracle-Gro Announces Execution of Key Capital Allocation Initiatives

SMG
  • Scotts Miracle-Gro Company reaffirmed confidence in its Fiscal 2026 guidance following the successful execution of key capital allocation strategy elements.
  • The company redeemed all $250 million of outstanding 5.250% senior notes due 2026 on September 11, 2026, using revolver debt & fiscal 2026 excess free cash flow.
  • A $750 million accounts receivable facility with JPMorgan Chase Bank was renewed, extending maturity to August 31, 2027.
  • Share repurchases totaling $25 million were executed in August, initiating the $500 million program authorized by the Board of Directors.
  • Future share repurchases will prioritize debt reduction & be subject to market conditions, aligning with the company's mid-term growth algorithm for fiscal years 2027 through 2029.
  • The company closed its fiscal year on September 30, 2026, & will announce full-year financial results on November 4, 2026.
  • Fiscal 2026 guidance includes U.S. consumer net sales showing low single-digit growth & a non-GAAP adjusted gross margin of at least 32%.
  • Projected non-GAAP adjusted net income per share from continuing operations ranges from $4.30 to $4.45.
  • The company expects non-GAAP adjusted EBITDA to grow at a mid single-digit rate.
  • Free cash flow is projected at $275 million, which will drive the leverage ratio down to the high 3s.