Scotts Miracle-Gro Q1 results somewhat flat
The Scotts Miracle-Gro Company released its fiscal first-quarter results, which were in line with the company’s expectations but showed little year-over-year movement.
Net sales for the three months ended Dec. 28, 2013, were $196.4 million, down 5% compared with the same quarter last year. The company attributed the decline to the timing of pre-season shipments to retailers.
Net income marked a 2% improvement, though the company has been operating at a loss. Income for the quarter was a loss of $103.4 million, a slight improvement over last year’s loss of $105.1 million.
"While most of North America is gripped by winter, our sales, marketing and supply chain teams are working diligently to ensure a strong start to the lawn and garden season," said Jim Hagedorn, chairman and CEO. "In markets where gardening activity is occurring, we see solid levels of consumer participation, which gives us continued confidence in our plans for the year."
Scotts Miracle-Gro reaffirmed its fiscal 2014 outlook of a 2 to 3% increase in company-wide net sales. This projection is predicated on flat unit volume, modest price increases in the Global Consumer segment and growth in the Scotts LawnService business.
Andersen names Karen Richard CHRO and SVP
Andersen Corporation has a new chief human resources officer and SVP in Karen Richard, who is succeeding Mary Carter when she retires on Feb. 14.
“During Mary’s career with Andersen, we benefited from her extensive Human Resources experience as well as her leadership, which spanned development of the functions of Quality, Sustainability, Real Estate and Facilities, Communications, Community Relations, and Code and Regulatory Affairs,” said Andersen chairman, president and CEO Jay Lund. “She built an exceptional team of strong leaders, who will carry on her legacy of doing the right thing and leading for the future.”
In her new role, Richard will be responsible for the company’s human resources, corporate communications, community relations, and code and regulatory affairs operations.
“Karen brings a strong track record in building company culture, engaging employees and developing leaders,” said Lund. “She is a well-rounded and accomplished leader with a unique blend of Finance, Sales Strategy and Human Resources experience. She will be a great addition to the Andersen leadership team.”
Richard was previously working for Minnesota-based mattress manufacturer and retailer Select Comfort, where she served in a number of capacities (most recently as CHRO and SVP Human Capital). She also serves on the board of directors for Make A Wish Minneosta.
Beacon sees strong start, soft finish in Q1
Herndon, Va.-based Beacon Roofing Supply celebrated solid top-line growth during a quarter that started fast and finished with some tough weather conditions.
The company posted first-quarter sales of $552.1 million, up 7.5% from $513.7 million in the same quarter last year. Net income slipped to $15.0 million, down from $18.2 million in the year-ago quarter.
“We started the quarter exceptionally strong, but ended the month of December on a soft note as a result of some very challenging weather conditions in our Northern regions,” said president and CEO Paul Isabella.
The company reported a strong rebound in commercial roofing, but also a “challenging pricing environment” that continued to drive down gross margins in the quarter.
Beacon also said it expects to exceed its expansion plans and roll out as many as 25 branches in the current fiscal year.
“We believe market pricing will improve in 2014 as demand increases as we exit the winter months, and we intend to continue to leverage our operating expenses as we grow our revenue base,” Isabella said.
The distributor of roofing materials and complementary building products currently operates 240 branches in 39 states in the United States and six provinces in Canada.