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Scotts losses widen in Q4

Full-year sales rise 1% to $2.66 billion in 2018.

BY HBSDealer Staff

Scotts Miracle-Gro reported fourth quarter 2018 net sales increased 15% to $433.9 million compared to fourth quarter 2017 net sales of $376.7 million.

For the full year, sales rose just 1% to $2.66 billion from full-year 2017 sales of $2.64 billion.

But the Marysville, Ohio-based lawn and garden products manufacturer, reported a net loss of $146.9 million for the fourth quarter in comparison to a net loss of $33.4 million for the same period in 2017.

Scotts posted a net income of $63.7 million for the full year, down from a net income of $218.8 million in the prior fiscal year.

“There is little doubt that fiscal 2018 was one of our most challenging years in recent memory,” said Jim Hagedorn, chairman and CEO of Scotts Miracle-Gro. “Our U.S. Consumer business, however, had a strong second half following unfavorable early season weather. The Hawthorne team also made substantial progress in recent months, integrating the Sunlight acquisition to enable strong benefits for 2019.”

For the fourth quarter, Scotts’ subsidiary Hawthorne reported sales of $152.2 million, a 65% increase from the same period a year ago, driven by acquisitions. Excluding acquisitions, sales decreased 15% due to declines in the North American hydroponic business partially offset by growth in the European professional greenhouse market and AeroGrow. Hawthorne also reported a segment profit of just $0.5 million in the quarter compared with $9 million a year earlier.

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NAHB responds to midterm elections

NAHB says it looks forward to working with both parties.

BY HBSDealer Staff

Midterm elections are behind us.

Republicans expanded their Senate majority while the Democrats flipped the House of Representatives.

In response to election results, the National Association of Home Builders (NAHB) issued a statement saying it will work with both parties to solve issues impacting the housing industry.

“With the 2018 midterm elections behind us, NAHB looks forward to continue working with lawmakers on both sides of the political aisle to keep housing a national priority and to expand homeownership and rental housing opportunities for all Americans,” said Randy Noel, chairman of the NAHB and a custom home builder from LaPlace, La.

“To help achieve these important goals, Congress needs to address housing affordability concerns, ease regulatory burdens, and expand job training programs to ensure an ample supply of well-trained workers to build the nation’s homes,” Noel added.

NAHB Chief Lobbyist Jim Tobin echoed some of Noel’s statements, while providing his take on the latest election.

“Going forward, NAHB looks to find common ground with the new Congress. Many of the members-elect and returning members who will take office in January as part of the new Democratic House majority come from swing districts or have supported NAHB in the past,” Tobin said. “The large membership of the pro-business New Democrat Coalition will be an important bloc for NAHB to engage with on policy issues.”

In the next two years the NAHB has an opportunity to forge a new bipartisan coalition among housing advocates in the House and Senate to drive housing affordability, both ownership and rental, to the top of the national agenda, according to Tobin.

“When the 116th Congress is seated in January, we expect the new House majority to exercise its oversight authority to police the administration. Regardless, NAHB will continue its focus on workforce development, lowering the cost of regulation, investing in infrastructure, and refining tax policy and enhancing the Low Income Housing Tax Credit,” Tobin said.

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HBSDealer Stock Watch: Tuesday’s Ticker

BY HBSDealer Staff
Hardware and building supply stocks were all over the map during trading on Tuesday. Of the 30 stocks tracked below, 18 finished the day higher.
Company Price Change
AWI (Armstrong) 68.15 +2.33%
BCC (Boise) 29.84 -7.44%
BECN (Beacon) 28.79 -1.23%
BLDR (Builders FS) 13.86 +1.13%
BMCH (BMC Stock) 17.74 -1.55%
BXC (BlueLinx) 25.08 -0.40%
CENT (Central Garden) 32.36 +1.86%
DE (Deere & Co.) 145.47 +1.98%
DOOR (Masonite) 56.87 +0.60%
EXP (Eagle) 77.84 +2.19%
FAST (Fastenal) 53.50 +1.63%
HBP (Huttig) 3.28 -2.67%
HD (Home Depot) 182.01 -0.10%
JELD (Jeld-Wen) 17.04 -1.84%
LL (Lumber Liquidators) 12.42 +1.72%
LOW (Lowe’s) 97.51 +0.45%
LPX (Louisiana-Pacific) 23.45 +2.31%
MAS (Masco) 31.42 N.C.
PPG (PPG) 107.36 +0.85%
SHW (Sherwin-Williams) 405.07 +0.24%
SMG (Scotts Miracle-Gro) 70.90 +1.11%
SSD (Simpson) 59.30 +1.23%
SWK (Stanley) 125.68 +1.53%
TREX (Trex) 67.36 +0.63%
TSCO (Tractor Supply) 93.18 -0.71%
TTC (Toro) 60.25 +0.63%
UFPI (Universal Forest) 28.83 -1.00%
USG (USG) 42.81 +0.97%
WDFC (WD-40) 170.61 -0.01%
WY (Weyerhaeuser) 27.19 -1.56%
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