The Scotts Miracle-Gro Co: 3Q EPS Beat Driven By Favorable SG&A/Tax Rate

研报英文原文证据摘录

The Scotts Miracle-Gro Co: 3Q EPS Beat Driven By Favorable SG&A/Tax Rate

Global Research

29 July 2026ab

First Read

EquitiesThe Scotts Miracle-Gro Co

3Q EPS Beat Driven By Favorable SG&A/Tax Rate Americas

Household Products, Non-Durable

12-month rating Neutral

Initial Reaction: Neutral

Heading into the print, our conversations with investors would suggest that SMG had 12m price target US$70.00

become one of the more well liked names in our coverage, particularly due to the fact

that (1) POS trends remained strong/weather screened as favorable, and (2) estimates

Price (28 Jul 2026) US$73.10

remained achievable due to continued initiatives to bolster top-line growth/margin

expansion over the MT/LT. Against that backdrop, we think the print will be viewed as RIC: SMG.N BBG: SMG US

mixed. While the company delivered a healthy EPS beat, the quality was a bit more Trading data and key metrics

mixed with lower SG&A and a favorable tax rate driving much of the upside, with

52-wk range US$73.47-52.38

GM falling short of consensus and US consumer sales only modestly stronger. While we

Market cap. US$4.16b

think that the bulk of the call will center on how the company is beginning shaping up

Shares o/s 56.9m (COM)

for FY27 (especially on the profitability front given persistently high input costs), we

think on the print/outlook alone shares will be largely flat this morning - particularly Free float 73%

given recent outperformance. Avg. daily volume ('000) 284

Avg. daily value (m) US$18

FY26 Guidance Raised On The Bottom Line Common s/h equity (09/26E) US$-0.31b

While the base case was for SMG to maintain their guidance given how the company P/BV (09/26E) NM

recently reiterated at the start of June, the company raised their bottom-line outlook to Net debt to EBITDA (09/26E) 3.7x