The Scotts Miracle - Gro Company ( NYSE : SMG ) , the trafficker of brand consumer lawn and garden as well as indoor and hydroponic grow products , announced that David Evans has been appoint chief financial officer on an interim basis replacing Cory Miller , who has departed the Company . The Company has engage a leading executive search house to assist in identifying a permanent CFO with a focus on international campaigner .
Separately , the ship’s company revised its 2022 liberal cash flow direction provided during its August 3rd net profit conference call and reaffirmed all other aspect of its August tertiary guidance .
Evans , who has more than 35 twelvemonth of finance and accounting experience , has been a director of ScottsMiracle - Gro since 2018 , serving on the Board ’s audited account and finance committees . He antecedently serve well as ScottsMiracle - Gro ’s chief financial military officer from 2006 to 2013 after having held a mixture of executive finance role at the Company . He submit in 2013 to fall in Battelle Memorial Institute as executive vice president and CFO , a role he keep until 2018 . He is presently a member of the Board of Directors of Cardinal Health , where he also service as interim CFO .
" I have worked with Dave in various capacities , and he is one of the finest finance professionals I have ever known , " said Jim Hagedorn , chairman and master executive police officer . " During his prior tenure as our CFO , Dave play a key office in reshaping our business portfolio while helping improve our cost structure and overall profitability . He pass to the CFO use with even more valuable experience . This experience , combine with his proven track record of success , yield us authority Dave will aid address the challenge we are face and assure a unseamed transition as the search for a permanent CFO progresses . We thank Cory Miller for his long and dedicated serve to the Company . "
Miller ’s going is not related to any disagreements regarding historical fiscal reporting , accounting , or legal matters .
" I assume the interim CFO purpose and 24-hour interval - to - Clarence Day management of the finance establishment with a focus on natural process and execution , " said Evans . " My engagement as a appendage of the audit and finance committee has allowed me to stay super familiar with the line of work and the unusual challenges that have presented themselves over the past several quarters . I look ahead to working with the finance and executive leadership teams to continue fulfill Project Springboard , which is already making progress on the goals of reducing costs , ameliorate margins , and strengthening the remainder sheet . "
Updated OutlookThe Company is revise its full - year free Johnny Cash catamenia guidance and now have a bun in the oven costless cash flow to range from negative $ 275 million to negative $ 325 million compared to its former guidance of negative $ 150 million . The Company reaffirmed the other look of its profits guidance for fiscal 2022 as announce on August 3rd .
The revised full - year cash catamenia counsel reflects a more accurate estimate of certain counterpoise sheet items at the end of the current fiscal year , including a year - over - year declination in news report collectable that had not been to the full factor out in . The decline in write up collectable reflects antecedently announced sweat to reduce ruined goods product and purchases of various materials .
The caller ’s purchase ratio of debt - to - EBITDA will likely be big than 6.0 times at financial yr - end though still in compliance with the covenant outlined in the caller ’s recently amended credit adeptness .
About ScottsMiracle - GroWith approximately $ 4.9 billion in sales , the Company is one of the public ’s large marketer of brand consumer products for lawn and garden attention . The caller ’s brands are among the most recognized in the industriousness . The Company ’s Scotts , Miracle - Gro , and Ortho brands are food market - leading in their category . The Company ’s wholly - have subsidiary , The Hawthorne Gardening Company , is a leading provider of nutrient , lighting , and other material used in the indoor and hydroponic grow segment . For extra info , chat us atwww.scottsmiraclegro.com .
Cautionary Note Regarding Forward - Looking StatementsStatements hold in this printing press release , other than statements of historical fact , which address activities , events , and development that the Company expects or anticipates will or may occur in the future , including , but not limited to , information regarding the future economic performance and fiscal condition of the Company , the plans and objectives of the Company ’s direction , and the Company ’s assumptions regarding such performance and programme are " forward - look statements " within the meaning of the U.S. federal securities police force that are capable to risk and uncertainty . These forward - looking argument broadly can be identified as instruction that let in phrases such as " guidance , " " lookout , " " projected , " " believe , " " target , " " forebode , " " estimate , " " prognosis , " " scheme , " " may , " " goal , " " expect , " " anticipate , " " intend , " " plan , " " foresee , " " likely , " " will , " " should " or other similar words or phrases . existent answer could dissent materially from the forward - expect information in this vent due to a variety of gene , including , but not confine to :
extra elaborate entropy concerning a number of the crucial gene that could cause actual results to differ materially from the forwards - look information contained in this tone ending is readily available in the Company ’s publicly filed quarterly , annual , and other report . The caller disclaims any responsibility to update development of these danger factors or to announce publicly any revise to any of the forward - looking statements contained in this release , or to make corrections to reflect next events or developments .
For more information : ScottsMiracle - Groscottsmiraclegro.com
