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Central Garden & Pet Announces Q2 Fiscal 2023 Financial Results

Fiscal 2023 Q2 net sales of $909 million

Fiscal 2023 Q2 earnings per share of $0.90

Expects fiscal 2023 EPS of $2.35 or better

Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, today announced its second quarter fiscal 2023 financial results for the period ended March 25, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230503005817/en/

“Consistent with what we shared last month, Central delivered second quarter earnings per share of $0.90 in the face of softness across our garden portfolio. The garden category was impacted by a later start to the season, lighter foot traffic and unfavorable retailer inventory dynamics, while the pet segment expanded market share and performed largely as planned,” said Tim Cofer, CEO of Central Garden & Pet. “In line with our original outlook, we expect earnings per share growth in the second half of the year. In addition to short-term actions to cut controllable costs, we are progressing a multi-year cost and simplicity program to reduce complexity, improve margins, and elevate our brands.”

Fiscal 2023 Second Quarter Financial Results

Net sales were $909 million compared to $954 million a year ago, a decline of 5%.

Gross margin was 28.6% compared to 30.1% a year ago. The gross margin decline was driven by the Garden segment due to unfavorable overhead absorption in key garden businesses and input cost pressures.

Operating income was $78 million compared to $107 million a year ago, and operating margin was 8.6% compared to 11.2% in the prior year. The operating margin decline was largely driven by the Garden segment primarily due to overhead absorption pressures.

Net interest expense of $15 million was in line with the prior year quarter.

The Company's net income was $48 million compared to $70 million a year ago. Earnings per share was $0.90 compared to $1.27 in the prior year quarter. Adjusted EBITDA was $107 million compared to $131 million a year ago.

The Company’s effective tax rate was 23.9% compared to 23.4% in the prior year quarter.

Pet Segment Fiscal 2023 Second Quarter Results

Net sales for the Pet segment were $475 million compared to $498 million in the prior year, a decline of 5%. Lower sales in Outdoor Cushions, the Company's decision to discontinue certain low-profit private label pet bed product lines and lower demand for durable pet products were partially offset by strength in Dog & Cat Treats & Toys.

Pet segment operating income was $55 million compared to $61 million a year ago, and operating margin was 11.6% compared to 12.2%. The decline in operating margin was mainly due to lower sales. Pet segment adjusted EBITDA was $66 million compared to $70 million a year ago.

Garden Segment Fiscal 2023 Second Quarter Results

Net sales for the Garden segment were $434 million compared to $457 million a year ago, a decline of 5%. Lower sales in Grass Seed, Controls & Fertilizer and Live Goods were partially offset by strength in Wild Bird and Packet Seed. Net sales were unfavorably impacted by poor spring weather resulting in lower foot traffic, and changes in retailer buying patterns.

Garden segment operating income was $50 million compared to $71 million a year ago, and operating margin was 11.4% compared to 15.4%. The decline in operating margin was mainly due to lower sales, input cost inflation, and initial start-up costs associated with a recently acquired live goods facility. Garden segment adjusted EBITDA was $60 million compared to $78 million in the prior year quarter.

Additional Information

The Company's cash balance at the end of the quarter was $61 million compared to $54 million a year ago. Cash used by operations during the quarter was $34 million compared to $180 million a year ago. The decrease in cash used by operations was driven primarily by lower working capital requirements.

Total debt as of March 25, 2023 and March 26, 2022 was $1.2 billion. The Company's leverage ratio, as defined in the Company's credit agreement, at the end of the second quarter was 3.3x compared to 2.9x at the end of the prior year quarter. The Company repurchased approximately 75,000 shares or $2.7 million of its stock during the quarter.

Cost and Simplicity Program

The Company will provide on its earnings call details related to its multi-year cost and simplicity program consisting of a pipeline of projects across a number of key areas including procurement, manufacturing, logistics, portfolio management and administrative costs.

Fiscal 2023 Guidance

The Company expects fiscal 2023 EPS of $2.35 or better. This outlook reflects the macroeconomic uncertainty, cost inflation, evolving consumer behavior and unfavorable retailer inventory dynamics, as well as pricing actions and productivity initiatives across the Company's portfolio. The Company anticipates capital spending significantly below fiscal 2022 levels. Fiscal 2023 will have 53 weeks compared to 52 weeks in fiscal 2022. This outlook excludes the impact of any acquisitions or restructuring activities that may occur during fiscal 2023, including any projects under the cost and simplicity program.

Conference Call

The Company's senior management will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its second quarter fiscal 2023 financial results and provide a general business update. The conference call and related materials can be accessed at http://ir.central.com.

Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) using confirmation #13736274.

About Central Garden & Pet

Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands that home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2022 net sales of $3.3 billion, Central is on a mission to lead the future of the Pet and Garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro®, Aqueon®, Cadet®, Farnam®, Ferry-Morse®, Four Paws®, Kaytee®, K&H®, Nylabone® and Pennington®, strong manufacturing and distribution capabilities and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California and has over 7,000 employees across North America and Europe. Visit www.central.com to learn more.

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including statements concerning cost inflation, evolving consumer behavior and unfavorable retailer inventory dynamics, pricing actions, productivity initiatives and reduced capital spending, and earnings guidance for fiscal 2023, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon the Company’s current expectations and various assumptions. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors:

  • high inflation, rising interest rates, a potential recession and other adverse macro-economic conditions, including any impact that could result if the U.S. government were to default on its debt obligations;
  • fluctuations in market prices for seeds and grains and other raw materials;
  • our ability to pass through cost increases in a timely manner;
  • fluctuations in energy prices, fuel and related petrochemical costs;
  • declines in consumer spending and increased inventory risk during economic downturns;
  • our ability to successfully manage the continuing impact of COVID-19 on our business, including but not limited to, the impact on our workforce, operations, fill rates, supply chain, demand for our products and services, and our financial results and condition;
  • the potential for future reductions in demand for product categories that benefited from the COVID-19 pandemic, including the potential for reduced orders as retailers work through excess inventory;
  • adverse weather conditions;
  • the success of our Central to Home strategy and our cost and simplicity program;
  • risks associated with our acquisition strategy, including our ability to successfully integrate acquisitions and the impact of purchase accounting on our financial results;
  • restructuring activities to improve long-term profitability;
  • supply chain delays and disruptions resulting in lost sales, reduced fill rates and service levels and delays in expanding capacity and automating processes;
  • seasonality and fluctuations in our operating results and cash flow;
  • supply shortages in pet birds, small animals and fish;
  • dependence on a small number of customers for a significant portion of our business;
  • consolidation trends in the retail industry;
  • risks associated with new product introductions, including the risk that our new products will not produce sufficient sales to recoup our investment;
  • competition in our industries;
  • continuing implementation of an enterprise resource planning information technology system;
  • potential environmental liabilities;
  • risk associated with international sourcing;
  • impacts of tariffs or a trade war;
  • access to and cost of additional capital;
  • potential goodwill or intangible asset impairment;
  • our dependence upon our key executives;
  • our ability to recruit and retain new members of our management team to support our growing businesses and to hire and retain employees;
  • our ability to protect our trademarks and other proprietary rights;
  • litigation and product liability claims;
  • regulatory issues;
  • the impact of product recalls;
  • potential costs and risks associated with actual or potential cyber attacks;
  • potential dilution from issuance of authorized shares;
  • the voting power associated with our Class B stock; and
  • the impact of new accounting regulations and the possibility our effective tax rate will increase as a result of future changes in the corporate tax rate or other tax law changes.

These risks and others are described in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. The Company has not filed its Form 10-Q for the fiscal quarter ended March 25, 2023, so all financial results are preliminary and subject to change.

(Tables Follow)

CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts, unaudited)

 

ASSETS

March 25, 2023

 

March 26, 2022

 

September 24, 2022

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

60,607

 

 

$

54,082

 

 

$

177,442

 

Restricted cash

 

13,475

 

 

 

12,676

 

 

 

14,742

 

Accounts receivable (less allowances of $28,283, $28,234 and $26,246)

 

564,874

 

 

 

619,629

 

 

 

376,787

 

Inventories, net

 

966,900

 

 

 

888,051

 

 

 

938,000

 

Prepaid expenses and other

 

48,019

 

 

 

49,449

 

 

 

46,883

 

Total current assets

 

1,653,875

 

 

 

1,623,887

 

 

 

1,553,854

 

Plant, property and equipment, net

 

395,788

 

 

 

384,940

 

 

 

396,979

 

Goodwill

 

546,436

 

 

 

511,973

 

 

 

546,436

 

Other intangible assets, net

 

525,301

 

 

 

499,251

 

 

 

543,210

 

Operating lease right-of-use assets

 

174,435

 

 

 

204,148

 

 

 

186,344

 

Other assets

 

54,963

 

 

 

125,059

 

 

 

55,179

 

Total

$

3,350,798

 

 

$

3,349,258

 

 

$

3,282,002

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

225,311

 

 

$

297,194

 

 

$

215,681

 

Accrued expenses

 

201,286

 

 

 

228,412

 

 

 

201,783

 

Current lease liabilities

 

49,082

 

 

 

44,765

 

 

 

48,111

 

Current portion of long-term debt

 

270

 

 

 

378

 

 

 

317

 

Total current liabilities

 

475,949

 

 

 

570,749

 

 

 

465,892

 

 

 

 

 

 

 

Long-term debt

 

1,212,053

 

 

 

1,185,456

 

 

 

1,186,245

 

Long-term lease liabilities

 

135,695

 

 

 

165,446

 

 

 

147,724

 

Deferred income taxes and other long-term obligations

 

154,854

 

 

 

133,274

 

 

 

147,429

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Common stock, $0.01 par value: 11,236,635, 11,335,658 and 11,296,351 shares outstanding at March 25, 2023, March 26, 2022 and September 24, 2022

 

112

 

 

 

113

 

 

 

113

 

Class A common stock, $0.01 par value: 41,289,878, 42,228,533 and 41,336,223 shares outstanding at March 25, 2023, March 26, 2022 and September 24, 2022

 

413

 

 

 

422

 

 

 

413

 

Class B stock, $0.01 par value: 1,602,374, 1,612,374 and 1,612,374 at March 25, 2023, March 26, 2022 and September 24, 2022

 

16

 

 

 

16

 

 

 

16

 

Additional paid-in capital

 

587,378

 

 

 

580,555

 

 

 

582,056

 

Retained earnings

 

786,776

 

 

 

712,683

 

 

 

755,253

 

Accumulated other comprehensive loss

 

(3,601

)

 

 

(703

)

 

 

(4,145

)

Total Central Garden & Pet Company shareholders’ equity

 

1,371,094

 

 

 

1,293,086

 

 

 

1,333,706

 

Noncontrolling interest

 

1,153

 

 

 

1,247

 

 

 

1,006

 

Total equity

 

1,372,247

 

 

 

1,294,333

 

 

 

1,334,712

 

Total

$

3,350,798

 

 

$

3,349,258

 

 

$

3,282,002

 

CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

March 25, 2023

 

March 26, 2022

 

March 25, 2023

 

March 26, 2022

Net sales

$

909,004

 

 

$

954,370

 

 

$

1,536,667

 

 

$

1,615,768

 

Cost of goods sold

 

649,366

 

 

 

667,578

 

 

 

1,105,330

 

 

 

1,130,780

 

Gross profit

 

259,638

 

 

 

286,792

 

 

 

431,337

 

 

 

484,988

 

Selling, general and administrative expenses

 

181,597

 

 

 

179,947

 

 

 

352,890

 

 

 

351,929

 

Operating income

 

78,041

 

 

 

106,845

 

 

 

78,447

 

 

 

133,059

 

Interest expense

 

(14,876

)

 

 

(14,729

)

 

 

(29,345

)

 

 

(29,211

)

Interest income

 

186

 

 

 

27

 

 

 

879

 

 

 

101

 

Other income (expense)

 

595

 

 

 

(369

)

 

 

2,294

 

 

 

(578

)

Income before income taxes and noncontrolling interest

 

63,946

 

 

 

91,774

 

 

 

52,275

 

 

 

103,371

 

Income tax expense

 

15,268

 

 

 

21,488

 

 

 

12,446

 

 

 

23,889

 

Income including noncontrolling interest

 

48,678

 

 

 

70,286

 

 

 

39,829

 

 

 

79,482

 

Net income attributable to noncontrolling interest

 

563

 

 

 

573

 

 

 

147

 

 

 

760

 

Net income attributable to Central Garden & Pet Company

$

48,115

 

 

$

69,713

 

 

$

39,682

 

 

$

78,722

 

Net income per share attributable to Central Garden & Pet Company:

 

 

 

 

 

 

 

Basic

$

0.92

 

 

$

1.30

 

 

$

0.76

 

 

$

1.47

 

Diluted

$

0.90

 

 

$

1.27

 

 

$

0.74

 

 

$

1.44

 

Weighted average shares used in the computation of net income per share:

 

 

 

 

 

 

 

Basic

 

52,443

 

 

 

53,458

 

 

 

52,461

 

 

 

53,475

 

Diluted

 

53,534

 

 

 

54,722

 

 

 

53,520

 

 

 

54,818

 

CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

Six Months Ended

 

March 25, 2023

 

March 26, 2022

Cash flows from operating activities:

 

 

 

Net income

$

39,829

 

 

$

79,482

 

Adjustments to reconcile net income to net cash used by operating activities:

 

 

 

Depreciation and amortization

 

43,801

 

 

 

38,449

 

Amortization of deferred financing costs

 

1,349

 

 

 

1,316

 

Non-cash lease expense

 

25,369

 

 

 

23,532

 

Stock-based compensation

 

13,327

 

 

 

11,479

 

Debt extinguishment costs

 

 

 

 

169

 

Deferred income taxes

 

7,486

 

 

 

77,416

 

Other operating activities

 

136

 

 

 

(124

)

Change in assets and liabilities (excluding businesses acquired):

 

 

 

Accounts receivable

 

(187,745

)

 

 

(234,146

)

Inventories

 

(27,152

)

 

 

(202,996

)

Prepaid expenses and other assets

 

(3,868

)

 

 

(84,983

)

Accounts payable

 

15,421

 

 

 

51,195

 

Accrued expenses

 

(462

)

 

 

(10,038

)

Other long-term obligations

 

(21

)

 

 

(64

)

Operating lease liabilities

 

(24,542

)

 

 

(22,768

)

Net cash used by operating activities

 

(97,072

)

 

 

(272,081

)

Cash flows from investing activities:

 

 

 

Additions to plant, property and equipment

 

(30,228

)

 

 

(75,419

)

Investments

 

(500

)

 

 

(1,918

)

Other investing activities

 

(100

)

 

 

100

 

Net cash used in investing activities

 

(30,828

)

 

 

(77,237

)

Cash flows from financing activities:

 

 

 

Repayments of long-term debt

 

(182

)

 

 

(889

)

Borrowings under revolving line of credit

 

48,000

 

 

 

 

Repayments under revolving line of credit

 

(23,000

)

 

 

 

Repurchase of common stock, including shares surrendered for tax withholding

 

(16,165

)

 

 

(18,752

)

Payment of contingent consideration liability

 

(12

)

 

 

(125

)

Distribution to noncontrolling interest

 

 

 

 

(806

)

Payment of financing costs

 

 

 

 

(2,442

)

Net cash provided (used) by financing activities

 

8,641

 

 

 

(23,014

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

1,157

 

 

 

(432

)

Net decrease in cash, cash equivalents and restricted cash

 

(118,102

)

 

 

(372,764

)

Cash, cash equivalents and restricted cash at beginning of period

 

192,184

 

 

 

439,522

 

Cash, cash equivalents and restricted cash at end of period

$

74,082

 

 

$

66,758

 

Supplemental information:

 

 

 

Cash paid for interest

$

29,343

 

 

$

29,042

 

Cash paid for taxes

$

1,889

 

 

$

24,603

 

New operating lease right of use assets

$

13,776

 

 

$

62,251

 

Use of Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including adjusted EBITDA. Management believes non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods.

Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense, depreciation and amortization and stock-based compensation (or operating income plus depreciation and amortization and stock-based compensation expense). We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluation. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable.

The reconciliations of adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. We believe that the non-GAAP financial measures provide useful information to investors and other users of our financial statements by allowing for greater transparency in the review of our financial and operating performance. Management also uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our performance, and we believe it may be useful to investors in evaluating our financial and operating performance and the trends in our business from management's point of view. While our management believes that non-GAAP measurements are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results.

Adjusted EBITDA Reconciliation

 

GAAP to Non-GAAP Reconciliation

For the Three Months Ended March 25, 2023

 

 

Pet

 

Garden

 

Corp

 

Total

 

 

(in thousands)

Net income attributable to Central Garden & Pet Company

 

$

 

 

$

 

 

$

 

 

$

48,115

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

14,690

 

Other income

 

 

 

 

 

 

 

 

 

 

 

(595

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

15,268

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

563

 

Income (loss) from operations

 

 

55,255

 

 

49,619

 

 

(26,833

)

 

 

78,041

 

Depreciation & amortization

 

 

10,474

 

 

 

10,818

 

 

 

817

 

 

 

22,109

 

Noncash stock-based compensation

 

 

 

 

 

 

 

 

6,750

 

 

 

6,750

 

Adjusted EBITDA

 

$

65,729

 

 

$

60,437

 

 

$

(19,266

)

 

$

106,900

 

Adjusted EBITDA Reconciliation

 

GAAP to Non-GAAP Reconciliation

For the Three Months Ended March 26, 2022

 

 

Pet

 

Garden

 

Corp

 

Total

 

 

(in thousands)

Net income attributable to Central Garden & Pet Company

 

$

 

 

$

 

 

$

 

 

$

69,713

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

14,702

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

369

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

21,488

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

573

 

Income (loss) from operations

 

 

60,645

 

 

70,511

 

 

(24,311

)

 

 

106,845

 

Depreciation & amortization

 

 

9,539

 

 

 

7,719

 

 

 

989

 

 

 

18,247

 

Noncash stock-based compensation

 

 

 

 

 

 

6,292

 

 

 

6,292

 

Adjusted EBITDA

 

$

70,184

 

 

$

78,230

 

 

$

(17,030

)

 

$

131,384

 

Adjusted EBITDA Reconciliation

 

GAAP to Non-GAAP Reconciliation

For the Six Months Ended March 25, 2023

 

 

Pet

 

Garden

 

Corp

 

Total

 

 

(in thousands)

Net income attributable to Central Garden & Pet Company

 

$

 

 

$

 

 

$

 

 

$

39,682

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

28,466

 

Other income

 

 

 

 

 

 

 

 

 

 

 

(2,294

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

12,446

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

147

 

Income (loss) from operations

 

 

94,810

 

 

38,799

 

 

(55,162

)

 

 

78,447

 

Depreciation & amortization

 

 

20,586

 

 

 

21,660

 

 

 

1,555

 

 

 

43,801

 

Noncash stock-based compensation

 

 

 

 

 

 

 

 

13,327

 

 

 

13,327

 

Adjusted EBITDA

 

$

115,396

 

 

$

60,459

 

 

$

(40,280

)

 

$

135,575

 

Adjusted EBITDA Reconciliation

 

GAAP to Non-GAAP Reconciliation

For the Six Months Ended March 26, 2022

 

 

Pet

 

Garden

 

Corp

 

Total

 

 

(in thousands)

Net income attributable to Central Garden & Pet Company

 

$

 

 

$

 

 

$

 

 

$

78,722

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

29,110

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

578

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

23,889

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

760

 

Income (loss) from operations

 

 

105,896

 

 

76,568

 

 

(49,405

)

 

 

133,059

 

Depreciation & amortization

 

 

19,088

 

 

 

17,339

 

 

 

2,022

 

 

 

38,449

 

Noncash stock-based compensation

 

 

 

 

 

 

 

 

11,479

 

 

 

11,479

 

Adjusted EBITDA

 

$

124,984

 

 

$

93,907

 

 

$

(35,904

)

 

$

182,987

 

 

Contacts

Investor Relations Contact

Friederike Edelmann

VP, Investor Relations

(925) 412-6726

fedelmann@central.com

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