Business
Central Garden & Pet Announces Q3 Fiscal 2024 Financial Results
Fiscal 2024 Q3 net sales of $996 million compared to $1,023 million a year ago Fiscal 2024 Q3 GAAP EPS of $1.19 vs. $1.25 a year ago, Non-GAAP EPS of $1.32
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nFiscal 2024 Q3 net sales of $996 million compared to $1,023 million a year ago\n\n\nFiscal 2024 Q3 GAAP EPS of $1.19 vs. $1.25 a year ago, Non-GAAP EPS of $1.32 vs. $1.40 a year ago\n\n\nMaintains outlook for fiscal 2024 non-GAAP EPS of $2.00 or better ($2.50 or better before the February 2024 stock dividend)\n\n\n WALNUT CREEK, Calif.--(BUSINESS WIRE)--\nCentral Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, today announced financial results for its fiscal 2024 third quarter ended June 29, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240807439810/en/\n\"We delivered a solid third quarter earnings performance, recognizing that we had a record third quarter in 2023,\" said Beth Springer, Interim CEO. \"Our Cost and Simplicity program continues to prove effective as evidenced in our improved gross margins. Looking ahead, we remain committed to our long-term Central to Home strategy.\"\n\n\nFiscal 2024 Third Quarter Financial Results\n\n\nNet sales were $996 million compared to $1,023 million a year ago, a decrease of 3%. Organic net sales also decreased 3%.\n\n\nGross profit was $317 million compared to $318 million a year ago. Non-GAAP gross profit of $326 million was in line with the prior year. Gross margin expanded by 70 basis points to 31.8%. On a non-GAAP basis, gross margin expanded by 80 basis points to 32.7% driven by Central's Cost and Simplicity program and moderating inflation.\n\n\nOperating income was $116 million compared to $123 million a year ago, a decrease of 6%. Non-GAAP operating income was $127 million compared to $137 million in the prior year. Operating margin was 11.6% compared to 12.0% a year ago. On a non-GAAP basis, operating margin was 12.8% compared to 13.4% in the prior year.\n\n\nNet interest expense was $10 million compared to $13 million a year ago.\n\n\nNet income was $80 million compared to $83 million in the prior year, a decrease of 4%. Non-GAAP net income was $88 million compared to $94 million a year ago. Earnings per share were $1.19 compared to $1.25 in the prior year, a decrease of $0.06. Non-GAAP earnings per share were $1.32 compared to $1.40 a year ago. Adjusted EBITDA was $156 million compared to $166 million a year ago.\n\n\nThe effective tax ...