Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
-4.90%
$41.90
0% positive prob.
5-Day Prediction
-3.54%
$42.50
0% positive prob.
20-Day Prediction
+4.07%
$45.85
0% positive prob.
SEC 8-K filings with transcript text
Aug 5, 2026 · 100% conf.
1D
-4.90%
$41.90
Act: +5.63%
5D
-3.54%
$42.50
Act: +1.20%
20D
+4.07%
$45.85
cent-20260805
0000887733FALSE00008877332026-08-052026-08-050000887733us-gaap:CommonStockMember2026-08-052026-08-050000887733us-gaap:CommonClassAMember2026-08-052026-08-05
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)August 5, 2026
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 5, 2026, Central Garden & Pet Company issued a press release announcing its financial results for the third quarter fiscal year 2026 ended June 27, 2026. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated August 5, 2026.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: August 5, 2026
May 6, 2026
cent-20260506
0000887733FALSE00008877332026-05-062026-05-060000887733us-gaap:CommonStockMember2026-05-062026-05-060000887733us-gaap:CommonClassAMember2026-05-062026-05-06
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)May 6, 2026
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026, Central Garden & Pet Company issued a press release announcing its financial results for the second quarter fiscal year 2026 ended March 28, 2026. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated May 6, 2026.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: May 6, 2026
Feb 4, 2026
cent-20260204
0000887733FALSE00008877332025-08-062025-08-060000887733us-gaap:CommonStockMember2025-08-062025-08-060000887733us-gaap:CommonClassAMember2025-08-062025-08-06
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)February 4, 2026
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 4, 2026, Central Garden & Pet Company issued a press release announcing its financial results for the first quarter fiscal year 2026 ended December 27, 2025. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated February 4, 2026.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: February 04, 2026
Nov 24, 2025
cent-20251124
0000887733FALSE00008877332025-11-242025-11-240000887733us-gaap:CommonStockMember2025-11-242025-11-240000887733us-gaap:CommonClassAMember2025-11-242025-11-24
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)November 24, 2025
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 24, 2025, Central Garden & Pet Company issued a press release announcing its financial results for the fourth quarter and fiscal year 2025 ended September 27, 2025. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated November 24, 2025.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: November 24, 2025
Aug 6, 2025
cent-20250806
0000887733FALSE00008877332025-08-062025-08-060000887733us-gaap:CommonStockMember2025-08-062025-08-060000887733us-gaap:CommonClassAMember2025-08-062025-08-06
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)August 6, 2025
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2025, Central Garden & Pet Company issued a press release announcing its financial results for the third quarter fiscal year 2025 ended June 28, 2025. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated August 6, 2025.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: August 06, 2025
Jul 11, 2025
2 exhibit991q3prerelease.htm
Document
Exhibit 99.1
Central Garden & Pet Raises Fiscal 2025 Non-GAAP EPS Outlook; Fiscal 2025 Non-GAAP EPS Now Expected to Be Approximately $2.60
Improved Outlook Driven by Strong Execution and Cost and Simplicity Initiatives
Continued Focus on Strategic Investments to Drive Long-Term Profitable Growth
Confidence in Central to Home Strategy and Opportunities Across Pet and Garden Segments
WALNUT CREEK, Calif.--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a leading company in the pet and garden industries, today announced that it has raised its outlook for fiscal 2025 non-GAAP earnings per share (EPS) to approximately $2.60.
“Fiscal 2025 is tracking ahead of our expectations, reflecting disciplined execution across Team Central,” said Niko Lahanas, CEO of Central Garden & Pet. “Margin expansion is being driven by our Cost and Simplicity initiatives and a favorable product mix. The organization remains highly aligned and focused on delivering value to our consumers and shareholders.”
Lahanas continued, “As we look toward the remainder of the fiscal year, we want to emphasize that our fourth quarter is seasonally small, and the operating environment remains dynamic. Our outlook reflects continued uncertainty around evolving consumer demand. We remain focused on executing our strategic priorities, including making targeted investments to fuel long-term growth. These investments are expected to enable us to capitalize on opportunities in both the Pet and Garden segments and further advance our Central to Home strategy.”
This updated outlook reflects anticipated shifts in consumer behavior amid macroeconomic and geopolitical uncertainty, challenges within the brick-and-mortar retail landscape, and the weather variability anticipated for the remainder of the fiscal year. This outlook excludes the potential impact of further changes in tariff rates, as well as any acquisitions, divestitures, or restructuring activities that may arise during the remainder of fiscal 2025, including initiatives under the Cost and Simplicity program.
Central anticipates fiscal 2025 capital expenditures of approximately $60 million.
The Company will provide additional details during its fiscal 2025 third-quarter earnings call scheduled for August 6, 2025.
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 45 years. With fiscal 2024 net sales of $3.2 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®, C&S®, Farnam®, Ferry-Morse®, Four Paws®, Kaytee®, Nylabone® and Pennington®, strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with more than 6,000 employees, primarily across North America. Visit www.central.com to learn more.
The statements contained in this release which are not historical facts, including statements concerning consumer demand, the impact of investments on long-term growth, the expected impact of tariffs, anticipated capital expenditures, and updated earnings guidance for fiscal 2025, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially
Exhibit 99.1
from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon Central's current expectations and various assumptions. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors:
•economic uncertainty and other adverse macroeconomic conditions, including a potential recession;
•impacts of tariffs or a trade war;
•risks associated with international sourcing, including from China;
•fluctuations in energy prices, fuel and related petrochemical costs;
•declines in consumer spending and the associated increased inventory risk;
•seasonality and fluctuations in our operating results and cash flow;
•adverse weather conditions and climate change;
•the success of our Central to Home strategy and our Cost and Simplicity program;
•fluctuations in market prices for seeds and grains and other raw materials, including the impact of significant declines in grass seed market prices on our inventory valuation;
•risks associated with new product introductions, including the risk that our new products will not produce sufficient sales to recoup our investment;
•dep
May 7, 2025
cent-20250507
0000887733FALSE00008877332025-05-072025-05-070000887733us-gaap:CommonStockMember2025-05-072025-05-070000887733us-gaap:CommonClassAMember2025-05-072025-05-07
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 7, 2025
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware
001-33268
68-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597
(Address of principal executive offices) (Zip Code)
(925) 948-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
The NASDAQ Stock Market LLC
Class A Common Stock
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2025, Central Garden & Pet Company issued a press release announcing its financial results for the second
quarter fiscal year 2025 ended March 29, 2025. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number
Description
Exhibit 99.1
Press release dated May 7, 2025.
Exhibit 104
Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the
Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: May 07, 2025
Feb 5, 2025
cent-20250205
0000887733FALSE1340 Treat Boulevard, Suite 600Walnut CreekCalifornia2/5/202500008877332025-02-052025-02-050000887733us-gaap:CommonStockMember2025-02-052025-02-050000887733us-gaap:CommonClassAMember2025-02-052025-02-05
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 5, 2025
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware
001-33268
68-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California
94597
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(925) 948-4000
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
The NASDAQ Stock Market LLC
Class A Common Stock
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On February 5, 2025, Central Garden & Pet Company issued a press release announcing its financial
results for the first quarter fiscal year 2025 ended December 28, 2024. A copy of the press release is attached as
Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number
Description
Exhibit 99.1
Press release dated February 5, 2025.
Exhibit 104
Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the
Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated:February 5, 2025
Nov 25, 2024
cent-20241125
0000887733FALSE1340 Treat Boulevard, Suite 600Walnut CreekCalifornia11/25/202400008877332024-11-252024-11-250000887733us-gaap:CommonStockMember2024-11-252024-11-250000887733us-gaap:CommonClassAMember2024-11-252024-11-25
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)November 25, 2024
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California94597
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (925) 948-4000
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 25, 2024, Central Garden & Pet Company issued a press release announcing its financial results for the fourth quarter and fiscal year 2024 ended September 28, 2024. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated November 25, 2024
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ BRADLEY G. SMITH
Bradley G. Smith
Chief Financial Officer
(Principal Financial Officer)
Dated: November 25, 2024
May 8, 2024
cent-20240508
0000887733FALSE1340 Treat Boulevard, Suite 600Walnut CreekCalifornia00008877332024-05-082024-05-080000887733us-gaap:CommonStockMember2024-05-082024-05-080000887733us-gaap:CommonClassAMember2024-05-082024-05-08
Pursuant To Section 13 of 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)May 8, 2024
Central Garden & Pet Company
(Exact name of registrant as specified in its charter)
Delaware001-3326868-0275553
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
1340 Treat Boulevard, Suite 600, Walnut Creek, California94597
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (925) 948-4000
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCENTThe NASDAQ Stock Market LLC
Class A Common StockCENTAThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2024, Central Garden & Pet Company issued a press release announcing its financial results for the second quarter fiscal year 2024 ended March 30, 2024. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit NumberDescription
Exhibit 99.1 Press release dated May 8, 2024.
Exhibit 104Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ NICHOLAS LAHANAS
Nicholas Lahanas
Chief Financial Officer
(Principal Financial Officer)
Dated: May 8, 2024
Exhibit 99.1
Feb 7, 2024
2 a53893480ex99_1.htm
Exhibit 99.1
Central Garden & Pet Announces Q1 Fiscal 2024 Financial Results
Fiscal 2024 Q1 net sales of $635 million
Fiscal 2024 Q1 earnings per share of $0.01
Maintains outlook for fiscal 2024 non-GAAP EPS of $2.50 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--February 7, 2024--Central 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 first quarter ended December 30, 2023.
“The fiscal year is off to a solid start as we successfully navigated the challenging external environment. We delivered earnings per share of $0.01 as a result of improved gross margin and early season shipments,” said Beth Springer, Interim CEO of Central Garden & Pet. “Our outlook for the fiscal year is unchanged, and we are focused on executing our long-term Central to Home strategy with excellence.”
Fiscal 2024 First Quarter Financial Results
Net sales were $635 million compared to $628 million a year ago, an increase of 1%. Organic net sales increased 1%.
Gross profit was $179 million compared to $172 million in the prior year. Gross margin improved 80 basis points to 28.2% compared to 27.4% driven by cost management and moderating inflation.
Operating income was $8 million compared to $0.4 million a year ago. Operating margin was 1.3% compared to 0.1%, an increase of 120 basis points driven by higher gross margin and cost management resulting in lower SG&A as a percentage of net sales.
Net interest expense was $10 million compared to $14 million a year ago driven by higher cash balances and interest rates.
Net income was $0.4 million compared to net loss of $8 million a year ago. Earnings per share were $0.01 compared to loss per share of $0.16, an increase of $0.17 cents. Adjusted EBITDA was $37 million compared to $29 million a year ago.
The effective tax rate was 287.7% compared to 24.2% in the prior year due to a benefit from a discrete item related to stock compensation in the current year quarter.
Pet Segment Fiscal 2024 First Quarter Results
Net sales for the Pet segment were $409 million compared to $416 million in the prior year, a decrease of 2% due to lower sales of durable pet products. Organic net sales decreased 5% excluding the impact of the recent acquisition of TDBBS.
Pet segment operating income was $43 million compared to $40 million a year ago, an increase of 10%. Operating margin was 10.6% compared to 9.5%, an increase of 110 basis points driven by the positive results of Central's Cost and Simplicity program and lower commercial spend. Pet segment adjusted EBITDA was $54 million compared to $50 million in the prior year.
Garden Segment Fiscal 2024 First Quarter Results
Net sales for the Garden segment were $225 million compared to $212 million a year ago, an increase of 6% driven by early season shipments in Controls & Fertilizer, Grass, and Packet Seeds. Organic net sales increased 11% excluding the impact of the sale of the independent garden channel distribution business.
Garden segment operating loss was $9 million compared to operating loss of $11 million in the prior year, an improvement of 18%. Operating margin was (3.9)% compared to (5.1)%, an improvement of 120 basis point driven by gross margin improvement and favorable overhead absorption, partially offset by higher commercial spend. Garden segment adjusted EBITDA was $2 million compared to $0.02 million a year ago.
Additional Information
The cash balance at the end of the quarter was $341 million compared to $88 million a year ago, driven by a reduction in inventory due to converting inventory to cash over the last 12 months. Cash used by operations during the quarter was $70 million compared to $63 million a year ago.
Total debt as of December 30, 2023, and December 24, 2022 was $1.2 billion. The leverage ratio, as defined in Central's credit agreement, at the end of the first quarter was 3.0x compared to 3.1x at the end of the prior year quarter. Central repurchased 39,576 shares or $1.4 million of its stock during the quarter.
Fiscal 2024 Guidance
Central continues to expect fiscal 2024 non-GAAP EPS to be $2.50 or better before the impact of the stock dividend taking place on February 8, 2024.
This outlook reflects an environment of macroeconomic and geopolitical uncertainty with deflationary pressure in some of Central's commodity businesses and uncertain consumer demand and retailer dynamics. It includes modest pricing actions to help mitigate inflationary headwinds. This outlook excludes the impact of any acquisitions, divestitures or restructuring activities that may occur during fiscal 2024, including any projects under the Cost and Simplicity program. It also excludes the impact from the recent TDBBS acquisition. Central expects fiscal 2024 capital spending to be approximately $70 million.
Stock Dividend
On December 11, 2023, Central's board of dir
Nov 21, 2023
2 a53861046ex99_1.htm
Exhibit 99.1
Central Garden & Pet Announces Fourth Quarter and Fiscal Year 2023 Financial Results
Fiscal 2023 net sales of $3.3 billion
Fiscal 2023 GAAP EPS of $2.35, non-GAAP EPS of $2.59
Expects fiscal 2024 non-GAAP EPS of $2.50 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--November 20, 2023--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the Pet and Garden industries, today announced results for its fourth quarter and fiscal year ended September 30, 2023.
"We are proud of what Team Central was able to achieve in a challenging environment characterized by evolving consumer behavior, unfavorable retailer inventory dynamics, high inflation and extreme weather. Despite these headwinds, we delivered non-GAAP EPS within our revised fiscal 2023 guidance, successfully turned inventories into cash, generated record cash flow and continued to make progress on our Cost and Simplicity program," said Beth Springer, Interim CEO of Central Garden & Pet. "While the near-term external environment remains challenging, we are confident in the competitive strength of Central, our Team's execution and our Central to Home strategy."
Fiscal 2023 Results
Net sales of $3.3 billion were in line with the prior year. Fiscal 2023 benefited from an additional week compared to the prior year.
Net sales for the Pet segment of $1.9 billion were in line with the prior year. Net sales for the Garden segment were $1.4 billion compared to $1.5 billion a year ago.
Gross margin was 28.6% compared to 29.7% in the prior year. On a non-GAAP basis, gross margin was 28.9%. The decrease was due to inflation and lower volumes resulting in unfavorable overhead absorption, partially offset by improved pricing and productivity efforts.
Operating income was $211 million compared to $260 million a year ago. On a non-GAAP basis, operating income was $227 million. Operating margin was 6.4% compared to 7.8% in the prior year. On a non-GAAP basis, operating margin was 6.9%. The decrease was due to lower sales and inflation, partially offset by improved pricing and cost reductions.
Other income and expense was income of $1.5 million compared to expense of $3.6 million a year ago.
Net interest expense was $50 million compared to $58 million in the prior year driven by higher cash balances and interest rates.
Net income was $126 million compared to $152 million a year ago. On a non-GAAP basis, net income was $138 million. Earnings per share were $2.35 compared to $2.80 in the prior year. On a non-GAAP basis, earnings per share were $2.59, in line with Central's revised fiscal 2023 guidance.
Adjusted EBITDA was $343 million compared to $367 million a year ago.
The effective tax rate for the fiscal year was 22.4% compared to 23.2% in the prior year. The decrease was primarily due to the impact of a lower blended state tax rate.
Fourth Quarter Fiscal 2023 Results
Net sales increased 6% to $750 million. The fourth quarter benefited from an additional week compared to the prior year.
Gross margin was 26.3% compared to 28.2% a year ago. On a non-GAAP basis, gross margin was 26.6%. The decrease was due to inflation and lower volumes resulting in unfavorable overhead absorption, partially offset by improved pricing and productivity efforts.
Operating income was $9 million compared to $13 million in the prior year. On a non-GAAP basis, operating income was $12 million. Operating margin was 1.2% compared to 1.8% in the prior year. On a non-GAAP basis, operating margin was 1.6%.
Other expense was $1.7 million compared to $2.3 million in the prior year.
Net interest expense was $8 million compared to $14 million a year ago.
Net income was $2.8 million compared to a net loss of $2.0 million in the prior year quarter. On a non-GAAP basis, net income was $5.1 million. Earnings per share were $0.05 compared to a loss per share of $0.04 in the prior year. On a non-GAAP basis, earnings per share were $0.10.
Adjusted EBITDA was $42 million, in line with the prior year.
Pet Segment Fourth Quarter Fiscal 2023 Results
Net sales for the Pet segment increased 10% to $483 million, driven primarily by the additional week compared to the prior year.
The Pet segment’s operating income increased 7% to $43 million. On a non-GAAP basis, operating income was $48 million. Operating margin was 9.0% compared to 9.2% in the prior year. On a non-GAAP basis, operating margin was 9.9%. The increase was driven by productivity efforts and improved pricing, partially offset by unfavorable overhead absorption.
Pet segment adjusted EBITDA increased 15% to $58 million.
Garden Segment Fourth Quarter Fiscal 2023 Results
Net sales for the Garden segment of $267 million were in line with prior year, due to softness across most of the Garden portfolio, partially offset by strength in controls & fertilizer, live goods and grass seed.
The Garden segment’s operating loss was $3.4 million comp
Aug 2, 2023
2 a53503774ex99_1.htm
Exhibit 99.1
Central Garden & Pet Announces Record Q3 Fiscal 2023 Financial Results
Fiscal 2023 Q3 net sales of $1,023 million
Fiscal 2023 Q3 EPS of $1.56; Non-GAAP EPS of $1.75
Raises outlook for fiscal 2023 Non-GAAP EPS to $2.55 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--August 2, 2023--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, today announced its third quarter fiscal 2023 financial results for the period ended June 24, 2023.
“We delivered record operating income and earnings per share in the third quarter while expanding gross margin, growing market share and significantly improving our cash position. We are also pleased with the progress we are making on our cost and simplicity program,” said Tim Cofer, CEO of Central Garden & Pet. “Given our record Q3 performance, coupled with the early visibility we have into the fourth quarter, we are raising our outlook for the full year.”
Fiscal 2023 Third Quarter Financial Results
Net sales increased 1% to $1,023 million from $1,015 million a year ago.
Gross margin expanded by 80 basis points to 31.1% from 30.3% a year ago, and by 160 basis points to 31.9% on a non-GAAP basis. The gross margin expansion was driven by improved pricing, cost management and favorable product mix.
Operating income increased 8% to $123 million from $114 million a year ago, and 20% to $137 million on a non-GAAP basis. Operating margin expanded by 80 basis points to 12.0% from 11.2% in the prior year, and by 220 basis points to 13.4% on a non-GAAP basis. The operating margin expansion was driven by improved gross profit and reduced commercial spend to align with demand.
Net interest expense was $13 million compared to $14 million in the prior year quarter.
The Company's net income increased 10% to $83 million from $75 million a year ago, and 24% to $94 million on a non-GAAP basis. Earnings per share increased $0.17 to $1.56 from $1.39 in the prior year, and $0.36 to $1.75 on a non-GAAP basis. Adjusted EBITDA increased 17.3% to $166 million from $141 million in the prior year.
The Company’s effective tax rate was 24.4% compared to 23.7% in the prior year quarter.
Pet Segment Fiscal 2023 Third Quarter Results
Net sales for the Pet segment of $503 million were essentially flat compared to $505 million in the prior year. Strength in Dog & Cat Treats & Toys as well as Bird was offset by lower sales in Outdoor Cushions and lower demand for durable pet products.
Pet segment operating income was $60 million compared to $63 million a year ago and increased 18% to $74 million on a non-GAAP basis. Operating margin was 11.9% compared to 12.4% in the prior year. On a non-GAAP basis, operating margin increased by 230 basis points to 14.7% driven by improved pricing and cost management. Pet segment adjusted EBITDA was $84 million compared to $72 million a year ago.
Garden Segment Fiscal 2023 Third Quarter Results
Net sales for the Garden segment increased 2% to $520 million from $511 million a year ago. Strength in Live Goods, Packet Seed and Wild Bird was partly offset by lower sales in Distribution and Grass Seed.
Garden segment operating income increased 17% to $88 million from $76 million a year ago, and operating margin increased by 210 basis points to 16.9% from 14.8% in the prior year. The increase in operating margin was mainly driven by improved pricing, favorable product mix and cost management. Garden segment adjusted EBITDA increased 17% to $99 million from $85 million in the prior year quarter.
Additional Information
The Company's cash balance at the end of the quarter was $333 million compared to $196 million a year ago. Cash provided by operations during the quarter was $325 million compared to $190 million a year ago. The increase in cash provided by operations was driven by a reduction in inventory as the Company converted inventory to cash.
Total debt as of June 24, 2023 and June 25, 2022 was $1.2 billion. The Company's leverage ratio, as defined in the Company's credit agreement, at the end of the third quarter was 3.1x compared to 2.9x at the end of the prior year quarter. The Company repurchased approximately 466,011 shares or $16.7 million of its stock during the quarter.
Cost and Simplicity Program
The Company continues to progress 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 to simplify its business and improve efficiency across the organization. In the third quarter fiscal 2023, as expected, the Company incurred $14 million of one-time charges related to the closure of its pet bedding facility in Texas, the majority of which were non-cash.
Earlier this week, the Company completed the sale of its independent garden center distribution business to reduce complexity and i
May 3, 2023
2 a53392903ex99_1.htm
Exhibit 99.1
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
WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 3, 2023--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.
“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 capita
Apr 18, 2023
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Exhibit 99.1
Central Garden & Pet Updates Outlook for Fiscal 2023 EPS
Fiscal 2023 EPS expected to be $2.35 or better, driven largely by late start of the Garden season
Second quarter EPS expected to be approximately $0.90
Company advances cost and simplicity program
WALNUT CREEK, Calif.--(BUSINESS WIRE)--April 18, 2023--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, today announced that the Company now expects fiscal 2023 earnings per share (“EPS”) to be $2.35 or better. This outlook includes expected second quarter EPS of approximately $0.90. The weaker than expected second quarter performance was significantly impacted by poor spring weather, including severe storms in the Southeast, heavy rain and snow in the West and an unseasonably cold late March.
“The Pet segment met our expectations and expanded market share. However, we experienced broad-based softness across our Garden portfolio due to unfavorable weather leading to a late start to the garden season, lighter foot traffic and lower retailer inventory levels,” said Tim Cofer, CEO of Central Garden & Pet. “Consistent with the guidance we provided in January, we expect EPS 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. The program focuses on a number of key areas including Procurement, Logistics, Manufacturing, Portfolio Management and Administrative. We will communicate more details during our second quarter earnings call on May 3, 2023, and provide further updates going forward on our plans to deliver sustainable, improved performance.”
The Company’s fiscal year 2023 EPS outlook reflects macroeconomic uncertainty, cost inflation, evolving consumer behavior and unfavorable retailer inventory dynamics, as well as anticipated pricing actions and productivity initiatives across the Company's portfolio and capital spending significantly below fiscal 2022 levels. Fiscal 2023 will have 53 weeks compared to 52 weeks in fiscal 2022. This outlook does not include the impact of any acquisitions or restructuring activities that may occur during fiscal 2023.
About Central Garden & Pet
Central Garden & Pet (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 Garden & Pet is based in Walnut Creek, California and has over 7,000 employees across North America and Europe. For additional information about Central, please visit www.central.com.
“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 dynamics, anticipated pricing actions, productivity initiatives and reduced capital spending, and earnings guidance for the second fiscal quarter and 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 inability 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 fina
Jan 31, 2023
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Exhibit 99.1
Central Garden & Pet Announces Q1 Fiscal 2023 Financial Results
Fiscal 2023 Q1 net sales of $628 million
Fiscal 2023 Q1 loss per share of $0.16
Maintains outlook for fiscal 2023 EPS of $2.60 to $2.80
WALNUT CREEK, Calif.--(BUSINESS WIRE)--January 31, 2023--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Pet and Garden industries, today announced financial results for its fiscal 2023 first quarter ended December 24, 2022.
“We delivered first quarter results in line with our guidance which anticipated near-term challenges including the residual impact from last year's poor garden season, higher retailer inventories, softer foot traffic at garden retailers, and broadly higher input costs,” said Tim Cofer, CEO of Central Garden & Pet. “Looking to the rest of the year, we assume a more normal garden season and that inventory dynamics will stabilize, and expect pricing actions and cost control to largely offset inflation. We remain confident in the competitive strength of Central, our team's ability to perform in this difficult environment and the long-term trends supporting growth in the Pet and Garden industries.”
Fiscal 2023 First Quarter Financial Results
Net sales were $628 million compared to $661 million a year ago, a decline of 5%.
Gross margin was 27.4% compared to 30.0% a year ago. The decline was driven primarily by the Garden segment largely due to cost inflation and unfavorable overhead absorption due to lower sales, partially offset by pricing actions.
Operating income was $0.4 million compared to $26 million a year ago, and operating margin was 0.1% compared to 4.0% in the prior year. The operating margin decline was primarily driven by the Garden segment largely due to cost inflation and overhead absorption pressures from lower sales, partially offset by lower commercial spend.
Net interest expense of $14 million was in line with the prior year quarter.
The Company's net loss was $8 million compared to net income of $9 million a year ago. Loss per share was $0.16 compared to earnings per share of $0.16 in the prior year quarter. Adjusted EBITDA was $29 million compared to $52 million a year ago.
The Company’s effective tax rate was 24.2% compared to 20.7% in the prior year quarter.
Pet Segment Fiscal 2023 First Quarter Results
Net sales for the Pet segment were $416 million compared to $436 million in the prior year, a decline of 5%. The decline was largely driven by the Company's decision to discontinue low-profit private label product lines, and lower demand for durable pet products, particularly in Aquatics.
Pet segment operating income was $40 million compared to $45 million a year ago, and operating margin was 9.5% compared to 10.4%. The decline in operating margin was mainly driven by inflation and lower sales, partially offset by pricing actions. Pet segment adjusted EBITDA was $50 million compared to $55 million a year ago.
Garden Segment Fiscal 2023 First Quarter Results
Net sales for the Garden segment were $212 million compared to $225 million a year ago, a decline of 6%. Lower sales in Controls & Fertilizer were partially offset by strength in Wild Bird and Grass Seed. Net sales were unfavorably impacted by higher inventories at retail and lower foot traffic compared to a year ago.
Garden segment operating loss was $11 million compared to operating income of $6 million, and operating margin was (5.1)% compared to 2.7% a year ago. The decline in operating margin was mainly driven by inflation and the impact of lower sales partially offset by pricing actions. Garden segment adjusted EBITDA was $22 thousand compared to $16 million in the prior year quarter.
Additional Information
The Company's cash balance at the end of the quarter was $88 million compared to $296 million a year ago, driven by inventory build over the last 12 months. Cash used by operations during the quarter was $63 million compared to $92 million a year ago. The decrease in cash used by operations was driven primarily by lower working capital requirements.
Total debt as of December 24, 2022 and December 25, 2021 was $1.2 billion. The Company's leverage ratio, as defined in the Company's credit agreement, at the end of the first quarter was 3.1x compared to 2.9x at the end of the prior year quarter. The Company repurchased approximately 251,000 shares or $9 million of its stock during the quarter.
Fiscal 2023 Guidance
The Company continues to expect fiscal 2023 EPS to be $2.60 to $2.80. This outlook reflects the macroeconomic uncertainty, further cost inflation, evolving consumer behavior and unfavorable retailer inventory dynamics. The outlook includes anticipated pricing actions and productivity initiatives across the Company's portfolio to help mitigate inflation. The Company expects fiscal 2023 capital spending to be significantly below fiscal 2022 levels. Fiscal 2023 will have 53 weeks com
Nov 22, 2022
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Exhibit 99.1
Central Garden & Pet Announces Q4 and Fiscal 2022 Financial Results
Fiscal 2022 net sales increased 1% to $3.3 billion
Fiscal 2022 diluted EPS increased 2% to $2.80
Initial outlook for fiscal 2023 EPS in the range of $2.60 to $2.80
WALNUT CREEK, Calif.--(BUSINESS WIRE)--November 21, 2022--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the Garden and Pet industries, today announced results for its fourth quarter and fiscal year 2022 ended September 24, 2022.
"Central delivered solid fiscal 2022 results in a challenging environment characterized by poor weather during the peak garden season, high inflation, evolving consumer behavior and unfavorable retailer inventory dynamics. Despite these headwinds, we grew net sales, gross margin, operating income, and EPS versus prior year, and we exceeded the guidance we provided in June," said Tim Cofer, CEO of Central Garden & Pet. "While the near-term economic outlook remains volatile and likely unfavorable, we remain confident in the fundamental trends that support growth in the Garden and Pet industries, the competitive strength of Central and our Central to Home strategy."
Fiscal 2022 Results
Net sales were $3.3 billion, an increase of 1% compared to the prior year, driven by the Company's recent acquisitions. Net sales grew at a 12% three-year CAGR from $2.4 billion in fiscal 2019. Organic net sales decreased 3%.
Net sales for the Pet segment were $1.9 billion, a decrease of 1% compared to a year ago, unfavorably impacted by SKU rationalization and the purposeful decision to exit low-profit private label product lines. Net sales for the Pet segment grew at a 9% three-year CAGR compared to $1.5 billion in fiscal 2019. Net sales for the Garden segment increased 4% to $1.5 billion compared to $1.4 billion in the prior year and at a 17% three-year CAGR compared to $923 million in fiscal 2019.
Despite significant inflationary headwinds across commodities, freight and labor, gross margin increased 30 basis points to 29.7% compared to 29.4% a year ago. The Company was able to offset these headwinds through a combination of pricing actions, favorable product mix and gross productivity efforts.
Operating income of $260 million increased 2% from $254 million in fiscal 2021. Operating margin increased 10 basis points to 7.8% compared to 7.7% a year ago, due to gross margin improvement.
Other expense was $3.6 million compared to $1.5 million in the prior year.
Net interest expense was $58 million, in line with the prior year.
Net income was $152 million, in line with a year ago. Diluted earnings per share grew $0.05 to $2.80 compared to $2.75 in the prior year.
Adjusted EBITDA was $367 million, an increase of 4% compared to $352 million in fiscal 2021.
The effective tax rate for the fiscal year was 23.2% compared to 21.6% in the prior year. The increased effective income tax rate in fiscal 2022 was due primarily to a reduced tax benefit from stock-based compensation compared to the prior year.
Fourth Quarter Fiscal 2022 Results
Net sales decreased 4% to $707 million compared to $739 million in the fourth quarter of fiscal 2021.
Gross margin decreased 60 basis points to 28.2% as the positive effect of pricing actions was more than offset by substantial inflationary cost pressure and lower sales volume.
Operating income was $13 million, an increase of 34% compared to $10 million in the fourth quarter of fiscal 2021. Operating margin was 1.8%, an increase of 50 basis points compared to 1.3% in the prior year quarter.
Other expense was $2.3 million compared to $1.9 million in the fourth quarter of fiscal 2021.
Net interest expense of $14 million for the fourth quarter was in line with the prior-year quarter.
This resulted in a net loss of $2.0 million compared to a net loss of $3.0 million in the fourth quarter of fiscal 2021, and a diluted loss per share of $0.04 compared to a diluted loss per share of $0.06 in the prior year quarter.
Adjusted EBITDA was $42 million, up 13% from $38 million in the fourth quarter of fiscal 2021.
Pet Segment Fourth Quarter Fiscal 2022 Results
Net sales for the Pet segment were $440 million, a decrease of 4% compared to the prior year, unfavorably impacted by SKU rationalization and the purposeful decision to exit low-profit private label product lines.
The Pet segment’s operating income was $40 million, an increase of 28% compared to $32 million in the prior year quarter. Operating margin of 9.2% reflected an increase of 230 basis points compared to 6.9% in the fourth quarter of fiscal 2021, driven primarily by lower commercial expense and variable compensation as well as the favorable impact of pricing actions.
Garden Segment Fourth Quarter Fiscal 2022 Results
Net sales for the Garden segment were $268 million, a decrease of 4% compared to the prior year quarter, due to softness across most of the Garden portfolio, pa
Aug 3, 2022
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Exhibit 99.1
Central Garden & Pet Announces Q3 Fiscal 2022 Results
Q3 fiscal 2022 net sales of $1,015 million
Q3 fiscal 2022 diluted GAAP EPS of $1.39
Maintains outlook for fiscal 2022 diluted GAAP EPS at or above prior year
WALNUT CREEK, Calif.--(BUSINESS WIRE)--August 3, 2022--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the Garden and Pet industries, today announced financial results for its fiscal 2022 third quarter ended June 25, 2022.
“In the face of a challenging environment, Central delivered third quarter EPS two cents above the prior year quarter,” said Tim Cofer, CEO of Central Garden & Pet. “Despite softness in the garden segment due to unfavorable weather, evolving consumer behavior, reduced foot traffic and changing retailer inventory expectations, our team continued to execute well during the quarter. We remain confident in our Central to Home strategy and will make purposeful investments to capture opportunities in the pet and garden industries that will drive profitable long-term growth.”
Third Quarter Fiscal 2022 Financial Results
Net sales decreased 2% to $1,015 million compared to $1,037 million a year ago primarily due to softness in the garden segment. Organic net sales decreased 5% compared to the prior year quarter.
Gross margin of 30.3% was 60 basis points below prior year, as pricing and productivity improvements were more than offset by cost inflation in commodities, freight and labor, and unfavorable product mix.
Operating income of $114 million grew 1% compared to $113 million in the prior year. Operating margin increased 30 basis points to 11.2% despite continued inflation and heightened investment spending.
Net interest expense was $14 million compared to $13 million a year ago.
The Company's net income was $75 million, a decrease of 1% from $76 million a year ago. Diluted GAAP earnings per share for the quarter increased $0.02 to $1.39 from $1.37 in the prior year quarter. Adjusted EBITDA of $141 million was in line with $141 million a year ago.
The Company’s effective tax rate was 23.7% compared to 22.5% in the prior year quarter.
Garden Segment Third Quarter Fiscal 2022 Results
Net sales for the Garden segment decreased 4% to $511 million from $529 million a year ago as contributions from the Company's fourth quarter 2021 D&D acquisition were more than offset by a decline in organic sales of 8%. Unfavorable weather impacted the majority of the Company's garden business other than wild bird. On a two-year compound annualized growth rate basis, organic Garden segment sales increased 14% in the third quarter.
Garden segment operating income increased 13% to $76 million driven by the strong performance of recent acquisitions. Operating margin grew 210 basis points to 14.8%, mainly driven by contributions from recent acquisitions and improved pricing, partially offset by inflationary pressures and heightened investment spending. Garden segment adjusted EBITDA increased 9% to $85 million from $78 million in the prior year quarter.
Pet Segment Third Quarter Fiscal 2022 Results
Net sales for the Pet segment of $505 million were largely in line with prior year sales of $508 million, with notable contributions from the Company's dog & cat treats and toys and outdoor cushion businesses, offset by reduced sales of pet beds primarily due to SKU rationalization.
Pet segment operating income decreased 12% to $63 million, and operating margin declined 160 basis points to 12.4%. Pet segment adjusted EBITDA decreased 9% to $72 million from $80 million a year ago, largely driven by inflationary headwinds and heightened investment spending, partially offset by improved pricing.
Additional Information
The Company's cash balance at the end of the quarter was $196 million compared to $517 million a year ago.
Cash provided by operations during the quarter was $190 million compared to $299 million a year ago. The decrease in cash provided by operations was primarily due to changes in working capital driven in part by management's decision to maintain adequate inventory levels to combat a challenged supply chain as well as higher cost of inventory in this inflationary environment.
Total debt was $1.2 billion as of June 25, 2022 and June 26, 2021. The Company's leverage ratio(1) was 2.9x at the end of the third quarter and at the end of the prior year quarter. The Company repurchased approximately 542 thousand shares or $22.1 million of its stock during the quarter.
Fiscal 2022 Guidance
As indicated in our press release dated June 22, 2022, the Company expects fiscal 2022 GAAP EPS to be at or above prior year. The outlook takes into account increasing costs for commodities and freight, exacerbated by the current geopolitical environment, labor and a return to more normalized consumer demand patterns following extraordinary demand spanning two fiscal years. This guidance further includes
May 4, 2022
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Exhibit 99.1
Central Garden & Pet Announces Q2 Fiscal 2022 Results
Q2 fiscal 2022 net sales increased 2% to $954 million
Q2 fiscal 2022 diluted GAAP EPS of $1.27
Maintains outlook for fiscal 2022 diluted GAAP EPS of $3.10 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 4, 2022--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the garden and pet industries, today announced financial results for its fiscal 2022 second quarter ended March 26, 2022.
“Central delivered another solid quarter thanks to strong execution by our team in this challenging inflationary environment,” said Tim Cofer, CEO of Central Garden & Pet. “Despite the ongoing headwinds, we grew sales and operating income, and importantly, expanded gross margin, and remain on track to deliver our fiscal 2022 financial targets. We continue to make purposeful investments to drive profitable long-term growth.”
Fiscal 2022 Second Quarter Financial Results
Net sales increased 2% to $954 million compared to $935 million a year ago, driven by recent acquisitions, which contributed $52 million to the quarter. Organic net sales decreased 3.5% compared to the prior year quarter.
Gross margin was 30.1%, an increase of 100 basis points compared to a year ago, driven primarily by pricing as well as favorable product mix and productivity improvements, partially offset by cost inflation in commodities, freight and labor.
Operating income increased 2% to $107 million from $105 million a year ago. Operating margin of 11.2% was in line with the prior year despite continued inflation and heightened investment spending.
Net interest expense was $15 million compared to $10 million a year ago primarily due to higher debt outstanding.
The Company's net income was $70 million, a decrease of 4% from $73 million a year ago. Diluted GAAP earnings per share for the quarter was $1.27, a decrease of $0.05 compared to the prior year quarter. Adjusted EBITDA increased 2% to $131 million from $129 million a year ago.
The Company’s effective tax rate was 23.4% compared to 22.7% in the prior year quarter.
Garden Segment Fiscal 2022 Second Quarter Results
Net sales for the Garden segment increased 3% to $457 million driven by contributions from recent acquisitions offsetting a decline in organic sales of 9%. Organic strength in wild bird was more than offset by declines in chemicals & fertilizer, garden distribution, controls and grass seed, driven by unfavorable weather causing a late start to the garden season. On a two-year compound annualized growth rate basis, organic Garden segment sales increased 17% in the second quarter.
Garden segment operating income increased 7% to $71 million driven by the strong performance of recent acquisitions. Operating margin grew 50 basis points to 15.4%, mainly driven by contributions from recent acquisitions and improved pricing, partially offset by inflationary pressures and heightened investment spending. Garden segment adjusted EBITDA increased 5% to $78 million from $75 million in the prior year quarter.
Pet Segment Fiscal 2022 Second Quarter Results
Net sales for the Pet segment increased 1% to $498 million, with notable contributions from the Company's dog and cat, outdoor cushions, professional and pet distribution businesses, offset by softness in pet beds.
Pet segment operating income decreased 2% to $61 million, and operating margin declined 40 basis points to 12.2%. Pet segment adjusted EBITDA decreased 1% to $70 million from $71 million a year ago, largely driven by inflationary headwinds and heightened investment spending, partially offset by improved pricing and favorable product mix.
Additional Information
The Company's cash balance at the end of the quarter was $54 million compared to $40 million a year ago. Cash used by operations during the quarter was $180 million compared to $84 million a year ago. The increase in cash used by operations was due primarily to changes in working capital, predominantly an increase in inventory resulting from an intentional build-up in inventory due to increased demand for the Company's products amid the continuing global supply chain issues, as well as increased input costs.
Total debt as of March 26, 2022 was $1.2 billion compared to $1 billion at March 27, 2021. The Company's leverage ratio(1) at the end of the second quarter was 2.9x compared to 2.5x at the end of the prior year quarter. The Company repurchased approximately 227 thousand shares or $9.4 million of its stock during the quarter.
Fiscal 2022 Guidance
The Company continues to expect fiscal 2022 GAAP EPS to be $3.10 or better. The outlook takes into account increasing costs for commodities and freight, exacerbated by the current geopolitical environment, labor, a return to more normalized consumer demand patterns following extraordinary demand spanning two fiscal years and resuming more historical levels of promotional
Feb 2, 2022
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Exhibit 99.1
Central Garden & Pet Announces Q1 Fiscal 2022 Results
Q1 fiscal 2022 net sales increased 12% to $661 million
Q1 fiscal 2022 diluted GAAP EPS grew $0.06 to $0.16
Maintains outlook for fiscal 2022 diluted GAAP EPS of $3.10 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--February 2, 2022--Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the garden and pet industries, today announced financial results for its fiscal 2022 first quarter ended December 25, 2021.
“We delivered another solid quarter thanks to continued demand for our Pet and Garden brands and the perseverance of our employees,” said Tim Cofer, CEO of Central Garden & Pet. “Our recent acquisitions exceeded our expectations for the quarter, and we remain encouraged by the fundamentals of our organic business in light of the extraordinary growth in the prior year. We are confident in our team's ability to perform as we face the ongoing challenges associated with the pandemic.”
Fiscal 2022 First Quarter Financial Results
Net sales increased 12% to $661 million compared to $592 million a year ago, driven by recent acquisitions, which contributed $70 million to the quarter. Organic sales were in line with the prior year quarter.
Gross margin was 30.0%, an increase of 210 basis points compared to a year ago, driven primarily by pricing and favorable product mix, partially offset by cost inflation in key commodities, freight and labor.
Operating income decreased 3% to $26 million from $27 million a year ago. Operating margin was 4.0% compared to 4.6% in the prior year. The margin decline was largely due to continued inflation and heightened investment spending.
Net interest expense was $14 million compared to $21 million a year ago primarily due to incremental interest expense related to recognizing the impacts of the call premium, unamortized debt issuance cost and double interest on the debt retired during the first quarter a year ago partially offset by higher debt outstanding.
The Company's net income increased 61% to $9 million from $6 million a year ago. Diluted GAAP earnings per share for the quarter was $0.16, an increase of $0.06 compared to the prior year quarter. Adjusted EBITDA increased 16% to $52 million from $45 million a year ago.
The Company’s effective tax rate was 20.7% compared to 19.7% in the prior year quarter.
Garden Segment Fiscal 2022 First Quarter Results
Net sales for the Garden segment increased 45% to $225 million driven by a $70 million contribution from recent acquisitions offsetting a modest decline in organic sales of 0.3%. Strength in wild bird, chemicals & fertilizer as well as live plants was more than offset by declines in garden distribution and grass seed.
Garden segment operating income increased 30% to $6 million driven by the strong performance of recent acquisitions. Operating margin declined 30 basis points to 2.7%, mainly driven by inflationary pressures and heightened investment spending partially offset by contributions from acquisitions and improved pricing. Garden segment adjusted EBITDA increased 115% to $16 million from $7 million in the prior year quarter.
Pet Segment Fiscal 2022 First Quarter Results
Net sales for the Pet segment were $436 million, in line with the prior year with notable contributions from animal health, dog and cat and the Company's pet distribution businesses offset by declines in pet beds and small animal and aquatic supplies.
Pet segment operating income increased 4% to $45 million, and operating margin grew 40 basis points to 10.4%. Pet segment adjusted EBITDA increased 4% to $55 million from $53 million a year ago, largely driven by improved pricing and favorable product mix partially offset by inflationary headwinds and heightened investment spending.
Additional Information
The Company's cash balance at the end of the quarter was $296 million compared to $608 million a year ago. Cash used by operations during the quarter was $92 million compared to $36 million a year ago. The increase in cash used by operations was driven primarily by working capital requirements.
Total debt as of December 25, 2021 was $1.2 billion compared to $789 million at December 26, 2020. The Company's leverage ratio1) at the end of the first quarter was 2.9x compared to 2.3x at the end of the prior year quarter. The Company repurchased approximately 153,000 shares or $6.7 million of its stock during the quarter.
Fiscal 2022 Guidance
The Company continues to expect fiscal 2022 GAAP EPS to be $3.10 or better. The outlook takes into account increasing costs for commodities, freight and labor, headwinds associated with a return to more normalized consumer demand patterns following extraordinary demand spanning two fiscal years and resuming more historical levels of promotional activity. This guidance further includes anticipated pricing actions across the Company's portfolio as well as in
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