Latest news with #Hagedorn
Yahoo
04-05-2025
- Business
- Yahoo
Scotts Miracle-Gro CEO raises eyebrows with tariff comments
Feed your stock. Feed it. TV viewers may recognize the variation of the Scotts Miracle-Gro () tagline that's in a series of commercials featuring the Scotts Lawn Guy, an aggressive Scottish character with an intense passion for lawns. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰 Perhaps the Lawn Guy could exhort shares of the consumer lawn, garden and pest control products company into turning greener. The Marysville, Ohio, group's shares are down 20% since January and off nearly 22% from a year ago. Scotts also brought the lifestyle expert Martha Stewart on board as chief gardening officer. "Spring is probably one of my favorite times of the year," Stewart said during the company's April 30 earnings call. "Everything is coming alive, and I personally can't wait to get my gardens fully planted." Stewart told analysts that she was working to bring gardeners, "including the new generation, products that they will love and make part of their everyday lives." "And that is a very good thing," she said, and then handed the mic over to Chief Executive Jim Hagedorn. "It's a crazy and confusing macro environment for any company today, but I can simplify things," he said. "We're good. Our outlook is unchanged and we're reaffirming our full year guidance of $570 million to $590 million" of earnings before interest, taxes, depreciation and amortization. More Economic Analysis: Fed inflation gauge sets up stagflation risks as tariff policies bite U.S. recession risk leaps as GDP shrinks Like it or not, the bond market rules all As for the Trump administration's tariffs, which have been dominating the news and clobbering the markets, Hagedorn said "we're largely unaffected in fiscal '25." "We see no impact in our margins or pricing for this year," he said. "Historically, our equity has been a safe harbor in tough times. Everything you'll hear today is centered around getting back to that." Hagedorn told analysts that Scotts had plenty of pretariff inventory, and "we do not anticipate pricing actions in fiscal '25 due to tariffs, nor do we expect margin pressure. "If things change in '26, and we do feel more tariff and/or margin pressure, we will mitigate the impact and if necessary, take pricing," he said. Scotts posted mixed first-quarter results, beating earnings estimates but falling short of Wall Street's revenue forecasts "We delivered double-digit increases in consumer takeaway, gained market share and built momentum," Hagedorn said. "We're happy with our consumer product sales to retailers." He said unit volumes in the lawns business had declined and he challenged the team to develop a long-term solution. Early results have been promising.. "Consumers want a nice lawn all season long without a lot of work, but they don't always know how to make it happen," Hagedorn said. "The solution is regular feedings, to create a thicker lawn that is less susceptible to weeds and disease and ultimately has less need for pesticides and fungicides." However, the company got away from marketing regular feedings, and scrapped the one-bag approach for multibag use for specific problems such as weeds, bugs or disease. "It was effective in selling one bag of fertilizer, but it was ineffective in giving the consumer the lawn they really want," Hagedorn said. "This year, we've returned to a multibag strategy." Scotts also decided to pass the dutchie on the left hand side and get out of the cannabis business. Scotts had created a subsidiary for the business, Hawthorne, which made acquisitions in companies that sold marijuana cultivation supplies, and invested in a Canadian business directly involved in growing and selling last month the company transferred its investment in the growing and distribution business to Bad Dog Holdings, an 'independent strategic partner.' "We figured we'll be an early entrant, and that within three to five years — this is like 10 years ago — the feds would make the laws so that it wasn't federally a Schedule 1 narcotic," Hagedorn said in an interview with Barron's. 'We had a lot of faith the Democrats would do it." "Equities in pot companies were at a peak when Biden got elected, and you had a Democratic Senate and a Democratic House." Weed is still illegal on the federal level and 'you cannot deduct your business expenses," Hagedorn said. "Your top-line revenue is your taxable income, so you're paying about an 80% tax rate," he explained. "Throw on state and local taxes, and you cannot make money.' Hagedorn told analysts that "our next step is to sell Hawthorne Gardening to a dedicated cannabis company, by fiscal year end." JP Morgan analyst Jeffrey Zekauskas lowered the investment firm's price target on Scotts to $65 from $80 and affirmed an overweight rating on the shares. After the earnings report the firm reduced its estimates for Scotts' Ebitda, citing lower trading multiples in a period of greater economic in to access your portfolio
Miami Herald
03-05-2025
- Business
- Miami Herald
Scotts Miracle-Gro CEO raises eyebrows with tariff comments
Feed your stock. Feed it. TV viewers may recognize the variation of the Scotts Miracle-Gro (SMG) tagline that's in a series of commercials featuring the Scotts Lawn Guy, an aggressive Scottish character with an intense passion for lawns. Don't miss the move: Subscribe to TheStreet's free daily newsletter Perhaps the Lawn Guy could exhort shares of the consumer lawn, garden and pest control products company into turning greener. The Marysville, Ohio, group's shares are down 20% since January and off nearly 22% from a year ago. Scotts also brought the lifestyle expert Martha Stewart on board as chief gardening officer. "Spring is probably one of my favorite times of the year," Stewart said during the company's April 30 earnings call. "Everything is coming alive, and I personally can't wait to get my gardens fully planted." Stewart told analysts that she was working to bring gardeners, "including the new generation, products that they will love and make part of their everyday lives." "And that is a very good thing," she said, and then handed the mic over to Chief Executive Jim Hagedorn. "It's a crazy and confusing macro environment for any company today, but I can simplify things," he said. "We're good. Our outlook is unchanged and we're reaffirming our full year guidance of $570 million to $590 million" of earnings before interest, taxes, depreciation and amortization. More Economic Analysis: Fed inflation gauge sets up stagflation risks as tariff policies biteU.S. recession risk leaps as GDP shrinksLike it or not, the bond market rules all As for the Trump administration's tariffs, which have been dominating the news and clobbering the markets, Hagedorn said "we're largely unaffected in fiscal '25." "We see no impact in our margins or pricing for this year," he said. "Historically, our equity has been a safe harbor in tough times. Everything you'll hear today is centered around getting back to that." Hagedorn told analysts that Scotts had plenty of pretariff inventory, and "we do not anticipate pricing actions in fiscal '25 due to tariffs, nor do we expect margin pressure. "If things change in '26, and we do feel more tariff and/or margin pressure, we will mitigate the impact and if necessary, take pricing," he said. Scotts posted mixed first-quarter results, beating earnings estimates but falling short of Wall Street's revenue forecasts "We delivered double-digit increases in consumer takeaway, gained market share and built momentum," Hagedorn said. "We're happy with our consumer product sales to retailers." He said unit volumes in the lawns business had declined and he challenged the team to develop a long-term solution. Early results have been promising.. "Consumers want a nice lawn all season long without a lot of work, but they don't always know how to make it happen," Hagedorn said. "The solution is regular feedings, to create a thicker lawn that is less susceptible to weeds and disease and ultimately has less need for pesticides and fungicides." However, the company got away from marketing regular feedings, and scrapped the one-bag approach for multibag use for specific problems such as weeds, bugs or disease. "It was effective in selling one bag of fertilizer, but it was ineffective in giving the consumer the lawn they really want," Hagedorn said. "This year, we've returned to a multibag strategy." Scotts also decided to pass the dutchie on the left hand side and get out of the cannabis business. Scotts had created a subsidiary for the business, Hawthorne, which made acquisitions in companies that sold marijuana cultivation supplies, and invested in a Canadian business directly involved in growing and selling marijuana. Related: This legacy snack company is embracing stoners But last month the company transferred its investment in the growing and distribution business to Bad Dog Holdings, an "independent strategic partner." "We figured we'll be an early entrant, and that within three to five years - this is like 10 years ago - the feds would make the laws so that it wasn't federally a Schedule 1 narcotic," Hagedorn said in an interview with Barron's. "We had a lot of faith the Democrats would do it." "Equities in pot companies were at a peak when Biden got elected, and you had a Democratic Senate and a Democratic House." Weed is still illegal on the federal level and "you cannot deduct your business expenses," Hagedorn said. "Your top-line revenue is your taxable income, so you're paying about an 80% tax rate," he explained. "Throw on state and local taxes, and you cannot make money." Hagedorn told analysts that "our next step is to sell Hawthorne Gardening to a dedicated cannabis company, by fiscal year end." JP Morgan analyst Jeffrey Zekauskas lowered the investment firm's price target on Scotts to $65 from $80 and affirmed an overweight rating on the shares. After the earnings report the firm reduced its estimates for Scotts' Ebitda, citing lower trading multiples in a period of greater economic risk. Related: Veteran fund manager who forecast S&P 500 crash unveils surprising update The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
CNBC
25-04-2025
- Business
- CNBC
Scotts Miracle-Gro CEO says cannabis business is 'mostly off the table'
In a Friday interview with CNBC's Jim Cramer, Scotts Miracle-Gro CEO Jim Hagedorn addressed the company's recent efforts to offload its cannabis business, saying it's "mostly off the table." "We burned $2 billion there," Hagedorn said. " going to put the business into another entity, and we'll have equity in that. And we'll hope for the best." Earlier in April the fertilizer maker announced it would transfer its investments in cannabis growing and distribution to "an independent strategic partner." Management said in the press release that cannabis business broadly has been hampered by a slow legalization process at the federal level. However, Scotts Miracle-Gro indicated it "retains an option to reacquire" the business or its assets should changes in legislation help advance the industry. Hagedorn reflected on his company's core gardening business, saying consumers want promotions, and retailers are using Scotts Miracle-Gro products to boost foot traffic. Advertising is also working well, he continued, and he maintained that the company is gaining share. Customers "want a bargain, but they love gardening." Scotts Miracle-Gro in March named Marth Stewart as its "Chief Gardening Officer," and Hagedorn boasted the hospitality entrepreneur has been a boon for the company. "It's really fun working with her, and she's totally with it," he said. "She's reinvented herself so many times…one of the greatest women of all time." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Yahoo
13-02-2025
- Politics
- Yahoo
Justice Janet Protasiewicz rejects calls to recuse herself from Act 10 public unions case
MADISON – For the second time since joining the state's highest court, the panel's newest justice has rejected calls from Republican legislative leaders to step away from a lawsuit before the court — this time over the future of the state's controversial law known as Act 10. Wisconsin Supreme Court Justice Janet Protasiewicz, a member of the court's liberal majority, is refusing calls from GOP lawmakers to recuse from a case challenging the collective bargaining law that she had criticized and protested in 2011 and called unconstitutional on the campaign trail. Protasiewicz said Wednesday in an order denying the lawmakers' request that her past criticisms do not meet the benchmark for recusal. "(The Legislature) fails to cite a single case holding that a judge's family background and/or past activities can amount to a 'significant personal interest' that disqualify her from participating in a proceeding," Protasiewicz wrote. "There is no such case. If that were the rule, then a justice related to a doctor could be disqualified from medical malpractice cases. Former NRA members could be disqualified from Second Amendment cases. Participants in free speech rallies could be disqualified from First Amendment cases. Justices who voted in elections could be disqualified from cases challenging the election results. Where would it end?" Her order was issued the same time the court denied a motion to hear an appeal in the case before it went through lower courts. Protasiewicz's decision comes two weeks after conservative state Supreme Court Justice Brian Hagedorn issued an order announcing he would recuse from the same case, citing his work drafting the law at the heart of the legal challenge. In the Jan. 30 court filing, Hagedorn said he determined that "the law requires" him to recuse himself from the case involving Act 10, which was signed into law by former Gov. Scott Walker in 2011 and drew massive protests. Hagedorn provided legal counsel in both creating the legislation and later defending Act 10 once it became law when he served as Walker's chief legal counsel. "After reviewing the filings and the various ethical rules I am sworn to uphold, I have concluded that the law requires me to recuse from this case," Hagedorn wrote. In their Jan. 28 motion to seek Protasiewicz's recusal, Senate Majority Leader Devin LeMahieu and Assembly Speaker Robin Vos cited Protasiewicz's past comments about the law, including telling the Milwaukee Journal Sentinel during her 2023 campaign she would consider recusing from the case if elected. She told the Journal Sentinel in March 2023 she would "have to think about it," when asked if she would consider recusing from a potential Act 10 challenge. "Given the fact that I marched, given the fact that I signed the recall petition, would I recuse myself? Maybe. Maybe. But I don't know for sure." LeMahieu and Vos in the motion to the court referenced those comments and said their filing "asks her to do what she acknowledged to be right and ethical: step aside on this case." Protasiewicz wrote Wednesday that by answering "maybe" to whether she would recuse, she "showed that I had not yet formed an opinion on the merits of any hypothetical, future Act 10 case." The court's liberal bloc holds a 4-3 majority, and Hagedorn's recusal subtracts a conservative from that equation. Hagedorn said in his January order that recusal from a case "should be rare — done only when the law requires it." But he added that recusal "is not optional when the law commands it." Protasiewicz said the law does not require her to step aside. In 2023 she also rejected calls to step away from lawsuits before the court involving the state's legislative maps. "The reality is, judges are human," she wrote. "They all have personal experiences. Some experiences may pertain to cases that come before the court. Judges come to the bench after practicing law for many years. During their legal careers, they form opinions about the law and the constitution. That does not prove that they are biased." Molly Beck can be reached at This article originally appeared on Milwaukee Journal Sentinel: Janet Protasiewicz rejects calls to recuse herself from Act 10 case
Yahoo
12-02-2025
- Politics
- Yahoo
Wisconsin Supreme Court justice rejects Republican call to step down in key union case
MADISON, Wis. (AP) — A liberal Wisconsin Supreme Court justice on Wednesday rejected a Republican request that she not hear a pending case that seeks to restore collective bargaining rights that tens of thousands of teachers, nurses and other state workers lost in 2011. Her decision came at the same time the court, without comment, declined to hear the case as unions requested before it first goes through a lower appeals court. Justice Janet Protasiewicz decided against recusing herself after Republican legislative leaders filed a motion saying she should not hear the case because she voiced opinions about the law during her 2023 campaign. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Her decision is a win for liberals who have fought for more than a decade to overturn the law known as Act 10, which effectively ended collective bargaining for most public unions. Conservative Justice Brian Hagedorn withdrew from the case on Jan. 30. Hagedorn helped write the law when he was serving as then-Gov. Scott Walker's chief legal counsel. The court's decision not to immediately hear the case means it is almost certain not to consider it until after the April 1 election. That election will determine whether liberals maintain their majority on the court. Even if the conservative wins, due to Hagedorn's recusal, the court would be split 3-3 between liberal and conservative justices when considering the case. The attorney and spokesperson for unions that asked for the court to immediately hear the case did not return emails seeking comment. Wisconsin's anti-union law has been challenged for years Seven unions representing teachers and other public workers in Wisconsin filed the lawsuit seeking to overturn the anti-union 2011 law, known as Act 10. The law had withstood numerous legal challenges before a Dane County circuit court judge in December found the bulk of it to be unconstitutional, setting up the appeal to the state Supreme Court. The Act 10 law effectively ended collective bargaining for most public unions by allowing them to bargain solely over base wage increases no greater than inflation. It also disallowed the automatic withdrawal of union dues, required annual recertification votes for unions, and forced public workers to pay more for health insurance and retirement benefits. Dane County Circuit Judge Jacob Frost in December ruled that the law violates equal protection guarantees in the Wisconsin Constitution by dividing public employees into 'general' and 'public safety' employees. Under the ruling, all public sector workers who lost their collective bargaining power would have it restored to what was in place before 2011. The judge put the ruling on hold pending the appeal. The union law divided Wisconsin and the country The law's introduction in 2011 spurred massive protests that stretched on for weeks. It made Wisconsin the center of a national fight over union rights, catapulted Walker onto the national stage, sparked an unsuccessful recall campaign and laid the groundwork for Walker's failed 2016 presidential bid. The law's adoption led to a dramatic decrease in union membership across the state. The nonpartisan Wisconsin Policy Forum said in a 2022 analysis that since 2000, Wisconsin had the largest decline in the proportion of its workforce that is unionized. In 2015, the GOP-controlled Wisconsin Legislature approved a right-to-work law that limited the power of private-sector unions. If the lawsuit is successful, all public sector workers who lost their collective bargaining power will have it restored. They would be treated the same as the police, firefighter and other public safety unions who remain exempt. Divisions remain over the effectiveness of the law Supporters of the law have said it gave local governments more control over workers and the powers they needed to cut costs. Repealing the law, which allowed schools and local governments to raise money through higher employee contributions for benefits, would bankrupt those entities, backers of Act 10 have argued. Democratic opponents argue that the law has hurt schools and other government agencies by taking away the ability of employees to collectively bargain for their pay and working conditions. Republicans wanted Protasiewicz to not hear the case Protasiewicz is the court's newest member and ran in 2023 as an opponent of the union law. Her victory gave liberals the majority on the court for the first time in 15 years. That majority is on the line again in the April 1 Supreme Court election to fill the seat of a retiring liberal justice. Protasiewicz said during her campaign that she believes Act 10 is unconstitutional. She also told the Milwaukee Journal Sentinel that she would consider recusing herself from any case challenging the law. Protasiewicz participated in protests against it and signed the petition to recall Walker. In her response to the Legislature's request that she not hear the case, Protasiewicz said she could hear the case fairly. 'I am confident that I can, in fact and appearance, act in an impartial manner in this case,' she said. Republican Assembly Speaker Robin Vos and Senate Majority Leader Devin LeMahieu, who sought her recusal, did not return emails seeking comment.
