Central Garden & Pet Announces Q2 Fiscal 2025 Financial Results
Delivers fiscal 2025 Q2 GAAP EPS of $0.98 vs. $0.93 and non-GAAP EPS of $1.04 vs. $0.99 a year ago amid softer sales in the quarter
Reaffirms outlook for fiscal 2025 non-GAAP EPS of $2.20 or better
WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 07, 2025--
Central Garden & Pet Company $(CENT)$ $(CENTA)$ ("Central"), a market leader in the pet and garden industries, today announced financial results for its fiscal 2025 second quarter ended March 29, 2025.
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"We are pleased with our solid second-quarter results. Despite expected softer sales, our continued focus on improving productivity and execution of our Cost and Simplicity program drove margin and earnings per share growth above last year's performance," said Niko Lahanas, CEO of Central Garden & Pet. "Although a significant portion of the garden season is still ahead, and notwithstanding the uncertain macroeconomic and geopolitical environment, we are reaffirming our fiscal year outlook and remain committed to delivering on our Central to Home strategy with excellence."
All comparisons are against the second quarter of fiscal 2024.
Fiscal 2025 Second Quarter Financial Results
Net sales were $834 million, a decrease of 7%.
Gross profit was $273 million, a decrease of 2%. Gross margin expanded by 180 basis points to 32.8%, driven by productivity efforts from Central's Cost and Simplicity program.
SG&A expense was $180 million, a decrease of 3% reflecting cost discipline across the organization. Due to lower net sales, SG&A as a percentage of net sales increased by 100 basis points to 21.6%.
Operating income was $93 million, in line with the prior year. Operating margin expanded by 80 basis points to 11.2%. Non-GAAP operating income was $99 million, also in line with the prior year. On a non-GAAP basis, operating margin expanded by 80 basis points to 11.8%.
Net interest expense was $9 million compared to $11 million.
Net income was $64 million, an increase of 3%. Non-GAAP net income was $68 million, also an increase of 3%.
Earnings per share were $0.98, an increase of $0.05. Non-GAAP Earnings per share were $1.04, also an increase of $0.05.
Adjusted EBITDA of $123 million was $1 million below the prior-year quarter.
The effective tax rate was 23.5% compared to 23.4% in the prior year.
Pet Segment
Net sales for the Pet segment were $454 million, a decrease of 6%, driven primarily by the timing of customer orders and promotional events that shifted sales into the first quarter and assortment rationalization and softer demand in durable pet products in the second quarter.
Pet segment operating income was $61 million, a decrease of 3%. Operating margin expanded by 40 basis points to 13.4%. Non-GAAP operating income was $66 million, an improvement of 5%. On a non-GAAP basis, the operating margin expanded by 150 basis points to 14.5%, driven by productivity improvements.
Pet segment adjusted EBITDA of $75 million was $2 million above the prior-year quarter.
Garden Segment
Net sales for the Garden segment were $380 million, a decrease of 10%, primarily due to customers shifting pre-season orders into the first quarter, unfavorable weather resulting in a late-breaking spring selling season and the loss of two product lines in Central's third-party distribution business.
Garden segment operating income was $59 million, an increase of 3%. Operating margin expanded by 190 basis points to 15.5% driven by productivity efforts.
Garden segment adjusted EBITDA of $69 million was $4 million below the prior-year quarter.
Liquidity and Debt
The cash and cash equivalents balance at the end of the quarter was $517 million, an improvement of $215 million driven by earnings and ongoing inventory reduction efforts over the last 12 months.
Cash used by operations during the quarter was $47 million compared to $25 million a year ago.
Total debt as of March 29, 2025, and March 30, 2024, was $1.2 billion. The gross leverage ratio, as defined in Central's credit agreement, at the end of the second quarter, was 2.9x, in line with the prior-year quarter.
Central repurchased 1.2 million shares or $41 million of its stock during the quarter. After the second quarter end, Central repurchased an additional 1.2 million shares or $39 million of its stock through April 30, 2025. As of April 30, 2025, $63 million remained available for future stock repurchases.
Cost and Simplicity Program
Central continues to achieve meaningful progress in its multi-year Cost and Simplicity program, which comprises a comprehensive suite of initiatives across procurement, manufacturing, logistics, portfolio management, and administrative expenditures. These initiatives are intended to streamline operations, enhance organizational efficiency, and drive simplification across the enterprise.
In the second quarter of fiscal 2025, Central began winding down its operations in the United Kingdom and is moving to a direct-export model to service customers in the U.K. and certain European markets. As a result, Central's Pet segment incurred $5.3 million in initial costs, including $4.4 million in cost of goods sold and $0.9 million in selling, general and administrative costs, all of which was non-cash.
Fiscal 2025 Guidance
Central continues to expect fiscal 2025 non-GAAP EPS to be $2.20 or better. This outlook reflects an expected shift 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 from further changes in tariff rates, or from acquisitions, divestitures, or restructuring activities that may occur during fiscal 2025, including initiatives associated with the Cost and Simplicity program.
Central anticipates fiscal 2025 capital expenditures of approximately $60 million.
Conference Call
Central's senior management will host a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to review the fiscal 2025 second quarter results and provide a general business update. The call, along with related materials, can be accessed at http://ir.central.com.
Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) entering confirmation #13751785.
About Central Garden & Pet
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2024 net sales of $3.2 billion, Central is on a mission to lead the future of the pet and garden industries. The Company's innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro$(R)$ , Aqueon(R) , Cadet(R) , C&S(R) , Farnam(R) , Ferry-Morse(R) , Four Paws(R) , Kaytee(R) , Nylabone(R) and Pennington(R) , strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with over 6,000 employees primarily across North America. Visit www.central.com to learn more.
Safe Harbor Statement
The statements contained in this release which are not historical facts, including statements concerning productivity initiatives, the expected impact of tariffs, deflationary pressure in certain commodity businesses, an expected shift in consumer behavior and earnings guidance for fiscal 2025, 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 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;
-- dependence on a small number of customers for a significant portion of
our business;
-- consolidation trends in the retail industry;
-- supply shortages in pet birds, small animals and fish;
-- potential credit risk associated with certain brick and mortar retailers
in the pet specialty segment;
-- reductions in demand for our product categories;
-- competition in our industries;
-- continuing implementation of an enterprise resource planning information
technology system;
-- regulatory issues;
-- potential environmental liabilities;
-- access to and cost of additional capital;
-- the impact of product recalls;
-- risks associated with our acquisition strategy, including our ability to
successfully integrate acquisitions and the impact of purchase accounting
on our financial results;
-- potential goodwill or intangible asset impairment;
-- the potential for significant deficiencies or material weaknesses in
internal control over financial reporting, particularly of acquired
companies;
-- our dependence upon our key executives;
-- our ability to recruit and retain members of our management team and
employees to support our businesses;
-- potential costs and risks associated with actual or potential
cyberattacks;
-- our ability to protect our trademarks and other proprietary rights;
-- litigation and product liability claims;
-- the impact of new accounting regulations and the possibility our
effective tax rate will increase as a result of future changes in the
corporate tax rate or other tax law changes;
-- potential dilution from issuance of authorized shares; and
-- the voting power associated with our Class B stock.
These and other risks are described in greater detail in Central's Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the Securities and Exchange Commission on November 27, 2024. Central assumes no obligation to publicly update these forward-looking statements to reflect new information, future events, or any other development.
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts, unaudited)
March 29, March 30, September 28,
2025 2024 2024
----------- ----------- -------------
ASSETS
Current assets:
Cash and cash
equivalents $ 516,675 $ 301,332 $ 753,550
Restricted cash 14,662 14,197 14,853
Accounts receivable
(less allowance for
credit losses and
customer allowances
of $22,628, $27,677
and $21,035) 578,880 578,237 326,220
Inventories, net 824,281 914,352 757,943
Prepaid expenses and
other 40,755 42,500 34,240
--------- --------- ---------
Total current
assets 1,975,253 1,850,618 1,886,806
Plant, property and
equipment, net 368,468 387,203 379,166
Goodwill 554,692 546,436 551,361
Other intangible
assets, net 461,657 480,910 473,280
Operating lease
right-of-use assets 208,863 170,849 205,137
Other assets 60,684 104,002 57,689
--------- --------- ---------
Total $3,629,617 $3,540,018 $3,553,439
========= ========= =========
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 263,712 $ 237,310 $ 212,606
Accrued expenses 275,374 267,813 245,226
Current lease
liabilities 58,443 51,045 57,313
Current portion of
long-term debt 122 322 239
--------- --------- ---------
Total current
liabilities 597,651 556,490 515,384
Long-term debt 1,190,724 1,188,955 1,189,809
Long-term lease
liabilities 175,581 134,723 173,086
Deferred income taxes
and other long-term
obligations 122,257 147,683 117,615
Equity:
Common stock, $0.01 par
value: 10,218,481,
11,077,612 and
11,074,620 shares
outstanding at March
29, 2025, March 30,
2024 and September 28,
2024 102 111 111
Class A common stock,
$0.01 par value:
52,615,383, 54,659,683
and 54,446,194 shares
outstanding at March
29, 2025, March 30,
2024 and September 28,
2024 526 547 544
Class B stock, $0.01
par value: 1,602,374
shares outstanding at
March 29, 2025, March
30, 2024 and September
28, 2024 16 16 16
Additional paid-in
capital 575,769 592,136 598,098
Retained earnings 969,715 920,803 959,511
Accumulated other
comprehensive loss (4,615) (2,825) (2,626)
--------- --------- ---------
Total Central
Garden & Pet
Company
shareholders'
equity 1,541,513 1,510,788 1,555,654
Noncontrolling
interest 1,891 1,379 1,891
--------- --------- ---------
Total equity 1,543,404 1,512,167 1,557,545
--------- --------- ---------
Total $3,629,617 $3,540,018 $3,553,439
========= ========= =========
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------------
March 29, March 30, March 29, March 30,
2025 2024 2025 2024
--------- --------- ----------- -------------
Net sales $833,537 $900,090 $1,489,973 $1,534,623
Cost of goods
sold 560,454 621,210 1,021,191 1,076,898
------- ------- --------- ---------
Gross profit 273,083 278,880 468,782 457,725
Selling, general
and
administrative
expenses 179,759 185,433 347,466 355,866
------- ------- --------- ---------
Operating
income 93,324 93,447 121,316 101,859
Interest expense (14,510) (14,376) (28,980) (28,692)
Interest income 5,152 2,903 11,892 7,512
Other income
(expense) 744 (171) (973) 822
------- ------- --------- ---------
Income before
income taxes
and
noncontrolling
interest 84,710 81,803 103,255 81,501
Income tax
expense 19,903 19,134 24,267 18,265
------- ------- --------- ---------
Income including
noncontrolling
interest 64,807 62,669 78,988 63,236
Net income
attributable to
noncontrolling
interest 1,174 682 1,346 819
------- ------- --------- ---------
Net income
attributable
to Central
Garden & Pet
Company $ 63,633 $ 61,987 $ 77,642 $ 62,417
======= ======= ========= =========
Net income per
share
attributable to
Central Garden &
Pet Company:
Basic $ 0.99 $ 0.94 $ 1.21 $ 0.95
======= ======= ========= =========
Diluted $ 0.98 $ 0.93 $ 1.19 $ 0.93
======= ======= ========= =========
Weighted average
shares used in
the computation
of net income
per share:
Basic 64,140 65,638 64,346 65,526
Diluted 64,879 66,831 65,171 66,815
CENTRAL GARDEN & PET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Six Months Ended
------------------------------------
March 29, 2025 March 30, 2024
---------------- ------------------
Cash flows from operating
activities:
Net income $ 78,988 $ 63,236
Adjustments to reconcile net
income to net cash used by
operating activities:
Depreciation and amortization 42,580 45,357
Amortization of deferred
financing costs 1,347 1,340
Non-cash lease expense 29,987 25,753
Stock-based compensation 9,528 8,927
Deferred income taxes 2,525 2,673
Other operating activities (1,056) 1,811
Change in assets and
liabilities (excluding
businesses acquired):
Accounts receivable (252,375) (240,408)
Inventories (67,654) (59,263)
Prepaid expenses and other
assets (11,542) (7,492)
Accounts payable 50,504 41,475
Accrued expenses 28,416 46,785
Other long-term obligations 2,100 673
Operating lease liabilities (29,043) (25,169)
----------- -----------
Net cash used by
operating activities (115,695) (94,302)
Cash flows from investing
activities:
Additions to plant, property
and equipment (16,760) (19,478)
Payments to acquire companies,
net of cash acquired (3,318) (59,818)
Investments -- (850)
Other investing activities (125) (140)
----------- -----------
Net cash used in
investing activities (20,203) (80,286)
Cash flows from financing
activities:
Repayments of long-term debt (145) (159)
Repurchase of common stock,
including shares surrendered
for tax withholding (98,233) (12,055)
Payment of contingent
consideration liability -- (57)
Distribution to noncontrolling
interest (1,346) (900)
----------- -----------
Net cash used by
financing activities (99,724) (13,171)
Effect of exchange rate changes on
cash, cash equivalents and
restricted cash (1,444) 415
----------- -----------
Net decrease in cash, cash
equivalents and restricted cash (237,066) (187,344)
Cash, cash equivalents and
restricted cash at beginning of
period 768,403 502,873
----------- -----------
Cash, cash equivalents and
restricted cash at end of period $ 531,337 $ 315,529
=========== ===========
Supplemental information:
Cash paid for interest $ 28,976 $ 28,695
=========== ===========
Cash paid for income taxes $ 13,368 $ 13,775
=========== ===========
Lease liabilities arising from
obtaining right-of-use
assets $ 30,776 $ 24,652
=========== ===========
Use of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, and adjusted EBITDA. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Also, Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While Management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results.
Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense and depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes one-time charges related to facility closures. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable.
The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below.
Non-GAAP financial measures reflect adjustments based on the following items:
-- Facility closures: we have excluded the charges related to our decision
to close distribution and manufacturing facilities as they represent
infrequent transactions that impact the comparability between operating
periods. We believe these exclusions supplement the GAAP information with
a measure that may be useful to investors in assessing the sustainability
of our operating performance.
From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful supplemental information to investors and management.
1. During the second quarter of fiscal 2025, we recognized incremental
expense of $5.3 million in the consolidated statement of operations,
related to the decision to wind-down our operations in the U.K. and the
related facility there as we move to a direct-export model.
2. During the second quarter of fiscal 2024, we recognized incremental
expense of $5.3 million in the consolidated statement of operations, from
the closure of a manufacturing facility in Chico, California, and the
consolidation of our Southeast distribution network.
Net Income and
Diluted Net
Income Per
Share
Reconciliation GAAP to Non-GAAP Reconciliation
----------------------------------------
Three Months Ended Six Months Ended
------------------ --------------------
March March March
29, 30, 29, March 30,
2025 2024 2025 2024
-------- -------- -------- ----------
(in thousands, except per share amounts)
GAAP net income
attributable
to Central
Garden & Pet
Company $63,633 $61,987 $77,642 $62,417
Facility
closures (1)(2) 5,339 5,270 5,339 5,270
Tax effect of
facility
closures &
business exit (1,255) (1,233) (1,255) (1,233)
------ ------ ------ ------
Non-GAAP net
income
attributable
to Central
Garden & Pet
Company $67,717 $66,024 $81,726 $66,454
====== ====== ====== ======
GAAP diluted
net income per
share $ 0.98 $ 0.93 $ 1.19 $ 0.93
Non-GAAP
diluted net
income per
share $ 1.04 $ 0.99 $ 1.25 $ 0.99
Shares used in
GAAP and
non-GAAP
diluted net
earnings per
share
calculation 64,879 66,831 65,171 66,815
Operating
Income
Reconciliation GAAP to Non-GAAP Reconciliation
--------------------------------------------------------------------------------------
Three Months Ended March 29, 2025 Six Months Ended March 29, 2025
---------------------------------------- --------------------------------------------
Facility Facility
GAAP closure(1) Non-GAAP GAAP closure(1) Non-GAAP
------------ ------------ ------------ -------------- ------------ --------------
(in thousands)
Net sales $833,537 $ -- $833,537 $1,489,973 $ -- $1,489,973
Cost of goods
sold and
occupancy 560,454 4,413 556,041 1,021,191 4,413 1,016,778
------- ------- ------- --------- ------- ---------
Gross profit $273,083 $ (4,413) $277,496 $ 468,782 $ (4,413) $ 473,195
Selling, general
and
administrative
expenses 179,759 926 178,833 347,466 926 346,540
------- ------- ------- --------- ------- ---------
Income from
operations $ 93,324 $ (5,339) $ 98,663 $ 121,316 $ (5,339) $ 126,655
======= ======= ======= ========= ======= =========
Gross margin 32.8% 33.3% 31.5% 31.8%
======= ======= ========= =========
Operating
margin 11.2% 11.8% 8.1% 8.5%
======= ======= ========= =========
Operating
Income
Reconciliation GAAP to Non-GAAP Reconciliation
--------------------------------------------------------------------------------------------
Three Months Ended March 30, 2024 Six Months Ended March 30, 2024
------------------------------------------- -----------------------------------------------
Facility Facility
GAAP closures(2) Non-GAAP GAAP closures(2) Non-GAAP
------------ --------------- ------------ -------------- --------------- --------------
(in thousands)
Net sales $900,090 $ -- $900,090 $1,534,623 $ -- $1,534,623
Cost of goods
sold and
occupancy 621,210 2,527 618,683 1,076,898 2,527 1,074,371
------- ------- ------- --------- ------- ---------
Gross profit $278,880 $ (2,527) $281,407 $ 457,725 $ (2,527) $ 460,252
Selling, general
and
administrative
expenses 185,433 2,743 182,690 355,866 2,743 353,123
------- ------- ------- --------- ------- ---------
Income from
operations $ 93,447 $ (5,270) $ 98,717 $ 101,859 $ (5,270) $ 107,129
======= ======= ======= ========= ======= =========
Gross margin 31.0% 31.3% 29.8% 30.0%
======= ======= ========= =========
Operating
margin 10.4% 11.0% 6.6% 7.0%
======= ======= ========= =========
Pet Segment
Operating
Income
Reconciliation GAAP to Non-GAAP Reconciliation
------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------- --------------------------
March 29, March 30, March 29, March 30,
2025 2024 2025 2024
------------ ------------ ------------ ------------
(in thousands)
GAAP operating
income $60,614 $62,659 $111,871 $106,047
Facility
closure (1) 5,339 -- 5,339 --
------ --- ------ --- ------- -------
Non-GAAP
operating
income $65,953 $62,659 $117,210 $106,047
====== === ====== === ======= =======
GAAP operating
margin 13.4% 13.0% 12.7% 11.9%
Non-GAAP
operating
margin 14.5% 13.0% 13.3% 11.9%
Garden Segment
Operating
Income
Reconciliation GAAP to Non-GAAP Reconciliation
------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------- --------------------------
March 29, March 30, March 29, March 30,
2025 2024 2025 2024
------------ ------------ ------------ ------------
(in thousands)
GAAP operating
income $58,731 $57,066 $61,154 $48,180
Facility
closure (2) -- 5,270 -- 5,270
------ --- ------ --- ------ --- ------ ---
Non-GAAP
operating
income $58,731 $62,336 $61,154 $53,450
====== === ====== === ====== === ====== ===
GAAP operating
margin 15.5% 13.6% 10.0% 7.5%
Non-GAAP
operating
margin 15.5% 14.8% 10.0% 8.3%
Adjusted EBITDA
Reconciliation GAAP to Non-GAAP Reconciliation
----------------------------------------
Three Months Ended March 29, 2025
----------------------------------------
Pet Garden Corporate Total
------- ------- --------- -----------
(in thousands)
Net income
attributable to
Central Garden &
Pet Company $ -- $ -- $ -- $ 63,633
Interest
expense, net -- -- -- 9,358
Other income -- -- -- (744)
Income tax
expense -- -- -- 19,903
Net income
attributable
to
noncontrolling
interest -- -- -- 1,174
-------
Income (loss) from
operations 60,614 58,731 (26,021) 93,324
Depreciation &
amortization 9,498 10,443 705 20,646
Noncash
stock-based
compensation -- -- 4,018 4,018
Facility closure (1) 5,339 -- -- 5,339
------ ------ ------- -------
Adjusted EBITDA $75,451 $69,174 $(21,298) $123,327
====== ====== ======= =======
Adjusted EBITDA
Reconciliation GAAP to Non-GAAP Reconciliation
---------------------------------------
Three Months Ended March 30, 2024
---------------------------------------
Pet Garden Corporate Total
------- ------- --------- ----------
(in thousands)
Net income
attributable to
Central Garden &
Pet Company $ -- $ -- $ -- $ 61,987
Interest
expense, net -- -- -- 11,473
Other expense -- -- -- 171
Income tax
expense -- -- -- 19,134
Net income
attributable
to
noncontrolling
interest -- -- -- 682
-------
Income (loss) from
operations 62,659 57,066 (26,278) 93,447
Depreciation &
amortization 11,124 11,014 674 22,812
Noncash
stock-based
compensation -- -- 2,907 2,907
Facility closures (2) -- 5,270 -- 5,270
------ ------ ------- -------
Adjusted EBITDA $73,783 $73,350 $(22,697) $124,436
====== ====== ======= =======
Adjusted EBITDA
Reconciliation GAAP to Non-GAAP Reconciliation
----------------------------------------
Six Months Ended March 29, 2025
----------------------------------------
Pet Garden Corporate Total
-------- ------- --------- ----------
(in thousands)
Net income
attributable to
Central Garden &
Pet Company $ -- $ -- $ -- $ 77,642
Interest
expense, net -- -- -- 17,088
Other expense -- -- -- 973
Income tax
expense -- -- -- 24,267
Net income
attributable
to
noncontrolling
interest -- -- -- 1,346
-------
Income (loss) from
operations 111,871 61,154 (51,709) 121,316
Depreciation &
amortization 19,578 21,574 1,428 42,580
Noncash
stock-based
compensation -- -- 9,528 9,528
Facility closure (1) 5,339 -- -- 5,339
------- ------ ------- -------
Adjusted EBITDA $136,788 $82,728 $(40,753) $178,763
======= ====== ======= =======
Adjusted EBITDA
Reconciliation GAAP to Non-GAAP Reconciliation
-----------------------------------------
Six Months Ended March 30, 2024
-----------------------------------------
Pet Garden Corporate Total
-------- ------- --------- -----------
(in thousands)
Net income
attributable to
Central Garden &
Pet Company $ -- $ -- $ -- $ 62,417
Interest
expense, net -- -- -- 21,180
Other income -- -- -- (822)
Income tax
expense -- -- -- 18,265
Net income
attributable
to
noncontrolling
interest -- -- -- 819
-------
Income (loss) from
operations 106,047 48,180 (52,368) 101,859
Depreciation &
amortization 21,922 22,020 1,415 45,357
Noncash
stock-based
compensation -- -- 8,927 8,927
Facility closures (2) -- 5,270 -- 5,270
------- ------ ------- -------
Adjusted EBITDA $127,969 $75,470 $(42,026) $161,413
======= ====== ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20250507708476/en/
CONTACT: Investor & Media Contact
Friederike Edelmann
VP, Investor Relations & Corporate Sustainability
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