The Scotts Miracle-Gro Company announced unaudited consolidated earnings results for the first quarter ended December 30, 2017. For the quarter, the company reported net sales of $221.5 million compared to $207.4 million a year ago. Loss from operations was $71.9 million compared to $61.8 million a year ago. Loss from continuing operations was $20.0 million or $0.35 per share compared to $58.1 million or $0.97 per share a year ago. Net loss attributable to controlling interest was $21.2 million compared to $65.3 million a year ago. Loss per basic and diluted share was $0.37 compared to $1.09 a year ago. Adjusted LBITDA was $44.8 million compared to $49.9 million a year ago. Non-GAAP adjusted loss from continuing operations was $62.2 million, or $1.08 per share, compared with $52.6 million, or $0.88 per share, last year. The year-over-year difference in non-GAAP performance is primarily non-operating in nature and due to both lower tax rate and share count, which had a negative impact of approximately $0.15 on earnings.

The company also said it expects its effective tax rate to decline to a range of 26 to 27% in fiscal 2018, a rate that will likely remain consistent in future years. As a result of the lower rate, the Company increased its Non-GAAP adjusted earnings guidance to a range of $4.60 to $4.80 per share from the previous range of $4.15 to $4.35 per share. In addition, the Company reduced its full-year sales outlook to a range of 2 to 4% due to the slow start at Hawthorne but maintained a consistent operating earnings outlook primarily due to tighter SG&A spending.