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LONDON, UK / ACCESSWIRE / March 16, 2018 / Active-Investors.com has just released a free research report on Central Garden & Pet Co. (NASDAQ: CENTA) ("Central"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CENTA as the Company's latest news hit the wire. On March 14, 2018, the Company announced that it has acquired Bell Nursery Holdings, LLC ("Bell"), the largest commercial grower of flowers and plants in the mid-Atlantic. The Company expects the acquisition to be accretive in the fiscal year 2018. The financial terms of the transaction remained undisclosed. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Central Garden & Pet most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CENTA
Deal Benefits
The acquisition will result in adding Bell's live plant business to Central's broad garden products portfolio. Central views the live plant area as an attractive growth opportunity that is growing faster than the overall garden industry, and is synergistic with the Company's existing garden portfolio. Additionally, Bell's focus on quality and excellence in customer service are compatible with Central's way of doing business. The management team at Bell will remain with the Company to help grow the business profitably in the years ahead.
Central's Last Acquisition Deal
The Company closed its last acquisition deal in May 2017. Central Garden & Pet purchased K&H Manufacturing, a producer of premium pet supplies and the largest marketer of heated pet products in the country. K&H sold branded pet products under the K&H and K&H Pets brands. K&H's patented heating products, and products with cooling and other thermal properties, were a strong strategic fit with Central's pet portfolio. The purchase enabled Central to offer an even broader variety of products and continued service excellence to all its customers.
Central Reported Fiscal 2018 First Quarter Financial Results
On February 07, 2018, the Company announced its financial results for the first quarter ended December 30, 2017 (Q1 FY18).
Central's total net sales increased 5.4% to $442.0 million in Q1 FY18 compared to $419.5 million in the first quarter a year ago (Q1 FY17), primarily driven by acquisitions. The Company's organic sales increased 1.1%, contributed almost equally from the Garden and Pet segments despite difficult comparisons with Q1 FY17, when sales grew 7.0% over the prior year. The Company's branded product sales increased 5.1% to $349.9 million, and sales of other manufacturers' products rose 6.3% to $92.1 million in Q1 FY18. The gross margin rose 100 basis points to 29.8% in Q1 FY18 compared to Q1 FY17.
Central's operating income increased to $22.5 million in Q1 FY18 from $19.9 million, and its operating margin increased 30 basis points to 5.1% compared to 4.8% in Q1 FY17. The Company's net income rose substantially to $26.2 million in Q1 FY18 compared to $7.6 million in Q1 FY17, due primarily to a revaluation of the Company's deferred tax accounts necessitated by a change in the Federal tax laws. The tax impact of the change added $16.3 million to net income. The Company's earnings per diluted share increased to $0.50 in Q1 FY18 from $0.15 in Q1 FY17.
About Central Garden & Pet Co.
Founded in 1980, Central is a leading innovator, marketer, and producer of quality branded products for consumer and professional use in the lawn and garden and pet supplies markets. Headquartered in Walnut Creek, California, the Company employs over 4,000 people, primarily in North America.
About Bell Nursery Holdings, LLC
Bell is an innovative Company focused on growing superior quality flowers and plants, and seeing their care through retail at The Home Depot. The Company is the largest wholesale nursery grower in the mid-Atlantic, producing and shipping tens of millions of plants each year. Bell is headquartered in Elkridge, Maryland and has facilities in North Carolina, Virginia, Maryland, Ohio, and Delaware.
Stock Performance Snapshot
March 15, 2018 - At Thursday's closing bell, Central Garden & Pet's stock slightly rose 0.23%, ending the trading session at $38.64.
Volume traded for the day: 250.88 thousand shares, which was above the 3-month average volume of 210.33 thousand shares.
Stock performance in the last month - up 4.60%; previous three-month period - up 2.52%; past twelve-month period - up 12.88%; and year-to-date - up 2.47%
After yesterday's close, Central Garden & Pet's market cap was at $1.47 billion.
Price to Earnings (P/E) ratio was at 20.66.
The stock is part of the Basic Materials sector, categorized under the Agricultural Chemicals industry.
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