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Central Garden & Pet Company (CENT+0.13%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $656.4 million from $634.5 million in the same quarter the previous year. The increase is attributed to higher sales in both the Pet and Garden segments, with the Pet segment contributing $427.5 million and the Garden segment $228.9 million.
Gross profit for the quarter was $195.7 million, up from $178.8 million in the previous year, with the gross margin increasing to 29.8% from 28.2%. This improvement was driven by productivity gains and moderating inflation.
Selling, general, and administrative expenses decreased to $167.7 million from $170.4 million, primarily due to cost savings from facility closures and headcount reductions.
Operating income increased significantly to $28.0 million from $8.4 million in the previous year, with the Pet segment showing an operating income of $51.3 million and the Garden segment $2.4 million.
Net income for the quarter was $14.0 million, up from $0.4 million in the previous year. Earnings per share increased to $0.21 per diluted share from $0.01 per diluted share.
Cash used in operating activities was $68.8 million, slightly less than the $69.8 million used in the previous year. Cash used in investing activities decreased significantly to $9.4 million from $70.5 million, due to reduced acquisition activity.
The company repurchased approximately 1.3 million shares of its Class A common stock and 0.4 million shares of its common stock during the quarter, totaling $52.1 million.
Central Garden & Pet Company remains focused on its growth strategy, evaluating potential acquisition candidates and continuing its Cost and Simplicity program to enhance productivity and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Central Garden & Pet Company quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.