Start Time: 16:30 January 1, 0000 5:23 PM ET

Central Garden & Pet Company (NASDAQ:CENT)
Q3 2024 Earnings Conference Call
August 07, 2024, 16:30 PM ET

Company Participants

Mary Beth Springer - Interim CEO
Niko Lahanas - CFO
J.D. Walker - President, Garden Consumer Products
John Hanson - President, Pet Consumer Products
Friederike Edelmann - VP, IR and Corporate Sustainability

Conference Call Participants

Brad Thomas - KeyBanc Capital Markets
Bill Chappell - Truist Securities
Jim Chartier - Monness, Crespi and Hardt
Brian McNamara - Canaccord Genuity
Shovana Chowdhury - JPMorgan
William Reuter - Bank of America
Carla Casella - JPMorgan

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Central Garden & Pet's Fiscal 2024 Third Quarter Earnings Call. My name is Robert, and I will be your conference operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the call over to your host, Friederike Edelmann, Vice President, Investor Relations. Please go ahead.

Friederike Edelmann

Good afternoon, everyone. Thank you for joining Central's third quarter fiscal 2024 earnings call. With me on the call today are Beth Springer, Interim Chief Executive Officer; Niko Lahanas, Chief Financial Officer; J.D. Walker, President, Garden Consumer Products; and John Hanson, President, Pet Consumer Products. In a moment, Beth will highlight our key messages, and Niko will provide more details about our results. After the prepared remarks, J.D. and John will join us for Q&A.

Comments made during this call include forward-looking statements that are subject to risks and uncertainties. Our actual results may differ materially from what we shared today. We've described the range of risks in our SEC filings, including in our annual report on Form 10-K and undertake no obligation to publicly update these forward-looking statements.

Our press release and related materials, including the GAAP reconciliation for the non-GAAP measures discussed on this call are available at ir.central.com. All growth comparisons made are against the same period in the prior year, unless indicated otherwise. If you have further questions after the call, please don't hesitate to reach out to me.

And with that, I will now turn it over to Beth Springer. Beth?

Mary Beth Springer

Thank you, Friederike, and good afternoon, everyone. Let's begin with the three key messages we would like you to take away from this call. First, recognizing we had record earnings in the third quarter of 2023, we delivered solid third quarter 2024 earnings performance in a challenging environment. GAAP EPS was $1.19 and non-GAAP EPS was $1.32. Unfavorable weather negatively impacted our sales of live plants and continuing softness in durable pet products more than offset our double digit e-commerce growth across the pet and garden categories.