Garden products maker Scotts Miracle-Gro misses Street estimates
Aug 9 (Reuters) - Lawn and garden products maker Scotts Miracle-Gro Co posted quarterly results that missed analysts' estimates, hurt by weakness in its plant food and fertilizers business and a fall in margins.
The company said consumer engagement began to decline in May and June, and it expects growth to be slow looking ahead to fiscal 2013.
Net income for the third quarter fell to $93.3 million, or $1.50 per share, from $111.6 million, or $1.69 per share, a year ago.
Revenue was mostly flat at $1.06 billion.
Adjusted net income from continuing operations was $1.60 per share.
Analysts on average expected Scotts to earn $1.90 a share on revenue of $1.11 billion, according to Thomson Reuters I/B/E/S.
Third-quarter adjusted gross margin fell to 34.5 percent from 37.9 percent a year ago, primarily hurt by higher freight and commodity costs.
Shares of the Marysville, Ohio-based company, which have fallen about 12 percent this year, closed at $41.39 on the New York Stock Exchange on Thursday. They were down 9 percent at $37.50 in after-market trade.