Aug 9 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
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
Revenue was mostly flat at $1.06 billion.
Adjusted net income from continuing operations was $1.60 per
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.