Scotts Q3 Sales Flat, Income Drops

[Friday, August 10, 2012]  The Scotts Miracle-Gro Company today announced its results for the third quarter ended June 30, 2012.

Sales in the quarter were $1.06 billion, the same as a year ago. Adjusted income from continuing operations was $99.4 million, or $1.60 per share. That compares with adjusted income of $126.7 million, or $1.91 per share, for the same period a year ago.

The Company said consumer purchases of its products at its largest retail partners in the U.S. were up 1 percent on a year-to-date basis entering August after declining 5 percent in the third quarter.

"After a strong start to the season, consumer engagement clearly began to decline in May and June," said Jim Hagedorn, chairman and chief executive officer. "We're pleased to see strong year-over-year improvement in consumer purchases of mulch and controls, but our fertilizer and growing media categories are flat so far this year and have not delivered the results we expected. Read More ...