Created on Tuesday, 06 August 2013 Written by THE BELLEFONTAINE EXAMINER STAFF
MARYSVILLE, Ohio (AP) — The Scotts Miracle-Gro Co.'s net income rose 59 percent in its fiscal third quarter on higher revenue as shoppers snapped up lawn and garden products during the crucial spring planting season.
The company said Tuesday that consumer purchases in the U.S. at its largest retail partners rose 15 percent compared with a year ago.
"The level of consumer engagement we've seen since April has erased the deficit we had after a slow break to the season in March," said CEO Jim Hagedorn.
Net income for the three months ended June 29 rose to $148.2 million, or $2.37 per share. That compares with net income of $93.3 million, or $1.50 per share last year.
Excluding one-time items such as restructuring and other charges, earnings totaled $2.46 per share. Analysts expected $2.42 per share, according to FactSet.
Revenue rose 9 percent to $1.15 billion from $1.05 billion last year. Analysts expected revenue of $1.17 billion.
Revenue from its global consumer segment, which includes Scotts grass seed and Miracle-Gro plant food, among other products, rose 10 percent to $1.05 billion. Scotts LawnServices revenue rose 10 percent to $89.9 million.
Looking forward, the company said its full year earnings are so far near the mid-point of its guidance of $2.50 to $2.75 per share. Analysts expect $2.53 per share.
Separately, the company increased its dividend by 35 percent to about 44 cents per share. The dividend is payable on Sept. 10 to shareholders of record as of Aug. 27.