NEW YORK ( TheStreet) -- Scotts Miracle-Gro (SMG) said it expects full-year earnings to fall short of Wall Street's expectations because of unfavorable weather conditions in the United States and increased promotional activity.
The Marysville, Ohio-based lawn and garden care products company said it expects adjusted earnings of $3.10 to $3.20 per share for fiscal 2011 ending in September. That view is below the average estimate of analysts polled by
Thomson Reuters for a profit of $3.65 a share. The company said it sees sales for the year coming in flat with its fiscal 2010 total of $3.14 billion, which is actually above the consensus view of $3.04 billion.
"Weather has been the primary driver for the shortfall all the way through May," said Scotts Miracle-Gro CEO Jim Hagedorn. "We also were impacted by a more promotional retail landscape and changes in certain retailer strategies within the mass merchandise channel."
The stock was last quoted at $50.75, down 3%, on volume of around 320,000, according to Nasdaq.com. Based on a regular session close at $52.34, the shares were up 2.2% so far in 2011, although they hit a 52-week high of $60.62 as recently as May 10.Miracle-Gro said it plans to report its full third-quarter results on August 2. On May 3, the company reported an adjusted profit of $150.3 million, or $2.22 a share, for its fiscal second quarter ended on April 2 with sales up 8% to $1.13 billion. -- Written by Joe Deaux in New York.
>To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV