Based on Monday's trading price, Scotts' higher dividend indicated a yield of around 3%. Earlier Monday, Scotts posted a 37% decline in fiscal third-quarter earnings, saying poor weather across the U.S. in recent months pressured consumer demand for lawn and garden care maintenance. "Through mid-March, consumer purchases of our products in the U.S. were up 13%, but then the situation changed dramatically," CEO Jim Hagedorn said. "The challenges we saw from weather this year are unparalleled during my life-long tenure in this industry."
The company cut its fiscal 2011 outlook by 15 cents, saying it now expects to earn between $2.95 and $3.05 per share for the year. Analysts were looking for 2011 EPS of $3.14. In the June-ended quarter, Scotts earned $111.6 million, or $1.69 per share, compared with year-earlier earnings of $175.9 million, or $2.59 per share. Revenue fell 9.7% to $1.06 billion. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: firstname.lastname@example.org.