MARYSVILLE, Ohio (AP) ? The Scotts Miracle-Gro Co. on Friday issued earnings forecasts for its fiscal fourth quarter and full year that are well short of what Wall Street is expecting.
The company, clarifying remarks made earlier in the day during a management conference call on its third-quarter results, said it expects an adjusted loss approaching 60 cents per share for the fourth quarter and adjusted earnings of about $2 per share for all of 2012.
Analysts, on average, were expecting an adjusted loss of 44 cents per share for the fourth quarter and adjusted earnings per share of $2.53 for the year, according to FactSet.
Scotts said it mistakenly said during the conference call with Wall Street analysts that it expected a fourth-quarter loss of about 40 cents. However, the company said it does anticipate it will record an operating loss that will translate into an adjusted loss per share closer to 60 cents.
Scotts reported on Thursday that its net income fell 16 percent in its fiscal third quarter to $93.3 million, or $1.50 per share. Revenue was essentially flat at $1.06 billion.
Higher commodity, advertising, freight and other costs hurt the company's profitability in the quarter.
Management said purchases of mulch and controls improved compared to a year ago, but fertilizer and growing media categories remained flat and haven't lived up to expectations. As a result, the company intends to raise prices and focus on improving its profitability.
Shares added $1.58, or 3.8 percent, to $42.97 during the regular trading session on Friday.
Source: http://news.yahoo.com/scotts-4q-2012-outlook-misses-street-views-210606811--finance.html
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