Scotts Co. announced today it anticipates lower third-quarter earnings because of cold, wet weather in April.
The Marysville, Ohio, manufacturer of green industry products also said earnings excluding restructuring and other items should be about $89 million to $93 million. It had reported earnings before one-time items of $95.6 million, or $3.01 a share, in the same period a year ago.
Analysts’ estimates range from $2.90 to $3.13 a share, with a consensus estimate of $3, according to market tracker First Call. Scotts said sales improved in May and June but were not enough to offset the April decline. As a result, the company’s third-quarter sales will be “essentially flat” with last year’s $689 million.
For the fiscal year ending in September, sales are expected to be up mid-single digits compared with the rise of 7 percent to 9 percent previously forecast.
The company said it expects net income before items to increase at least in the “double digits” up to its original goal of 15 percent.
Source: CNN