Lawn and garden products maker Scotts Miracle-Gro reported a narrower-than-expected quarterly loss as more U.S. customers made pre-season purchases and raised its 2009 forecast expecting a boost from lower commodity costs.
The company said it expects 2009 earnings of about $2.10 a share to $2.30 a share on an adjusted basis, up from its prior outlook of about $2 a share.
Marysville, Ohio-based Scotts Miracle-Gro, whose brands include Ortho, Hyponex and Turf Builder, also expects higher sales of private-label categories and favorable interest rates to aid its 2009 results.
The company has been talking with several U.S. retailers to supply private-label products for fiscal 2009 after rival Spectrum Brands shut down its business that makes growing products such as fertilizer and mulch.
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