MARYSVILLE, Ohio -- The Scotts Company announced record company-wide third quarter sales Tuesday of $773.7 million, up 9 percent from $710 million last year.
Strong sales in North America and Scotts LawnService led to net income growth of 11 percent on an adjusted basis in the third quarter and a 10 percent increase on a reported basis.
"We are extremely pleased with our record performance so far this year, especially with our North American business where we continue to see strong consumer demand for our brands," said Jim Hagedorn, chairman and chief executive officer. "Our confidence in producing full-year adjusted net income growth of at least 13-16 percent, or 17-20 percent without expensing stock options, speaks to the fundamental strength of our overall business.We are consistently delivering double-digit earnings growth while generating substantial free cash flow and making long-term investments in our business."
Excluding the impact of foreign exchange rates, sales were up 8 percent over the prior year.
Adjusted net income in the quarter was $102.2 million, or $3.06 per diluted share, compared with $92.3 million, or $2.85 per diluted share, for the same period last year. Current period adjusted net income excludes restructuring and other non-recurring charges of $1.9 million, net of tax.
Including these restructuring and non-recurring items, net income in the quarter was $100.3 million, or $3.01 per diluted share.