logo
Share SHARE
FONT-SIZE Plus   Neg

Scotts Miracle-Gro Issues FY13 Guidance

Scotts Miracle-Gro Co. (SMG) Friday provided a financial guidance for the full year 2013. The mid-point of the earnings outlook is expected beat current Street estimates, while revenues are anticipated to fall short of expectations.

The Marysville, Ohio-based company expects adjusted earnings from continuing operations of $2.50 to $2.75 per share. Analysts polled by Thomson Reuters currently estimate earnings of $2.55 per share for the year. Analysts' estimates typically exclude one-time items.

Scotts Miracle-Gro expects full-year 2013 sales to grow about 1 to 3 percent on flat unit volume and improved pricing. This indicates revenues of $2.86 billion to $2.91 billion. Analysts currently estimate revenues of $2.91 billion for the year.

Scotts Miracle-Gro, a maker of lawn and garden care products, anticipates gross margin rate to improve with leverage in selling, general and administrative costs. Operating margin is expected to be in the range of 11 to 11.5 percent.

"We enter 2013 with confidence in our initiatives to drive gross margin improvement, reduce SG&A, improve cash flow and strengthen the overall enterprise," said Jim Hagedorn, chairman and chief executive officer.

SMG is currently trading at $42.97, up $1.12 or 2.68%, on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts. Philips Lighting, the splinter group of Dutch consumer electronics giant Philips, saw its shares rally around 8.50 percent on its debut on Friday at the Amsterdam stock exchange. The shares are currently at 21.70 euros, above its set pricing of 20 euros per share.
comments powered by Disqus
Follow RTT