Scotts Miracle-Gro Co. (SMG) reported that its second-quarter net income was $100.0 million or $1.60 per share, compared to $127.2 million or $2.05 per share in the same quarter last year.
Income from continuing operations was $99.9 million, or $1.60 per share, compared to $126.5 million, or $2.04 per share, during the same quarter a year ago.
The adjusted loss from continuing operations for the latest second quarter was $100.1 million, or $1.60 per share, down from $132.3 million, or $2.13 per share in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report a loss of $2.00 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $1.02 billion, down from $1.17 billion, during the same quarter a year ago. Ten analysts had consensus revenue estimate of $1.13 billion for the quarter.
The company reaffirmed its expectations for fiscal 2013 adjusted earnings per share from continuing operations in the range of $2.50 to $2.75. In addition, the company continues to expect operating cash flow of at least $250 million for the year.
Analysts expect the company to report earnings of $2.61 per share for fiscal 2013.
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