(Source: The Columbus Dispatch, Ohio)
By Tracy Turner, The Columbus Dispatch, Ohio
Nov. 6--Strong demand for its consumer products helped Scotts Miracle-Gro Co. cut its loss in its fiscal fourth quarter compared with a year earlier, the company said yesterday.
In its full fiscal year, the company turned its finances around and posted a $153 million profit compared with a nearly $11 million loss.
The Marysville-based company lost $14.9 million, or 23 cents a share in the fourth quarter, compared with a loss of $34.7 million, or 54 cents a share, a year earlier. This year's quarterly loss was in line with analysts' estimates. Revenue rose about 7 percent.
Chairman and CEO Jim Hagedorn attributed the change to "the strength of our brands with our consumers and our retail partners."
"The strength of our core consumer business continued all the way through to the end of the fiscal year," he said in a statement.
"We believe our late-season investment in marketing, along with continued support from our retail partners, helped to drive the sale of fall products," he said.
"Continued growth of our fall-season products will be a key to our long-term success."
In its fiscal year, Scotts earned $153.3 million, or $2.32 cents per share, compared with a loss the previous year of $10.9 million, or 17 cents per share.
The company called its sales in the fiscal year a record at $3.14 billion; sales totaled $2.98 billion in the previous fiscal year.
For 2010, Scotts projects a profit of $3 to $3.10 per share and sales growth of 3 percent to 5 percent.
The earnings report sent shares of Scotts up 2.2 percent, or 92 cents, to close at $42.97.
tturner@dispatch.com
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