Walnut Creek, Calif. — Central Garden and Pet (CG&P) reported a 40 percent drop in net income attributable to the company of $13.7 million ($0.28 per diluted share) on sales of $494.1 million, down from the year-ago $22.7 million ($0.47 per share) on sales of $533.8 million. Third-quarter operating income in the Garden segment was down 41 percent, to $13.7 million from the year-ago $22.6 million. Operating margins declined due to lower profitability in fertilizer, controls, and décor, due in part to higher promotion and marketing expenses. Garden sales were down 2 percent to $256.3 million, due in part to lower sales of controls. In the prior year quarter, fertilizers and controls benefitted from delayed shipments. The Garden segments-branded product sales decreased $5.8 million, or 3 percent, to $215.5 million, while sales of other manufacturers’ products decreased $400,000 to $40.8 million, a decrease of 1 percent compared with the year-ago quarter. CG&P nine-month net income was $20.6 million ($0.42 per share) on sales of $1.28 billion, down from the year-ago $31.2 million ($0.65 per share) on sales of $1.3 billion.
Transparency Across the Fertilizer Value-Chain