Marysville, Ohio-The Scotts Miracle-Gro Company saw record sales for the third quarter ended July 1, 2006, leading to a 14 percent improvement in adjusted net income during the period. Company-wide sales for the quarter were $1.05 billion, up 16 percent from last year’s $901.2 million, while third-quarter net income came in at $133.3 million ($1.92 per diluted share), compared with $88.5 million ($1.29 per share) for the same period last year. Nine-month net sales were $2.21 billion, up 12 percent from $1.96 billion a year earlier, while net income increased 61 percent to $175.4 million ($2.52 per share), compared with $109.0 million ($1.59 per share) last year. Scotts reiterated its full-year guidance of 20-22 percent adjusted net income growth. However, results from the company’s Smith & Hawken and International segments will be lower than expected, as will company-wide gross margins, due mostly to fuel and commodity prices, as well as an unfavorable product mix. As a result, full-year earnings are most likely to be on the low end of the range, the company said.
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