Marysville, Ohio-Scotts Miracle-Gro Co. reported a 33 percent increase in net income, to $204.1 million ($3.02 per diluted share) on sales of $3.1 billion for the fiscal year ending Sept. 30, 2010, compared to the prior year’s $153.3 million ($2.32 per share) on sales of $2.98 billion. “Every business unit exceeded its original plan, leading to record performance in fiscal 2010,” said Chairman and CEO Jim Hagedorn. “The strength of the core consumer business in particular demonstrates the resiliency of the lawn and garden category, especially of our brands. The strong spring season was followed by a challenging summer. However, fall lawn care activity is the highest we have ever experienced.” He is upbeat this engagement will continue into 2011. While annual results were up, the company said it anticipated a fourth-quarter decline due to a calendar shift and early season increases in retail inventory levels. Scotts had a fourth-quarter loss of $32.6 million ($.49 per share) on sales of $475.7 million, compared to a year-ago loss of $14.9 million ($.23 per share) on sales of $522.5 million.
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