Marysville, Ohio-Blaming a cold, wet April that impacted its North American market, Scotts Miracle-Gro Co. reported a 3 percent drop in net income, to $129.7 million ($1.98 per diluted share) on sales of $1.1 billion for the third quarter ending June 30, 2007, compared to the year-ago $133.3 million ($1.92 per share) and $1.05 billion, respectively. Results were led by a 16 percent improvement in International segment sales, which benefited from new product introductions, stronger retail partnerships, and favorable exchange rates. Nine-month net income was off 12 percent at $153.7 million ($2.28 per share) on sales of $2.36 billion, versus the year-ago $175.4 million ($2.52 per share) and $2.2 billion, respectively. Scotts still expects full-year adjusted earnings in the range of $2.35-$2.45 per share.
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