Marysville, Ohio-Scotts Miracle-Gro Co. Executive Vice President and CFO Dave Evans last week told analysts at the Bank of America Merrill Lynch Investment Conference that the company will likely land somewhere in the higher end of its earlier earnings-per-share (EPS) guidance (GM June 21, 2010) of $3.25-$3.35 for the year ending Sept. 30, 2010. He said the midpoint of that guidance represents about 25 percent growth versus 2009. Fiscal 2009 adjusted EPS was $2.62. While Scotts still expects sales growth of 7 percent in its consumer section, it said overall sales growth may dip to the lower end of its 5-7 percent guidance. The company cited summer weather in the Midwest and Northeast that has slowed some sales. Evans said the company’s lawn and garden (L&G) products have done well despite the economic downturn, as people stay at home. In turn, stores like Home Depot have concentrated on lower ticket items, such as lawn and garden, to keep foot traffic in their stores. He said Scotts has seen both consumer and retailer engagement. Evans said Scotts plans to revolutionize its L&G business in the next three-to-four years via application methods and active ingredients that have a better toxicity profile, and with products that are simpler for consumers to use.
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