UPDATE 1-Scotts Miracle-Gro Q3 results beat Wall Street
(Recasts; adds details)
July 31 (Reuters) - Scotts Miracle-Gro Co (SMG.N: Cotización), a supplier of lawn and garden products, posted third-quarter results above Wall Street estimates, boosted by a 32 percent rise in sales at its global professional segment.
The world's largest maker and marketer of horticultural and turf products, which reaffirmed its full-year 2008 earnings outlook of about $2.00 a share, said its global professional sales saw strong growth in Europe and emerging markets.
The company, whose brands include Ortho, Miracle-Gro, Hyponex and Turf Builder, reported net income of $22.6 million, or 35 cents a share for the third quarter ended June 28, compared with $129.7 million, or $1.98 a share, a year earlier.
Excluding the impact of product recalls, registration issues and impairment charges, the company earned $2.00 a share.
The company, whose products include grass seeds, fertilizers, herbicides, potting soils and related tools, said third-quarter sales grew 7 percent to $1.17 billion.
Analysts on average had expected the Marysville, Ohio-based company to earn $1.90 a share, before special items, on revenue of $1.15 billion, according to Reuters Estimates.
Scotts Miracle-Gro competes with Bayer CropScience AG, a unit of German chemicals and drugs giant Bayer BAYG.DE, and Dow AgroSciences, a unit of Dow Chemical Co (DOW.N: Cotización).
Shares of the company closed at $19.48 Thursday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; Editing by Pratish Narayanan)
© Thomson Reuters 2016 All rights reserved.