July 31, 2008 / 9:48 PM / 10 years ago

UPDATE 1-Scotts Miracle-Gro Q3 results beat Wall Street

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July 31 (Reuters) - Scotts Miracle-Gro Co (SMG.N), 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.

Shares of the company closed at $19.48 Thursday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; Editing by Pratish Narayanan)

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