Scotts Miracle Gro hit by weather in third quarter

Scotts Miracle-Gro posted a loss of $53.4 million for the third quarter of 2011, compared with a loss of $32.6 million, or 49 cents per share, a year earlier.

Excluding one-time items including impairment, restructuring and other charges, the company posted an adjusted loss from continuing operations of $28.8 million compared with an adjusted loss of $16.6 million.

Revenue edged down to $417.2 million from $422.3 million, as sales at its global consumer segment fell 8 percent to $308 million. Sales at the company's lawn service division rose 5 percent to $83.4 million.

For the full fiscal year, the company posted a profit of $167.9 million down from $204.1 million, or in the previous fiscal year. Full-year sales fell to $2.84 billion from $2.9 billion.

Scotts said it expects sales to rebound strongly in fiscal 2012, assuming weather conditions, which hurt the company's fiscal 2011 results, are closer to normal.

Chief executive Jim Hagedorn said: "In the U.S. ... poor weather in the peak weeks of both the spring and fall lawn and garden seasons prevented us from ever really establishing momentum."

Gross margins for the quarter fell to 26.2 per cent, compared with 30.3 per cent last year


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