Scotts Miracle-Gro Q3 Profit Falls - Quick Facts

(RTTNews) - Lawn-care products maker Scotts Miracle-Gro Company (SMG) Tuesday reported third-quarter net income of $121.7 million or $1.95 per share, down from $148.2 million or $2.37 per share in the prior year.

Earnings from continuing operations were $1.93 per share, down from $2.36 per share a year ago.

Excluding impairment, restructuring and other charges, adjusted income from continuing operations was $2.34 per share, compared to $2.45 per share last year.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $2.26 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 2 percent to $1.12 billion from $1.14 billion in the same quarter last year. Analysts estimated revenues of $1.12 billion for the quarter.

For full year 2014, the firm expects adjusted earnings to be at least on the high-end of its guidance range of $3.05 to $3.20 per share.

The company said stronger-than-expected sales trends since June will likely result in a 1 to 2 percent year-over-year net sales increase for the year, which is slightly better than its earlier guidance.

Analysts are looking for earnings of $3.19 per share for the year.