Scotts Miracle-Gro Boosts FY09 Guidance

The Scotts Miracle-Gro Co. (SMG) lifted its fiscal 2009 earnings guidance, citing continued robust demand for its products in the US.

The maker of lawn and garden care products now anticipates adjusted profit of $2.35 to $2.45 per share, against the prior outlook of $2.10 to $2.30 per share.

Analysts expect the company to earn $2.34 per share, which has moved up 4 cents, or 1.7%, over the past month as 2 of 10 analysts revised higher.

CEO Jim Hagedorn attributed the enhanced guidance to coordinated marketing and promotion initiatives, higher advertising spending and increased hours spent by the sales team in retail stores.

Scotts also raised its free cash flow forecast to a minimum of $180 million from the previous guidance of $150 million to $170 million.

SMG, a Zacks #3 Rank (”Hold”) stock, has advanced more than 1% on volume of approximately 1 million, which is right around its daily average.

Subscribe by RSS Subscribe by Email