MARYSVILLE, Ohio (AP) — Scotts Miracle-Gro Co. said Tuesday that it has revised its outlook for the full year downward, saying bad weather in much of the U.S. has hurt its business.
Scotts shares fell $1.75, or 3 percent, to $50.35 in after-hours trading.
The Marysville-based fertilizer maker said it expects revenue to be unchanged from 2010, compared with an earlier forecast for growth of 4 percent to 6 percent. Scotts reported revenue of $3.14 billion in 2010.
The company now expects earnings of $3.10 to $3.20 per share, down from $3.60 to $3.70 per share.
"We needed to see a double-digit increase in consumer purchases in May and June (compared with a year earlier), but through mid-June we are still below last year's levels in nearly every major market in the northern and western United States." said Jim Hagedorn, chairman and chief executive officer.
Hagedorn said the company also has been spending more promoting its products and will be paying higher interest expenses on new loans.
Analysts polled by FactSet had forecast earnings of $3.66 per share for the 2011 fiscal year, which ends Sept. 30.
Scotts plans to report its third-quarter results Aug. 2.
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