By Dean Seal
Scotts Miracle-Gro’s loss widened and sales fell in its fiscal fourth quarter due in part to lower volumes and unfavorable shipment timings.
The maker of lawn-care products posted a loss of $468.4 million, or $8.33 a share, compared with a loss of $220.1 million, or $3.97 a share, in the same quarter a year ago.
The adjusted loss, which strips out one-time items, was $2.77 a share. Analysts surveyed by FactSet had been expecting a loss of $2.88 a share.
Sales came in at $374.5 million, down $493.6 million on the year-ago quarter, but above analyst projections for $332.2 million, according to FactSet.
The top line of the consumer business fell by about $100 million, or a third year-over-year, to $201 million.
Sales in the company’s Hawthorne unit, which caters to cannabis growers, were down 11% at $149.7 million.
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