(Updates with closing share price in fourth paragraph.)
Oct. 10 (Bloomberg) -- Scotts Miracle-Gro Co., the maker of Scotts lawn products, said full-year preliminary earnings were less than expected after Hurricane Irene reduced demand.
Adjusted net income was $2.70 to $2.75 a share for the year ended Sept. 30 and sales declined 2 percent from last year, the Marysville, Ohio-based company said in a statement today. Scotts forecast earnings of $2.95 to $3.05 a share in August. The company was expected to report $2.95, the average of 10 analysts’ estimates compiled by Bloomberg.
“The weather issues that plagued us throughout fiscal 2011 remained problematic during the fourth quarter,” Jim Hagedorn, the company’s chairman and chief executive officer, said in the statement. “The impact of Hurricane Irene and other inclement weather in September all but eliminated lawn and garden activity in key markets.”
Scotts dropped 3.9 percent to close at $45.14 in New York. The company is scheduled to report earnings before the market opens on Nov. 8.
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