Scotts Miracle-Gro Co.'s profits jumped during its third quarter as mostly strong sales made up for lagging performance in its Smith & Hawken Ltd. business.
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The Marysville, Ohio-based company reported Thursday a 51 percent hike in profit in the quarter ended July 1 to $133.3 million, or $1.92 a share, up from $88.5 million, or $1.29 a share, last year. The company credited the jump to strong sales in North America, as well as in its lawn service division.
Last year's third quarter also included a one-time charge of $45.7 million for money it owed Monsanto Co. Scotts sells Monsanto's Roundup line of weed killers under a licensing agreement. That charge was partially offset by a $15 million settlement Scotts received in a lawsuit against Central Garden & Pet. Lafayette, Calif.-based Central Garden & Pet sued Scotts after it lost distribution rights to Roundup in its area.
Scotts reported revenue of $1.05 billion for the quarter, up 16 percent from $901.2 million for the same period a year earlier.
Individual segment results were:
- Sales in North America increased 12 percent to $770.3 million, up from $687.5 million last year.
- Scotts LawnService reported $75.3 million in sales, up 26 percent from $59.8 million a year ago.
- International sales edged up 2 percent to $144.5 million, compared with $142 million last year.
- Smith & Hawken, a garden-products retailer Scotts bought in 1994, reported flat sales at $58 million.
