ScottsMiracle-Gro announces Q2 Earnings; EPS Increases 37%

This afternoon, ScottsMiracle-Gro SMG announced its second quarter 2014 earnings. Shares of the company are relatively neutral in after hours trading. The company had its second quarter earnings per share increase to $2.17, representing an increase of 37 percent. In addition, the company reaffirmed its full-year outlook and expects adjusted earnings of $3.05 to $3.20 per share. The company reported net sales of $1.08 billion for the quarter, which represents an increase of seven percent, compared to $1.01 billion a year ago. The increase was primarily due to strong sell-in to retailers. "It should come as no surprise that consumer activity was lighter than we had originally anticipated, but we have seen high levels of consumer purchases when the weather has cooperated," said Jim Hagedorn, chairman and chief executive officer. "We are pleased with the strong support we are seeing from our retail partners and glad to see a strong start to the season in Europe, where our business is currently trending ahead of our internal expectations. "We remain optimistic about our prospects this season and continue to expect adjusted earnings per share of $3.05 to $3.20 for the full year."