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Friday, March 29, 2024

ScottsMiracle-Gro Sees 2011 Adjusted EPS of $3.10 to $3.20

Courtesy of Benzinga

The Scotts Miracle-Gro Company (NYSE: SMG) today updated its financial outlook for fiscal 2011 to reflect the continued challenges of unfavorable weather in most of the United States. The Company said it now anticipates reporting sales in line with its performance in fiscal 2010 and adjusted earnings per share of $3.10 to $3.20 per share.

Gross margin rate is now expected to be roughly in line with 2010 levels. The increased price promotional environment, combined with unfavorable product mix and lower-than-planned absorption rates of fixed overhead, will lead to a gross margin rate lower than previously expected. SG&A is expected to modestly increase with, among other items, higher media and marketing expenses almost entirely offset by lower variable compensation costs.

Interest expense is expected to be $8 to $10 million higher than the prior year as the Company completes the execution of its new long-term financing structure.

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