Scotts Miracle-Gro beats the Street, announces $65 million acquisition

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Scotts Miracle-Gro Co. SMG, +1.31% shares roseate 1.2% successful Wednesday premarket trading aft the tract and plot attraction institution reported fiscal third-quarter net that bushed expectations and announced an acquisition. Net income totaled $225.9 million, oregon $3.94 per share, up from $202.8 million, oregon $3.55 per share, past year. Adjusted EPS of $3.98 bushed the FactSet statement for $3.52. Sales of $1.610 cardinal were up from $1.493 cardinal and up of the FactSet statement for $1.498 billion. The Hawthorne conception of the business, which includes brands similar General Hydroponics and Vermicrop Organics, saw a 48% summation successful sales. The Hawthorne concern has besides added Santa Cruz, Calif.-based HydroLogic Purification Systems successful a $65 cardinal woody that includes concern assets and operations. The acquisition is expected to make $20 cardinal successful annualized sales. Scotts volition support HydroLogic's Santa Cruz facility. "Even successful the look of expanding organisation and commodity costs that are putting unit connected our gross borderline rate, we stay connected way to present the updated full-year guidance we provided successful aboriginal June, which would effect successful some grounds income and adjusted earnings," said Jim Hagedorn, Scotts main executive, successful a statement. For the full-year, Scotts is guiding for income maturation of 17% to 19%, and adjusted EPS is expected to beryllium successful the scope of $9.00 to $9.30. The FactSet statement is for income of $4.881 billion, suggesting 18.1% growth, and EPS of $9.25. Scotts banal has slumped 11.2% for the twelvemonth to day portion the S&P 500 scale SPX, +0.82% has rallied 17.8% for the period.

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