The Scotts Miracle-Gro Company announced that its Board of Directors has approved the payment of a cash dividend of $0.325 per share. The dividend is payable on June 10, 2013, to shareholders of record on May 28, 2013.

The Scotts Miracle-Gro Company announced unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the period, the company reported net sales of $1,019.6 million against $1,170.4 million a year ago. Income from operations was $173.1 million against $217.1 million a year ago. Income from continuing operations before income taxes $155.2 million against $199.2 million a year ago. Income from continuing operations was $99.9 million against $126.5 million a year ago. Net income was $100.0 million against $127.2 million a year ago. Diluted loss per common share from continuing operations was $1.11 against $1.20 a year ago. Diluted income per common share was $1.60 against $2.04 a year ago. Adjusted income from continuing operations was $100.1 million against $132.3 million a year ago. The year-over-year decline primarily was attributable to a significant delay in the start of the lawn and garden season in nearly all North American and European markets due to a colder than normal March. Adjusted diluted loss per share from continuing operations was $1.60 against $2.13 a year ago. Adjusted EBITDA was $189.3 million against $236.7 million a year ago. For the Six Months Ended March 31, 2013, the company reported net sales of $1,225.4 million against $1,370.0 million a year ago. Income from operations was $81.2 million against $118.1 million a year ago. Income from continuing operations before income taxes $50.1 million against $84.9 million a year ago. Income from continuing operations was $31.6 million against $53.4 million a year ago. Net income was $32.3 million against $53.3 million a year ago. Diluted loss per common share from continuing operations was $1.11 against $1.20 a year ago. Diluted income per common share was $0.51 against $0.86 a year ago. Adjusted income from continuing operations was $31.6 million against $60.8 million a year ago. Adjusted diluted loss per share from continuing operations was $0.51 against $0.98 a year ago. Adjusted EBITDA was $114.2 million against $152.1 million a year ago. The company reaffirmed its expectations for fiscal 2013 adjusted earnings per share from continuing operations in the range of $2.50 to $2.75. In addition to improving sales trends during the second half of the year, the company continues to expect strong improvement in gross margin during that period. Cost-out initiatives remain on schedule, and price increases should also be accretive to the gross margin rate due to continued strong management of commodity costs. The company also reiterated expectations for operating cash flow of at least $250 million in fiscal 2013 due to strong operating results, improvements in working capital and one-time tax benefits.

The Scotts Miracle-Gro Company, Q2 2013 Earnings Call, May 06, 2013