Scotts Miracle-Gro Boosts FY20 Outlook, Dividend; Shares Up 10% - Quick Facts
(RTTNews) - While reporting financial results for the third quarter on Wednesday, Scotts Miracle-Gro Co. (SMG) raised its adjusted earnings and sales growth guidance for the full-year 2020. The company's shares are up 10 percent in prer-market trading.
For fiscal 2020, the company now projects adjusted earnings in a range of $6.65 to $6.85 per share on company-wide sales growth of 26 to 28 percent.
Previously, the company expected adjusted earnings in a range of $5.65 to $5.85 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.79 per share on sales growth of 16.0 percent to $3.66 billion for the year. Analysts' estimates typically exclude special items.
Additionally, Scotts Miracle-Gro said its Board of Directors approved payment of a special dividend of $5 per share and increased its regular quarterly dividend by 7 percent to $0.62 per share, both payable September 10 to shareholders of record on August 27.