UPDATE: Scotts Miracle-Gro Reports 37% Decline In Q3 Profit, Raises Dividend

Scotts Miracle-Gro Company SMG reported a 37% drop in its third-quarter profit. Scotts Miracle-Gro reported its quarterly profit at $111.6 million, or $1.69 per share, down from $175.9 million, or $2.65 per share, in the year-earlier period. Its adjusted earnings came in at $1.91 per share. Scotts Miracle-Gro's sales declined 10% to $1.06 billion. However, analysts were expecting earnings of $2.24 per share on sales of $1.12 billion. Scotts Miracle-Gro now projects adjusted 2011 earnings of $2.95 to $3.05 per share, versus analysts' estimates of $3.19 per share. It also lifted its quarterly dividend to $0.30 per share from $0.25 per share. Scotts Miracle-Gro shares gained 1.01% to close at $45.85 on Friday.