Jefferies Comments on Scotts Miracle-Gro Co. Outlook Adjustments

Scotts Miracle-Gro Co. SMG lowered its F2011E (Sep) sales and EPS outlook following the close yesterday, Jefferies reports. “Primarily citing continued unfavorable weather in much of the US, the company now looks for sales to be roughly flat with F2010 (Sep) levels, versus +4% to +6% previously, with EPS now expected in a range of $3.10-$3.20 versus $3.60-$3.70 previously,” Jefferies writes. “Our current forecasts of +5.5% sales growth and EPS of $3.70 were just above consensus +4.8% and $3.65, respectively.” Scotts Miracle-Gro Co. closed Tuesday at $52.34.