Scotts results fall short of expectations

Marysville, Ohio-based Scotts Miracle-Gro Co. reported net sales of $2.83 billion for the fiscal 2012, up 1% from $2.80 billion in the prior year.

Scotts posted net income of $106.5 million for the year, down 36.6% from $167.9 million in the prior year.

For the fourth quarter, Scotts sales were $401.2 million, down slightly from $403.1 million in the fourth quarter of 2012. The company posted a net loss of $40.1 million in the fourth quarter, compared with a net loss of $53.4 million in the same quarter last year.

"Although results did not meet our original expectations, we continue to see benefits from improved marketing and innovation, which helped us grow market share in nearly every category this season," said Jim Hagedorn, chairman and CEO. "Our immediate focus remains on returning our business to levels of earnings and cash flow we saw two years ago, which we believe will drive shareholder value in both the near- and long-term.”