Scotts Miracle-Gro (NYSE:SMG) reported its third-quarter fiscal earnings this morning showing a sales increase of 28% to $1.49 billion, outperforming analysts estimates.
The company also reported that its consumer sales increased by 21% in Q3, while its EPS increased 13% to $3.57. Scotts Miracle-Gro’s continued strength this year has seen it increase its guidance for its full-year 2020 sales to a range of 26-28%.
“Our results this year continue to exceed our most optimistic expectations and are a testament to the critical nature of the categories in which we compete, the commitment of our retail partners, and the loyalty of the consumers and cultivators who rely on our products for their success,” said Jim Hagedorn, chairman and chief executive officer.
“As we enter the final weeks of fiscal 2020 and prepare for the start of our next fiscal year, we remain optimistic about the strength of our business as well as our ability to continue to enhance shareholder value.”
SG’s share price soared after the report. It is currently trading at $164.57per share, representing a rise of 13.16% from Tuesday’s close. The company’s shares are trading 36.97% higher for the year-to-date.
Hagedorn continued by saying that “Shareholders also will benefit from a special dividend payment of $5 per share, which is consistent with our long-standing commitment to return cash to shareholders as well as the Board’s decision to increase our regular quarterly dividend.”