Stock Alert: Scotts Miracle-Gro Touches New 52-week High

(RTTNews) - Shares of Scotts Miracle-Gro Co. (SMG), an Ohio-based maker of consumer lawn and garden products, are rising more than 6 percent or $14.57 in Wednesday's morning trade at $243.07, after hitting a new 52-week high of $250.00. The company has reported its first-ever profit for the first quarter.

Wednesday, Scotts Miracle-Gro said its first-quarter net income was $24.4 million or $0.43 per share, compared to net loss of $71.4 million or $1.28 per share in the prior year. Adjusted earnings were $0.39 per share, compared to adjusted loss of $1.12 per share, last year. Net sales surged 105 percent to $748.6 million from $365.8 million in the prior-year period.

Analysts polled by Thomson Reuters expected the company to report loss of $0.76 per share for the quarter on revenues of $623.98 million.

For fiscal 2021, Scotts Miracle-Gro expects sales growth of 1 percent to 6 percent, compared to 0 percent to 5 percent previously. The company reaffirmed its outlook adjusted earnings per share of $8.00 to $8.40. The Street expects the company to report earnings of $8.26 per share for the year on 4 percent growth in revenues to $4.29 billion.

Scotts Miracle-Gro has traded in a range of $76.50 to $250.00 in the past 52 weeks.